Equity Eazzy Loan Terms and Conditions

If you’re thinking about taking out a loan in Kenya, the Equity Eazzy loan from Equity Bank is a popular choice.

To help you understand the terms and conditions of this loan, we’ve gathered all the essential information for you.

Let’s delve into the key details you need to know about the Equity Eazzy loan.

Eligibility for the Equity Eazzy Loan

To qualify for an Equity Eazzy loan, you must meet the following criteria:

• Citizenship: Be an adult Kenyan citizen with a valid national ID or passport.
• Bank Account: Have an active Equity Bank account that has been operational for at least 6 months.
• Equitel Line or EazzyApp: Possess an active Equitel line or have the EazzyApp installed on your mobile device.

Meeting these requirements is the initial step toward securing an Eazzy loan.

Loan Amount and Approval Process

The maximum loan amount available through the Equity Eazzy loan is KSh 3 million. The specific amount you qualify for will depend on your income and credit history, as assessed by Equity Bank.

Interest Rate and Repayment Period

The Eazzy loan carries an effective interest rate of 18% per annum, calculated as the Equity Bank Reference Rate (EBRR) plus a 5.8% margin. It’s important to consider this rate when evaluating the loan’s affordability.

You can repay the loan over a period of up to 24 months, with the option to choose between monthly or weekly installments based on what suits your financial situation best. Be sure to consider your cash flow and ability to make timely payments when selecting a repayment period.

Loan Fees and Charges

Be aware of the following fees and charges when taking out an Eazzy loan:

• Loan Appraisal Fee: Up to 5% of the loan amount, covering the cost of evaluating your application.
• Excise Duty: A 20% charge on the loan appraisal fee.

These fees should be factored into the overall cost of your loan.

Early Repayment and Default

You can repay your Eazzy loan early without incurring any penalties, providing flexibility if you have the means to settle the loan ahead of schedule.

However, timely repayments are crucial to avoid default. A penalty of 2% of the outstanding balance per month applies to late payments. Defaulting can also lead to being blacklisted by the Credit Reference Bureau (CRB), negatively impacting your future credit applications.

Additional Terms and Conditions for Equity Eazzy Loan

• Additional Information or Documentation: Equity Bank may request more information or documentation to support your application. Providing the necessary details promptly can expedite the approval process.
• Credit History Assessment: Your application may be declined if your credit history is unsatisfactory. Maintaining a good credit record is essential for increasing your chances of approval.
• Changes to Terms and Conditions: Equity Bank can modify the terms and conditions of the Eazzy loan at any time. Stay informed by regularly checking the Equity Bank website or contacting customer care.

Understanding these terms and conditions will help you make informed decisions when considering an Equity Eazzy loan. For detailed information or specific inquiries, visit the official Equity Bank website or contact their customer care line.

Remember, taking on a loan is a significant financial commitment. Carefully evaluate your financial situation and borrowing needs before applying. Ensure the loan aligns with your long-term financial goals.

We hope this overview of the Equity Eazzy loan terms and conditions has been helpful. If you have any further questions or need assistance, feel free to reach out to Equity Bank. Good luck with your loan application!

Equity Eazzy Loan Terms and Conditions