Equity Bank Loans, Types of loans in Equity Bank
Equity Bank provides a variety of loans to help you finance your dreams. They can help you get the money you need to start or grow your business by offering competitive interest rates and flexible terms.
Equity provides you with a loan package that meets all your requirements no matter what your needs are; be it an emergency, asset acquisition, investment etc.
The amount of interest imposed on any equity loan is determined by the loan type and the period required to repay. However, no need to worry since the bank advises the customer on the right type of loan to borrow based on their interests.
Types of loans in equity bank
Just like any other bank, Equity Bank offers a variety of loan options to its customers.
Below are some of the loans offered by Equity Bank:
Personal loans
These are the type of loans that you apply in order to meet your personal requirements. Your ability to repay the loan determines the eligibility for this loan. The following are examples of personal loans.
Equiloan – This loan is eligible to the salaried staff for personal development.
Salary Increase – Equity customers are provided with this type of short-term load based on their bank’s financial data. However, only people with a monthly wage are eligible for this loan.
Eazzy Loans – these type of loans are offered on the eazzy banking app. Therefore, you will have to download the Eazzy Banking app from the Google play store to access these loans. To download the eazzy banking app follow the simple steps below:
- Search Eazzy Banking App on Google Play Store
- Next, click on install and wait for the process to complete.
- Otherwise, go to a provider website like apkfaster.com
- Search Equity Eazzy Banking APK version 3.0.12
- Now click on install and wait for the complete installation of the app on your mobile phone.
- However, you need to make sure that third-party applications are allowed on your device.
- The Equity Eazzy Banking symbol or icon will appear on your Android mobile.
- Now you can launch the Eazzy Banking App, register, and start banking.
Besides the two platforms above, you can also get the application from other app providers online.
Merchandise loans
These are the type of loans offered to clients to help them achieve better living conditions. Some of the loans in this category include:
Maji Loan – This type of loan is granted to clients who require water service assistance. The loan helps clients acquire water pumps, tanks and water supply connections, borehole and good shallow drilling.
Jamii Safi Loan – These type of loans are offered to customers to help them build pit latrines and other hygienic products. This money helps to eradicate illness caused by poor hygiene such as cholera and reduces the expenditure of sewage hook-ups.
Home Equity Loans
They are also called mortgage loans and are granted to clients who wish to purchase a piece of land or piece of real estate. They can also be used to restore or improve existing residences. With these type of loans now many families can afford decent housing
Car Loans
Clients can access auto loan from Equity at low interest rates and favourable terms. This has enabled many Kenyans to realise their dream of buying vehicles and pay for them later.
Unsecured Loans
This type of loan is also known as Signature Loans and are made without the use of any collateral. They are offered to customers based on their credit scores and who want financial assistance but lack the requisite assets to provide security.
Equity bank loans for civil servants
Below is a list of different loans offered by Equity to civil servants in Kenya:
- Higher Education loans – these loans enables clients to pursue their master’s/ post graduate education or any other professional certification.
- Mortgage Loans – These loans are granted to clients who wish to purchase a piece of land or piece of real estate, restore or improve existing residences.
- Car Loans – these loans enables very many Kenyans to achieve their dream of buying vehicles and slowly paying for them later.
Equity bank personal loan requirements
The type of loan that one intends to obtain is based on various requirements. These factors include work status, loans purpose etc. Below are some of the requirements for the Equity Bank personal loan.
- Equity Bank account number
- A documented ability to repay your loan
- An LTV (Loan to value) ratio of 80 percent
- The National Identification card
Equity bank business loans requirement
Below are some of the requirements for the Equity Bank personal loan.
- Must have an Equity bank account or Equitel line that has been active for the last 6 months
- Download the Eazzy App
- National Identification Card
- Must not be listed in the CRB
