Equitel Eazzy Loan Limit Explained (and Ways To Increase It)

Equity is synonymous with financial flexibility and accessibility. Eazzy Loan, for instance, stands out as a beacon of hope and convenience to thousands of users nationwide. Equity Bank has revolutionized Kenya's interactions with the banking industry, promising immediate access and simplicity. So, what are the maximum and minimum Equitel Eazzy Loan limits?

If you are an Equity Bank customer, you can easily request a mobile loan from the comfort of your phone with no paperwork, forms, or guarantors needed. Even though the Equitel Eazzy Loan limit is calculated based on the customers’ ability to repay, the loan ranges from Ksh. 1000 up to Ksh. 3,000,000.

What is Equitel Eazzy Loan?

Equitel Eazzy Loan is a financial product offered by Equity Bank Kenya. As the name suggests, Equity soft loan is designed to be easy to get and pay back. The loan service prides itself on offering a hassle-free means of funds acquisition through the elimination of traditional barriers like the need for guarantors and lengthy paperwork.

Equitel Eazzy Loan limit explained

How much is the Eazzy loan limit in Kenya? The loan amount ranges between Ksh. 1,000 and Ksh.3, 000,000. Once you qualify for a loan, people with an income get to enjoy these features:

• One-month and multiple monthly loan repayment Instalments
• Loans are instantly available into your account
• The customer is pre-scored and given a loan limit based on the ability to repay.

How do you increase your Eazzy loan limit online? Channelling all incomes into a single Equity Bank account increases the chances of getting a higher loan limit. However, some of the other factors determining how much you can borrow include:

• Customer’s banking activity
• Review of their credit history
• Loan facilities with other lenders
• Their ability to repay

Eazzy loan eligibility criteria

To qualify for an Eazzy loan, you must meet the basic minimum requirements. Who is eligible for an Eazzy loan? The loan is eligible for anyone who meets the following prerequisites.

• You must have had an active Equity Bank account for the last six months
• You should have an active Equitel Line or Eazzy App or other networks SIM card linked with your Equity account
• Your income (e.g. salary, profits, farm proceeds) should be channelled through the account to enhance your credit limit
• Your Equitel line should be linked to your bank account

How to apply for an Eazzy Loan

Accessing the Eazzy loan is designed in one of the most user-friendly and straightforward ways. Whether using the app or your mobile phone, the process is convenient and fast. Here is a detailed guide on how to apply for a loan using your Equitel line or app.

How to apply using EazzyApp

EazzyApp is Equity Bank's mobile banking application. It enables users to access various banking services, including requesting an Eazzy loan by following the steps below:

• Download the Eazzy Banking app from the Playstore
• Install it on your mobile phone
• Register all the details on the app by adding your personal information
• Log into the app using the username and password
• Navigate to the app’s loan section and choose the ‘loan application’ option
• Fill in all the details as required
• Review the application details to ensure everything is correct before clicking submit
• Wait for the approval message
• Once your loan has been approved, you will be requested to accept the offer
• After acceptance, the money will be deposited into your Equitel account

How to apply using Equitel line

With the Equitel line, you can access mobile banking services in a few clicks. The steps to follow are;

• Go to the menu section on your Equitel line
• Navigate to the money section and select loans
• Select the loan option
• Choose your loan type
• Select the account
• Enter the amount of the loan
• Confirm your details and then enter the pin
• Once the loan has been approved, money will be disbursed to your account

Loan application for non-Equity Bank account holders

Can you apply for an Eazzy loan without an Equity Bank account? Yes, you can apply for an Eazzy loan, but you must open an account first. Dial *247# on your mobile phone to instantly open an account.

Once the account opening process is successful, you can apply for the loan using the EazzyApp. Alternatively, you can pick up your Equitel line from the nearest Equity Bank branch and proceed with the loan application via the line.

Eazzy loan terms and repayment

To become a responsible borrower, it is crucial to understand the loan's terms, interest rates, and repayment process. For the Eazzy loan app, here is everything you need to know about the terms and repayment.

Interest rates and charges

What is the cost of borrowing an Eazzy loan from Equity Bank? The cost varies from one borrower to another. Your banking profile and borrowing history primarily influence the difference.

• Interest rate - The interest rate for Equitel Eazzy loans ranges between 2% and 10%. The borrower's creditworthiness and relationship with the bank determines the rate.
• Additional charges - When applying for an Eazzy loan, the bank will charge you a 1% appraisal fee, while the Kenyan government levies 10% on the appraisal fee.

Eazzy loan repayment process

What is the Eazzy loan repayment period? Equity Bank offers a flexible repayment period of up to two years. The flexibility enables users to properly manage their finances and plan their repayment schedules on time.

If you want to repay your loan, you can either use the M-pesa or Equitel line options as follows;

Paying loan using M-pesa

• Open the M-pesa menu on your mobile phone
• Select the 'Lipa na M-pesa’ option and then choose ‘Paybill.'
• For the business number, enter Equity Bank’s pay bill number (247247)
• Proceed to enter your Equity Bank account number
• Key in the amount you wish to repay
• Enter your M-pesa pin and confirm the transaction

Paying loans using Equitel

• Visit the 'My Money' option on your Equitel line
• Select ‘Eazzy loan’ followed by ‘ Pay Loan’
• Chose partial or full payment
• Enter the amount you wish to repay
• Key in the account number to be debited
• Confirm the details and enter your PIN to complete the transaction

Frequently asked questions

1. How do you qualify for an Eazzy loan? To qualify for an Eazzy loan, you must have an active Equity bank account for the past six months.
2. What are the benefits of choosing an Eazzy loan? Some benefits are easy access, instant loan disbursement, flexible repayment period, and security.
3. What is the interest rate for an Eazzy loan? The interest ranges between 2% and 10% depending on your creditworthiness and relationship with Equity Bank.
4. What is the maximum you can borrow from an Eazzy loan? Eazzy loan offers a minimum of Ksh. 1,000 and a maximum of Ksh. 3,000,000.
5. How do you increase your Eazzy loan limit? Channelling all your income into a single Equity Bank account increases your chances of a higher loan limit.
6. How long does the Eazzy loan take? Once your loan has been approved, the funds are disbudded in your account immediately.
7. What happens when one doesn’t repay their loan on time? Failure to make a timely loan repayment negatively affects your credit score.

Equitel Eazzy loan limit - Final word

Whether you are an old or new Equity bank customer, the guide above is all you need to gain comprehensive information about Equitel Eazzy Loan limit. The eligibility criteria, application process, and repayment terms prove it is one of the best money-lending firms in Kenya.

Tuko.co.ke shared an article about the best banks in Kenya. There are nearly 50 banks in Kenya, but only a handful are the most popular. Also, some banks do not have branches nationwide, making it difficult to access them.

While table banking in Kenya is still standard, most people have embraced saving money or borrowing loans from banks. Therefore, it is good to know all banks in the country because different brands offer different services, and the interest rates vary.