Today, obtaining credit has become much more convenient owing to the acceleration of mobile loans. These are loans that you get into your phone via M-PESA. Such an instance is the Equitel Eazzy loan from Equity Bank Limited.
If you have perpetually questioned how to access the Eazzy credit, read on and know all regarding this Eazzy loan application process.
Requirements for using the 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 fulfilled 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 to apply for an Eazzy loan
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.
The next big difference between these two types of loans also reveals itself in the form of the 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.
How to check Eazzy Loan Limit
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 the loan limit
5. Key in your pin
Interest rates charged for the Eazzy loan
Eazzy loan interest rates range within 2 percent and 10 percent per month.
More specifically, Equity bank prices 1 percent loan appraisal fee and an additional 10 percent 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 percent of Ks. 2,000 which is equal to Kshs. 20.
2. The Kenyan government’s tax is 10 percent of the appraisal fee (Ksh. 20) Kshs. 2
3. This implies that the total charges are Ksh. 22 besides a monthly interest rate of 1.16 percent (A reducing balance).
How to repay the Eazzy loan
How to repay the loan using Equitel Money
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
Contact Centre: 0763063000
Contact Centre Email:firstname.lastname@example.org