Equity Bank Kenya loans and interest rates

Many factors can prompt you to apply for loans. Be it a delayed salary, an emergency, or just a peer pressure urge to buy the newest iPhone, the list is long. Luckily, you can turn to financial institutions like Equity Bank for a quick loan. As such, the demand for Equity bank Kenya loans has soared over the years. Take a look at the Equity Bank Kenya loans and interest rates.

The Kenyan banking and finance sector has gone through enormous transformations. These tremendous changes have led to improved banking presence and efficiency. Through these changes, many small and medium-sized entrepreneurs have been able to grow their ventures and engage in many banking practices and policy improvements. Among the many banks or lending institutions in Kenya, Equity Bank Kenya stands out above its competitors. This status can be attributed to the efficiency and availability of Equity Bank Kenya loans.

Kenyans and other investors in the nation can breathe a sigh of relief these days as it is much easy to access loans. Kenya’s banking history is an amazing tale that dates many years ago when the first bank branch was opened in Nairobi. For equity bank, it has been a story of determination and commitment to establish itself among the best banks in the nation.

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Types of loans available at Equity Bank

Bank loans have over the years been the best means to rely on for many homeowners, entrepreneurs, and scholars when in need of urgent funds. Bank loans have generally been suitable for starting up businesses, paying for assets such as vehicles and during instances when you need money for personal needs. With the few benefits of loans in mind, you should not hesitate to look at the different types of loans from Equity Bank. As you go through these loans types, don’t fret to look at the Equity bank Kenya loans interest rates for each loan model. The common loan types at equity bank include:

1. Personal loans

Prior to applying for any loan in Kenya, you should understand what the loan entails and the benefits in store for you. A personal loan is a type of loan that is granted for personal needs such as education, medical, vacation, household use and not for commercial use. Personal loans from Equity can:

• Either be secured or unsecured by the asset bought or by a guarantor
• Come with fixed interest rates and this means that the rate does not change for the period of the loan
• Come with a fixed amount and
• Affect your credit score

On your search for the best personal loans near you, feel free to look at the personal loan ranges and rates available at Equity Bank.

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2. Unsecured loans

As you look forward to getting a loan at Equity bank, you should not dread to consider whether the loan is secured or unsecured. Unsecured loans Equity bank Kenya are also called signature loans. These loans are classified according to the borrower’s credit score or history and the ability to clear the loan from personal income.

3. Mortgage loans

Simply referred to as a mortgage, mortgage loans are kinds of loans for consumers to raise funds and purchase a home or a real estate. Before you seek mortgage loans from any bank, you should have robust mortgage knowledge. For instance, you have to keep in mind that:

• Your credit score is imperative
• Figure out how much you can afford to buy a home
• Consider whether you are a first-time mortgage loan seeker and whether you are making the right decision

Equity bank Kenya mortgage loans have been a great blessing for many dream home chasers. The bank offers many mortgage options that are tailored to meet all clients’ needs. As you seek your mortgage loan, know that the rates and terms vary depending on the mortgage model you need. Equity offers competitive home purchase rates that are also budget-friendly.

You can also seek a mortgage loan to remodel your home and increase its value in the market. If you are thinking of refinancing, Equity Bank offers the best options for you. Don’t hesitate to look at the mortgage calculator and determine your monthly payments. More so, know the interest amount you will be required to pay.

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4. Car loans

Owning a car is a dream come true and Equity Bank is here to help you achieve this dream. Equity Bank offers its clients an auto loan that is available at:

• Competitive interest rates
• Comes with affordable monthly payments and
• At flexible terms that are customizable to client’s set budget

Equity Bank has also partnered with car corporations in the nation and a car loan seeker can look at the Equity bank Kenya car loans options and make the right decisions. Equity bank’s terms and conditions might vary with time as well as the rates. So feel free to look at experts’ tips and make the right decision.

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5. Soft mobile loans

Advancement in technology has impacted the banking industry rapidly. Today, customers can apply and secure soft loans through their smartphones. Equity bank has not been left behind and it has utilized this opportunity. Customers can apply for Equity bank Kenya soft loans. The procedure is less demanding and all you need to do is follow up the guideline provided.

Equity bank mobile loans are easy to access especially if you have a reputable credit score. Equity bank customers can apply for the Eazzy loan at ease and even at the comfort of their homes or offices. You just need to own an Equitel mobile line and an active equity bank account. The process of applying for mobile loans at Equity Bank Kenya is easy and smooth. Simply:

• Go to the Equitel mobile line menu
• Select my money
• Tap on loans
• Select Eazzy loan
• Select the account number
• Enter the amount to borrow and
• Submit the loan application

It is an easy process to get a mobile loan at Equity Bank if you abide by the above-mentioned steps. You can also read on the Eazzy mobile loan terms and conditions prior to applying for your loan.

Equity Bank Kenya interest rates

Finding out the interest rates that Equity Bank Kenya charges for its loans is easy. Go online and visit their loan interest calculator page. The page has the following main options.

• Loan amount
• Repayment period in months
• The loan rate
• Calculation based on a flat rate or reducing balance

You just need to fill in the different amounts and click on Calculate to find out the interest rate that the bank will charge you by the time you clear your loan.

The bottom line

Equity Bank Kenya Limited was incorporated in 2014 upon streamlining of Equity Group Holdings Limited. Today, the bank maintains 173 outlets across the nation and Nairobi is its headquarters. Most importantly, the bank has also presented its large clientele base with financial relief thanks to easy access to its different types of loans.

Equity Bank is a reputed banking and finance institution that new and existing clients should trust, especially when it comes to Equity bank Kenya loans. The bank has been able to meet the needs of many clients locally and in other parts of the world. Customers can apply for loans from Equity Bank without any qualms and whenever in need. The bank is more than willing to serve its esteemed customers on daily basis. All clients need to know while seeking loans is that interest rates are subjected to change with time and terms and conditions of application. Hence, it is wise to talk to Equity Bank staffs and make inquiry when stuck.

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Source: TUKO.co.ke

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