Equitel: How to Apply for Equity Bank Eazzy Loan

  • Today, obtaining credit has become much more comfortable owing to the rise of mobile loans.

    These are loans that you get through your phone via M-PESA.

    Such an example is the Eazzy loan from Equity Bank Limited.

    If you have always questioned how to access the Eazzy credit, read on and know all about this Eazzy loan application process.

    What is Equitel?

    Equitel is an easy-to-use and secure mobile phone platform that helps you manage your money and communicate with more Freedom, Choice and Control over your business, life and money.

    It allows you to carry out your financial transactions as well as make calls, send SMSs and access the internet.

    What are the requirements for using Equitel Eazzy loan?

    So, can anyone apply for the Eazzy loan?

    Well, any Kenyan becomes eligible to apply for the Equitel Eazzy loan if they have an active bank account with Equity Bank Limited.

    The term active in this case implies that you must have transacted through your equity account over the past six months when applying for the loan.

    Another condition that should be fulfiled before applying for the Eazzy loan, is an Equitel SIM card on your mobile phone.

    You can acquire an Equitel SIM card from any Equity Bank branch near you or even from Equity agents across Kenya.

    All you need is an original national identity card for Kenyan citizens or an original valid passport, original & valid alien card and a valid work permit for foreigners.

    How do you activate your Equitel line?

    You can activate for the mobile Banking service in three simple ways:

    1. In any Equity branch using an original national identity card.

    2. In any Equity bank ATM   using a debit card.

    3. In an Agent location using a POS device and a debit card.

    The benefits of Equitel

    1. Bank on Your Hand

    You can do all your banking at the comfort of your house or office through your phone.
    You can instantly open an Equity account by dialing *247#.
    You then get to check your bank balance, transfer money, send and receive cash, withdraw money, apply for a loan, repay the loan, request a statement, save, budget and fund specific goals.
    2. Send and Receive Cash
    You not only have the freedom to send money to other equitel members free of charge, you can also send it to other mobile networks (Mpesa, Airtel Money, Orange Money), other banks, global credit and debit cards.
    The process is easy and in the case of other Equitel members, the money goes directly into Equity Bank Accounts.
    3. Pay Your Bills
    If there is one thing Kenyans hate, it is having to queue to pay the bills.
    With Equitel, you can easily settle your bills with Water Companies, Kenya Power and Lighting Company, Zuku, DSTV and other service providers.
    4. Apply for a Loan
    Gone are days when you would have to suffer rejection after rejection when trying to get a loan to fund your projects and investments.
    Can you imagine a world where you can just apply and get a loan as you are watching your favourite show on TV?
    This is the reality of Equitel. You can ask for a loan right on your phone. You don’t have to fill in any forms. Just go to the Eazy loan Menu and follow the simple steps. It is that easy.
    5. Cardless Banking
    Being the world capital of mobile transaction, it is time Kenya moved away from ATM cards.
    You can just use your phone to withdraw cash straight from any Equity Bank ATM or Equity Agent. The process is safe, quick and easy.
    6. Easy Shopping
    While shopping, pay for your goods directly from your phone.
    You simply pay to the Seller’s Equity account from the Equitel line.
    The money transfer is immediate and you both get notifications immediately. What’s more, it is absolutely free.
    7. Stay in Control
    You can check your balance any time of day and night enabling you to plan, budget and fund your goals.
    8. Stay in Touch
    Just like a normal card, an Equitel line can send and receive messages, make calls and access internet.
    A notification is sent to you when your airtime is about to run out. You can set up a top up standing order or you can just buy airtime from Equity Agents.
    9. Access Information and Knowledge
    The ‘My Life’ section gives you access to useful and exciting information.
    Among the topics covered are maternal health, agriculture education, financial planning and budgeting, entrepreneurship, education, financial literacy and Wikipedia.
    How to apply for an Eazzy loan

    The following is the step by step procedure on how to apply for an Eazzy loan via your Equitel line:

    1. Open your Equitel menu on your phone

    2. Go to my money

    3. Click loans

    4. Open get loan

    5. Select Eazzy loan

    6. Select account

    7. Enter the amount you would like to borrow

    8. Confirm the details

    9. Enter your pin

    10. Submit your application

    One may notice that when you open the ‘get the loan’ option, you will then see ‘loan type’.

    This is since apart from the Equity bank Eazzy loan, there is further the option of the Eazzy plus loan.

    It is essential to note that there is a difference between the Eazzy loan and Eazzy plus loan.

    The main difference is that for the Eazzy loan, you can obtain any amount between Ksh100 and Ksh200,000 while for the Eazzy plus loan, you can acquire up to Ksh3,000,000.

    Next big difference between these two types of loans also reveals itself in the form of loan repayment period.

    While the Equitel Eazzy plus loan repayment term is up to 12 months, the equity Eazzy loan repayment term is 30 days.

    Another thing of interest when applying for these loans is the loan limit.

    If you would like to check your limit for either the Eazzy loan or the easy plus loan, follow these steps.

    1. Open the Equitel menu on your phone

    2. Go to my money

    3. Click Eazzy loan or Eazzy plus loan depending on the amount you want

    4. Select loan limit

    5. Key in your pin

    Interest rates charged for the Eazzy loan

    Eazzy loan interest rates range within 2 per cent and 10 per cent per month.

    More specifically, Equity bank prices 1 per cent loan appraisal fee and an additional 10 per cent on the evaluation fee, as a government tax. This implies that if you borrow 2,000 Kenya shillings:

    1. The loan appraisal fee charged by Equity Bank is 1 per cent of Ks. 2,000 which is equal to Kshs. 20.

    2. The Kenyan government’s tax  is 10 per cent of the appraisal fee (Ksh. 20) Kshs. 2

    3. This implies that the total charges are Ksh. 22 beside a monthly interest rate of 1.16 per cent (A reducing balance).

    How to repay the Eazzy loan
    You can easily repay Eazzy loan using your mobile phone. If you have Mpesa on your phone, it gets even easier because you can repay the loan via this service.
    The following are steps on how to pay equity Eazzy loan via Mpesa and Equitel line:
    How to repay the loan using Equitel Money
    1. Using your Equitel Line go to My money
    2. Choose Eazzy Loan
    3. Select pay Loan
    4. Select Partial Payment or Full Payment
    5. Select Account
    6. Choose the amount you want
    7. Confirm the details then enter a pin 

    How to repay Eazzy or Eazzy Loan Plus using M-PESA 

    1. Open the Mpesa menu on your phone

    2. Go to the Lipa na Mpesa option

    3. Choose Paybill

    4. Key in the business number as 247427

    5. Key in your account number in the account number option

    6. Key in the amount you wish to repay

    7. Key in your M-PESA pin

    8. Confirm the transaction 

    Eazzy Loan Contacts

    Located in Upper Hill – Hospital Road, Equity Centre, 9th floor,

    Physical Address :

    P.O.Box 75104-00200, Nairobi.

    Pilot Lines: +254763026000

    Fax: 020-2737276

    Email: info@equitybank.co.ke

    Contact Centre: 0763063000

    Contact Centre Email:feedback@equitybank.co.ke

    Shares: shares@equitybank.co.ke

    Customer Care:customercare@equitybank.co.ke

    Loans: loans@equitybank.co.ke