How Equity Bank Boostika Works: Explained
Equity Bank is a prominent financial institution in Kenya. Equity Bank has been recognized for its innovative approach to banking, particularly its use of technology to expand financial inclusion.
Equity Bank Kenya has introduced Boostika, a loan solution to complete your transaction when you have insufficient funds. It allows Equity customers to complete a transaction even when running low on cash when using *247#, Equitel or Equity Mobile App.
The Boostika amount is from Ksh. 100 – Ksh 100,000 based on your loan limit.
Equity Boostika Features
Instant & convenient:
The Boostika option is embedded on the transaction journey when one runs low on funds when making a payment, sending money or buying airtime, therefore offering one the convenience of completing a transaction seamlessly without exiting the payment journey.
Ease of access
You will simply receive a Boostika prompt displaying your loan limit, and the deficit required to complete the transaction
Accessibility through multiple channels
The Boostika option is available for payments made through multiple channels i.e. 247#, Equitel or Equity Mobile App
- One can Boostika as many times as possible, all you need is to have a loan limit to complete the transaction
- You only Boostika what you require at that particular time, making it easy for you to manage your finances
- The Boostika of Ksh. 100 – Ksh. 100,000 (based on your limit) is unsecured, with a re-payment period of up to 30 days
Who qualifies for this solution?
- One must be an Equity Bank customer
- You must be sending money or making a payment using *247#, Equitel or Equity Mobile App
- You must have a loan limit to qualify for the Boostika option
- You must have an active account for a period of 6 months and above
- You should have a good repayment history
How can I check my loan limit?
- Dial *247# > Borrow > Check Loan Limit > Eazzy Loan
- Equity Mobile App > Go to Borrow > Get Loan > Apply Now > Check Loan Limit
- Equitel > My Money > Eazzy Loan > Loan Limit
Frequently Asked Questions
What are the repayment terms for Boostika?
The Boostika facility is repayable within 30 days.
How can I repay the Boostika?
Amount due for Boostika will be repaid through an Auto Sweep from borrower’s operative account or a customer can decide to prepay or clear in full using the channels listed above by selecting:
- Partial Payment – to partially pay
- Full Payment – to clear the loan
How do I know my outstanding balance?
Dial *247# > Borrow > View Loan balances
Equity Mobile App > Go to Borrow > Get Loan > Eazzy loan> Loan Balance
Equitel > My Money > Eazzy Loan > Loan Balance
How many times can I apply for Boostika Solution?
You can apply as many times as possible, as long as you have a loan limit.
Can I withdraw the Boostika received?
No, the amount is only for completing the transaction when you ran low on funds when making a payment, sending money or buying airtime.
Will my limit ever increase or decrease?
Yes, an individual’ s limit is reviewed monthly to determine whether it should be increased or decreased based on the account behavior, account transactions as well as the loan repayment history.
What are the charges for Boostika?
The charges are:
- Processing Fee (LACE) 5%
- Insurance 1%
- Excise duty 20% of LACE
- Interest of 18 %pa
EQUITY Bank Kenya Customer Care Contacts
Mobile Number: 0763 000 000