Equity Eazzy Loan Terms and Conditions

Equity Eazzy Loan Terms and Conditions

If you’re considering taking out a loan in Kenya, the Equity Eazzy loan is a popular option offered by Equity Bank.

To ensure you have a clear understanding of the terms and conditions associated with this loan, we’ve compiled all the necessary information for you.

Let’s dive in and explore the key details you need to know about the Equity Eazzy loan.

Eligibility for the Equity Eazzy Loan

To be eligible for an Equity Eazzy loan, you must meet certain criteria:

  1. Citizenship: You must be an adult citizen of Kenya with a valid national ID or passport.
  2. Bank Account: You should have an active Equity Bank account that has been active for at least 6 months.
  3. Equitel Line or EazzyApp: You need to have an active Equitel line or the EazzyApp installed on your mobile device.

Meeting these eligibility requirements is the first step towards securing an Eazzy loan.

Loan Amount and Approval Process

The maximum loan amount you can borrow through the Equity Eazzy loan is KSh 3 million. However, the specific loan amount you are approved for will depend on your income and credit history. Equity Bank assesses these factors to determine the loan amount that is suitable for you.

Interest Rate and Repayment Period

The Eazzy loan comes with an effective interest rate of 18% per annum. This interest rate is calculated as the Equity Bank Reference Rate (EBRR) plus a margin of 5.8%. It’s important to consider the interest rate when assessing the affordability of the loan.

The repayment period for the Eazzy loan is up to 24 months. You have the flexibility to choose between monthly or weekly installments, depending on what suits your financial situation best.

Consider your cash flow and ability to make timely repayments when deciding on the repayment period.

Loan Fees and Charges

When taking out an Eazzy loan, it’s important to be aware of the associated fees and charges:

  1. Loan Appraisal Fee: You will be required to pay a loan appraisal fee, which can be up to 5% of the loan amount. This fee covers the cost of evaluating your loan application.
  2. Excise Duty: In addition to the loan appraisal fee, you will also be charged an excise duty of 20% on the loan appraisal fee.

Be sure to factor in these fees when calculating the overall cost of your loan.

Early Repayment and Default

Good news! You have the option to repay your Eazzy loan before the agreed-upon repayment period without incurring any penalties. This flexibility allows you to settle your loan early if you have the means to do so.

However, it’s crucial to make timely repayments to avoid defaulting on your loan. In the unfortunate event that you fail to repay your Eazzy loan on time, you will be charged a penalty of 2% of the outstanding balance per month. Defaulting on your loan may also lead to being blacklisted by the Credit Reference Bureau (CRB), which can negatively impact your future credit applications.

Additional Terms and Conditions

Here are a few additional terms and conditions related to the Equity Eazzy loan:

  1. Additional Information or Documentation: The Bank reserves the right to request additional information or documentation to support your loan application. Cooperating and providing the necessary details is important to expedite the approval process.
  2. Credit History Assessment: Equity Bank may decline your loan application if your credit history is not satisfactory. It’s crucial to maintain a good credit record to increase your chances of loan approval.
  3. Changes to Terms and Conditions: The Bank has the authority to modify the terms and conditions of the Eazzy loan at any time. It’s advisable to stay updated with the latest terms by regularly checking the Equity Bank website or contacting their customer care line.

By familiarizing yourself with these terms and conditions, you can make informed decisions when considering an Equity Eazzy loan.

For more detailed information or any specific inquiries, we recommend visiting the official Equity Bank website or contacting their customer care line. Their representatives will be more than happy to assist you.

Remember, taking on a loan is a significant financial commitment. It’s essential to carefully evaluate your financial situation and borrowing needs before applying for any loan product. Consider your ability to repay the loan and ensure it 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!


By Guides.co.ke

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