Equity Bank Kenya Limited is a financial services provider headquartered in Nairobi, Kenya. Types of Equity Bank Loans. It is licensed as a commercial bank by the Central Bank of Kenya, which is the central bank and national banking regulator of Kenya. In 2010 the bank introduced the Agency banking model, which has proved a success and is regulated by Central Bank of Kenya Prudential guidelines.
Equity Bank Kenya Limited was incorporated in 2014, as a result of the corporate restructure of its parent company Equity Group Holdings Limited.[7] Prior to November 2014, Equity Group Holdings Limited operated both as a licensed bank and a holding company for its subsidiaries.
On 31 October 2014, Equity Bank announced its intention to incorporate a new, wholly owned subsidiary Equity Bank Kenya Limited, to which it would transfer its Kenyan banking business, assets and liabilities. By converting Equity Group Holdings Limited into a non-trading holding company (as defined under the Banking Act) that owns both banking and non-banking subsidiary companies and provides strategic, brand, risk and personnel management to its subsidiaries, the group would be better able to invest and develop the businesses. During an extraordinary shareholders general meeting held on 24 November 2014, it was resolved to restructure the firm, leading to the formation of Equity Bank Kenya Limited.
| Parent | Equity Group Holdings Limited |
|---|---|
| Website | Homepage |
Equity Bank Kenya won the most Socially Responsible Bank of the Year by the African Banker Awards for the year of 2019 and also Bank of the Year in Kenya award by The Banker for the year 2019. According to the business daily, the bank rebranded in 2019 in a bid to do business under one brand for the next phase of growth as the bank was marking 35 years. In 2020, Equity Bank acquired Banque Commercial Du Congo (BCDC).
The following are the different types of equity bank loans. Different loans are available in these categories based on the consumers’ criteria.
Equity Bank Personal Loans
These are loans that you apply for to meet your requirements. Your capacity to repay the loan determines your eligibility for this loan. The following are examples of personal loans.
Equiloan
Equiloan is tailored to the salaried person who is looking to get funding for developmental projects or acquisition of assets. It is advanced to customers whose employers have signed an MOU with Equity.
Great features
- It’s granted to customers whose employers have an MOU, on the check-off arrangement, with Equity Bank
- The maximum amount lent is dependent on a customer’s ability to pay.
- It has a maximum repayment period of up to 96 months.
Why you should sign up for this product
- Only a few requirements are needed i.e. Pay slip, Identification documents and employment letter.
- Preferential terms are offered, pegged on the employer having an MOU with Equity Bank Limited.
- It’s a long-term facility, enabling the clients to pay without straining financially
- Payment is deducted from source on check off, making it an easy loan recovery method.
Salary Increase
A Salary Advance is a short-term loan advanced to a salaried customer depending on the bank’s profile of them, to help them meet their emergency need. Repayment period for this loan is up to 12 months.
Great features
- A loan of up to KSh300,000 is advanced, subject to the bank’s profile of the customer/account holder.
What you require to sign up
- You should be an active holder by remitting at least three months’ salary into your Equity account
- You need to present a Confirmation Letter or Introduction Letter from your employer.
Why you should sign up for this product
This loan is available up to 12 months.
Additionally Why you should sign up for this product
- The loan is easily secured, with no security requirement for up to KSh300,000.
- The repayment system is easy, with an automatic deduction of your account (on instruction).
- Securing the loan is fast, due to quick processing and disbursement.
- It has a value added feature of a loan insurance against death and disability.
Eazzy Loans
Eazzy Loan is an easy loan to get, without the need for guarantors or filled out forms. Get up to KSh3 million, instantly on your phone through the Equity Mobile App, your Equitel line or by dialing *247# where you can monitor your loan balance and make repayments.
Great features
- Loan amounts range between KSh 1,000 and KSh 3,000,000
- Loans are available for both one month and multiple monthly Instalments
- Funds from the facility are instantly available into your account
What you require to sign up
- To qualify for this loan you must have an active Equity bank account for the previous 6 months.
- An active Equitel Line or the Equity Mobile App or by dialing *247# using your current number.
Eazzy Loan Terms and Conditions
Eazzy Plus Loan Terms and Conditions
Why you should sign up for this product
- You receive the loan instantly on your phone, saving you valuable time.
- It offers a flexible repayment period of up to 12 months.
- This loan facility is safe and secure.
Additionally Why you should sign up for this product
Simple Steps on How to Get the EazzyLoan
To access EazzyLoan from your Equitel line:
- Go to Equitel menu
- Select My Money
- Select Loans
- Select Get Loan
- Select Loan Type
- Select Account
- Enter Amount
- Confirm Details
- Enter PIN
- Click on the Navigation menu (=) on the top left corner
- Log onto EazzyApp
To access EazzyLoan from EazzyApp;
- Select loans
- Click on the (+) sign at the bottom right hand side
- Select request loan
- Select bank account that the loan should be deposited into
- Type in the amount you would like to borrow and click enter (The sliding bar will become active and using the tool, you will be able to see payment details i.e. the loan duration, estimated amount due and estimated repayment date)
- Click on request loan
- Confirm details, accept the terms and conditions and click request loan
- You will receive an SMS confirmation
Equity Bank Merchandise Loans
The following credits are included in the Merchandise category:
Maji Loan
Maji Loan is a short-term loan that enables customers to access water and sanitation related equipment without the need for guarantors or filled out forms. You can get Maji Loan instantly through your phone using Equity mobile or your Equitel line, where you can also monitor your loan balance and make repayments.
Great features
- Get your loan through your mobile device
- Loans are available for 12 easy monthly Instalments
- The loans are only available for pre-approved products and paid directly to select Equity merchants/agents with Pay with Equity Tills.
