One of the roles of a bank is to offer financial assistance to customers. Equity Bank has been at the forefront of this by providing loans. Through Equity bank loans, many people have met their urgent financial needs.
Equity Bank was registered to do business in 1984. The bank has since then grown to have the most extensive customer base in the region. The low-interest rates charged on loans give customer loyalty a boost.
Just like other banks, Equity Bank offers different types of loans to customers. The kind of loan one can access depending on a range of qualifications. These include employment status as well as the purpose of the loan.
This article contains a list of different loans one can access from Equity Bank. Also, it includes a brief description of what the loan entails and the benefits of the loan.
Also read: List of Microfinance Institutions in Kenya
Types of Equity bank loans
Equity Bank loans are classified into the categories listed below. These categories contain different loans depending on the customers’ qualifications.
- Personal Loans
- Merchandise Loans
- Mortgage loans
- Car loans
- Unsecured loans.
Let us briefly look at these loan categories in detail.
Equity Bank Personal Loans
These are loans that you request for your own needs. The qualifications for this loan entirely depend on your ability to repay the loan. Personal loans include the following.
This loan is offered to salaried employees for development needs. The credit is usually given to employees who need to acquire assets.
This is a short-term loan given to customers basing on the financial records by the bank. The credit is given to help customers meet their urgent financial needs.
Salary advance loan is available to customers for up to 12 months. This loan is only available to those with a monthly salary.
These are loans available on the Eazzy app from Equity Bank. To access these loans, you need to download the Eazzy Banking app from the Google Play store.
These are loans given to improve the living standards of customers. The credits include under Merchandise category include;
This is a loan given to customers who need to access water supply. The loan targets to finance the purchase of water tanks, water pumps, connection to the water supply. The loan also caters for drilling of boreholes and shallow wells.
Jamii safi loan
This loan is given to customers for construction of pit latrines and other sanitary items. The loan is targeted at eradicating hygiene-related infections such as Cholera.
This loan also takes care of costs required in sewer connections.
Under the Merchandise loans, Equity Bank has also partnered with companies such as Victoria Courts and GoTV to ease access of customers t such services.
Mortgage loans are loans given to customers who want to acquire real estate properties or homes. Before applying for a mortgage loan, you need to have vast knowledge about the loan. One of the most crucial factor to consider is your ability to repay.
Also, Mortgage loans can be taken to repair or upgrade already existing homes. Through the Equity Bank Kenya Loans, many families have access to proper housing.
These are loans given to customers who want to purchase vehicles either for business or personal uses. Equity Bank offers car loans to customers at fast interest rates and terms that favour the client.
Courtesy of Equity Bank Kenya Loans, many Kenyans have achieved their dreams of owning cars and paying for them later on. Also, the bank has made it easy to get the right vehicles at the correct prices through partnerships with car dealership companies.
These are loans that are given without securities. They are also referred to as Signature Loans. Equity Bank Kenya Loans gives out unsecured loans by analysing the customer’s credit scores.
In most cases, the customers’ ability to repay the loan from their income determines whether they qualify for the loan or not. This loan is meant for those customers who need financial aid but do not have the necessary assets to give as security.
The Interests charged on Equity Bank Kenya Loans depend on the type of loan as well as the duration of the loan. Depending on the customer’s interest, the bank offers advise on the best type of loan that will suit the need.
To access the loans mentioned above, you need to visit an Equity Bank branch or agent and have an account. For Eazzy Loans, you don’t need to have an account at Equity Bank since the app creates a virtual account for you.