Bank loans are the solution for anyone who aims for personal development. If you have financial projects to try, you can approach Equity Bank Kenya Ltd for a loan. Equity targets different audiences with its loan products. If you don’t know where to start, this article is all you need. We discuss the different types of loans in Equity Bank you can apply to finance ‘your projects.
Types of Loans You can Get From Equity Bank
Equity Banks Kenya has arranged its loans in different categories. Hence, you can choose the type of loan that goes with your needs. Without delay, here are the types of loans you can get from Equity Bank next year.
1. Personal Loans
Equity Bank has these two personal loans to help you do a project in a few months. These loans are only suitable for employed people who bank with Equity Bank. They include:
If you plan to buy an asset or do a developmental project, Equiloan might be the best loan. If your employer has signed a Memorandum of Understanding (MOU) with Equity Bank, you might attempt to get this loan. It provides between 30,000 and 5,000, 000 Kenyan shillings.
A salary advance loan can help you solve a few financial emergencies before receiving your next paycheck. Equity Bank can give you a salary advance of up to 300,000 Kenya Shillings if your employer has signed a MOU. Your credit history with CRB should be good.
2. Credit Card Loans
Equity Bank provides credit cards to high-income earners. These credit cards enable the holders to avoid carrying cash. Credit cards permit you to buy goods and services without spending money. You can also use your card anywhere and withdraw from VISA ATMs.
Each time you transact with your card, your credit card debt increases. Equity Bank has set a limit that you cannot exceed every month.
After you get paid, the bank will deduct the amount you have overdrawn. Equity Bank has the following credit card loans:
- Equity Gold Credit Card Loan.
- Equity Classic Credit Card Loan
- American Express (Amex) Credit Card Loan
3. Development and Construction Loans
Equity Bank Kenya Ltd supports Kenyans who want to buy new plots. Whether you need a commercial or residential property, the plot loan can enable you to buy it. If your credit history is good, you can get a bigger loan than a customer with poor credit. You get up to 10 years to pay back the money. The loan charges are also affordable.
Equity Bank customers who wish to buy new or existing homes can apply for a house loan. You can also get this loan to build a house in your plot. If you get this loan, you will repay it in fifteen years. Equity Banks give you 100% financing.
If you want to purchase, develop, and sell properties, Equity Assets is a suitable loan product for you. It is the most convenient and secure loan for someone with real estate goals.
Among the main types of loans in Equity Bank is the Maji Loan. If you want to purchase a water tank or different sanitation equipment, try applying for the Maji Loan. The short-term loan is ideal for customers with Equitel lines.
You can repay your mobile-based credit in a year directly on your phone. You can only order water products from a few shops running the Pay with Equity Tills.
4. Agri-Business Loans
Those in Agriculture in Kenya can seek financial help from Equity Bank. It has several loan products for those in agricultural-related businesses. Whether young or old, you can get the most suitable loan if your credit history is good.
The following are examples of agricultural loans you can get from Equity Bank:
- Micro Agribusiness loan
- Food and Agriculture Youth Financing Product
- Kilimo Biashara Loans
- Farm Input Loan
- Seed Production Loan
- Commercial Agriculture Loan
- Kilimo Maendeleo Loan
5. Corporate Loans
Corporate loans are ideal for big organizations that require financing. Try corporate loans if you need a financial boost to take your organization to the next level. They include:
- Trade Finance – Ideal for Export and Import businesses.
- Asset Finance – Perfect when buying a business asset.
- Construction Loan – Take it out for building properties.
6. Chama and Group Loans
Equity Bank will provide various loans suitable for groups or Chamas. These include:
- Fanikisha Jamii loan for females and males in the group–owned SMEs.
- Pamoja Biashara Loan – Ideal for groups of men and women in group-run SMEs.
- Boresha Biashara Loan – Groups of men and women in SMEs.
- Pamoja Investment Loan – For men and women in groups that look forward to investing in some projects.
- Chama Investment Loan – Ideal for organized groups with a registered limited company or Sacco.
7. Mobile Phone Loans
Equity Bank has many loan products targeting individuals, including mobile phone loans. You expect the most accessible types of loans in Equity Bank to be mobile products like Eazzy and Eazzy Plus loans.
You only require an Equitel line you have actively used for six months or more. Equity Bank’s mobile loans are the most popular and will continue this way in the coming year.