- You can check your loan limit straight on your mobile phone
What you require to sign up
- To qualify for this loan you must have an active Equity bank account.
- An active Equitel Line or Equity Mobile If you do not have an account, open one up instantly by simply dialing *247# using your current number, then collect your Equitel line/sign up for equity mobile app from your nearest Equity branch.
Maji Loan Merchants
Maji Loan Terms & Conditions
Why you should sign up for this product
- You receive the loan instantly, saving you valuable time.
- It offers a flexible repayment period of up to 12 months.
- This loan facility is safe and secure.
Getting Started with Maji Loan
To access Maji Loan from your Equitel line:
- Select Equitel STK menu
- Select My money
- Select Eazzy loan
- Select Get Loan
- Choose Account
- Select other Loans
- Enter PIN
- Select Eazzy Maji
- Enter Merchant Code
- Enter Amount to apply
- Enter repayment period
- Get confirmation message
- Merchant calls to schedule Tank delivery to home
To access Maji Loan from Equity Mobile/Eazzy banking App;
- Login to Eazzy Banking App
- Select request loan
- Choose account
- Select Water tanks
- Enter Loan amount and period
- Enter Merchant till number
- Confirm loan details & Accept T & Cs
- You will receive an SMS confirmation
Jamii Safi Loan
Customers can use this loan to build pit latrines and other hygienic products. One will use the money to eradicate illnesses caused by poor hygiene, such as Cholera. This loan also covers the expenditures of sewage hookups.
Equity Bank has also teamed with organizations like Victoria Courts and GoTV under Merchandise loans to make such services more accessible to clients.
Home Equity Loans
Mortgage loans are loans granted to those who wish to buy a house or a piece of real estate. Before applying for a mortgage loan, you should thoroughly understand the loan. Your capacity to repay is one of the most important variables to consider. Mortgage loans can also be used to restore or improve existing residences. Many families can now afford decent housing thanks to these loans.
Great features
- Minimum loan amount of KES 2 million. No maximum loan amount
- Up to a maximum of 15 years
- Up to 80% financing depending on the location of the property
- Competitive interest rates
What you require to sign up
Diaspora loans are only offered to applicants who meet either of the following criteria:
- Non-Resident Kenyans
- Kenyans sent on foreign missions abroad
- Kenyans with dual citizenship
The loans can be extended to individuals, joint applicants, or group (Chama) of applicants.
Required Documents For Each Applicant:
- New or existing Equity Bank account
- Identification Documents – Kenyan ID/Passport, KRA PIN, and proof of current address
- Credit report from your country of residence
- Copies of Bank statements for the past 6 months
- Complete individual tax returns for the past 3 years
Salaried Applicants:
In addition to the above, salaried applicants must provide:
- 3 latest pay slips/paystubs
- Employment letter/W-2/P60/T4
Self-Employed Applicants:
In addition to the above, self-employed applicants who earn dividends/distributions as opposed to a salary, must provide:
- Business registration documents
- Business bank statements for the last 12 months
- Business tax returns for the past 3 years
- Year-to-date management accounts (balance sheet and P&L statement)
Why you should sign up for this product
- We have a customised credit policy for our Diaspora customers.
- Our wide product offering caters to different borrowing needs and clientele, including affluent customers and small & medium-sized businesses.
- We have streamlined our underwriting processes for faster decision making.
- Our panel of advocates includes law firms that have previously offered conveyancing services to international clients.
- We have a 24/7 Diaspora Banking call center. We are available for you irrespective of your time zone.
Contact Us:
- Visit Us: Global Center, Argwings Kodhek Road, Kilimani, Nairobi. Our building is located opposite the Yaya Center (behind the Lake Oil gas station)
- Get in Touch by filling the below query form to send us your contact information
Equity Bank Car Loans
Customers may get auto loans from Equity Bank at low-interest rates and favorable terms.
Thanks to Equity Bank, many Kenyans have realized their aspirations of buying vehicles and paying for them later. Through collaborations with car dealership firms, the bank has also made it simple to obtain suitable automobiles at reasonable costs.
Through collaborations with car dealership firms, the bank has also made it simple to obtain suitable automobiles at reasonable costs.
Equity Bank Unsecured Loans
These are loans that are made without the use of any collateral. Signature Loans are another name for them. Equity Bank Kenya Loans provides unsecured loans to customers based on their credit scores.
Customers’ capacity to repay the loan from their income impacts whether or not they qualify for a loan in most circumstances. This loan is for clients who want financial assistance but lack the requisite assets to provide security.
History
Equity Bank Kenya Limited was incorporated in 2014, as a result of the corporate restructure of its parent company Equity Group Holdings Limited. Prior to November 2014, Equity Group Holdings Limited operated both as a licensed bank and a holding company for its subsidiaries.
On 31 October 2014, Equity Bank announced its intention to incorporate a new, wholly owned subsidiary Equity Bank Kenya Limited, to which it would transfer its Kenyan banking business, assets and liabilities. By converting Equity Group Holdings Limited into a non-trading holding company (as defined under the Banking Act) that owns both banking and non-banking subsidiary companies and provides strategic, brand, risk and personnel management to its subsidiaries, the group would be better able to invest and develop the businesses.
During an extraordinary shareholders general meeting held on 24 November 2014, it was resolved to restructure the firm, leading to the formation of Equity Bank Kenya Limited.
Equity Bank Kenya won the most Socially Responsible Bank of the Year by the African Banker Awards for the year of 2019 and also Bank of the Year in Kenya award by The Banker for the year 2019.
According to the business daily, the bank rebranded in 2019 in a bid to do business under one brand for the next phase of growth as the bank was marking 35 years. In 2020, Equity Bank acquired Banque Commercial Du Congo (BCDC)
