Technology has seen the rise of easy and reliable mobile loan platforms across the country. From those you can access from an app despite your personal banking preferences, to those tied to specific banks and institutions. Eazzy loan is an example of the latter type. Equity Bank affords its users the opportunity to access fast and easy loans via MPESA through the Eazzy Loan platform. Here is how.
Requirements for accessing Equitel Eazzy Loan
- To access the Eazzy Loan, you first must have an Equitel line on your phone. With it, Equity Bank account holders can carry out all their mobile banking and cash transfer transactions, with the added benefit of communication. Equitel lines are available at all Equity Bank branches and from all eligible Equity agents.
- You must have an active Equity Bank account for at least 6 months.
- You must be 18+ years with a valid passport or ID card, which is necessary for the line registration. For foreigners, a passport and a valid working permit will suffice.
Applying for the Eazzy Loan
- Once you have purchased and registered your Equitel line, go to the sim card tool kit.
- Choose ‘My money’ option.
- Choose ‘Loans’ then ‘Get loan’.
- Now select the ‘Eazzy loan’ option.
- Select ‘Account’ then enter the amount of money you would like to borrow.
- Confirm that all the details provided are correct before submitting the application.
When you choose the ‘Get loan’ option, you will notice that there are two choices available i.e. Eazzy Loan and Eazzy Plus Loan. The two loans are different in the following ways:
- Eazzy Loan offers loan amounts between Ksh. 100 and Ksh. 200,000, while Eazzy Plus Loan has the maximum limit of Ksh. 3,000,000.
- Eazzy Loan has a shorter payment period at 30 days, while the Eazzy Plus Loan has an extension of up to 12 months.
Eazzy Loan Interest Rates
Eazzy Loan interest rates range from 2% to 10% per month. The standard interest rate Equity charges is 1% of the total loan amount. This is the appraisal fee. However, the government charges an additional 10% of this appraisal fee as tax. Therefore, if you borrow Ksh. 1,000, Equity will charge you 1% interest i.e (Ksh 10), and the government will charge 10% of the appraisal fee i.e (Ksh 1). Thus, your total repayment amount will be Ksh. 1,000 + Ksh 10 + Ksh 1 = Ksh. 1,011.
How to repay the Eazzy Loan.
- Go to your Equitel sim card tool kit.
- Choose ‘Eazzy Loan.’
- Select ‘Pay loan.’
- Depending on the amount of money you have available, choose ‘Partial Payment’ or ‘Full Payment.’
- Select account.
- Enter the amount of money you want to repay.
- Confirm the details and then enter your pin to complete the transaction.
You can also repay the loan via your MPESA.
- Go to your Safaricom tool kit and go to ‘Lipa na Mpesa.’
- Choose the pay bill option.
- For the business number enter 247247.
- For the account number enter your Equity account number.
- Enter the amount of money you wish to repay.
- Enter your Mpesa pin.
- Confirm the details, before submitting the application.