Equity Bank Kenya has a simple vision; “To be the champion of the socio-economic prosperity of the people of Africa.” Of course, one of the ways that can be achieved is by granting loans for people to pursue their interests and dreams in various areas of life.
The bank on 31st December 2014, finalized an internal restructuring that culminated in its conversion into a non-operating holding company, Equity Group Holdings Limited (EGHL).
See Also: How To Apply For A Loan With Regional Finance
It made this move in order to meet its objectives of offering inclusive, customer-focused financial services that socially and economically empower our clients and other stakeholders.
Equity Bank Kenya was, however, founded as far back as 1984 as Equity Building Society (EBS). Since then, the Bank has recorded various key milestones over the years.
Quick instances are its conversion in 2004 into a fully-fledged commercial bank, Equity Bank Limited (EBL) and the 2006 listing of the bank as the largest Bank by market capitalization at the Nairobi Securities Exchange.
In 2007, Helios, a strategic investor, invested USD 185 million. It was uphill from there as the Group transformed into a rapidly growing Pan-African banking group.
Equity Bank Kenya has now built a social and economic brand and scaled up by providing financial services to the masses through a diversified distribution of its products and services.
In 2015, Equity Bank Kenya also commenced operations in the Democratic Republic of Congo after a successful acquisition of Pro-credit Bank.
Here are the loan categories available to you in Equity Bank Kenya;
Equi-loan: This is a product for salaried customers meant to meet development needs and acquisition of assets
Features
- Granted to customers whose employers have an MOU, on the check-off arrangement, with Equity BankMaximum amount is dependent on a customer’s ability to pay.
- The maximum amount is dependent on a customer’s ability to pay.
- Maximum repayment period of up to 72 months
Benefits
- Few requirements required from the customer ie Payslip, Identification documents and employment letter
- The employer must have an MOU with Equity Bank Limited thus preferential terms
- A long-term facility enabling the clients to pay without straining financially
- Deducted from source on check off hence easy loan recovery method
Salary Advance
Features
- The loan is advanced up to Kshs. 300,000/- depending on the customer’s profile as defined by the bank from time to time to help the salaried customers meet emergency needs.
Benefits
It is Easy:
- No security requirements up to Kshs. 300,000.
- Automatic debits from customer’s accounts for repayments (on instruction), no need to travel to the bank and queue.
It is Fast:
- Quick loan processing and disbursement
It has Added Value:
- Loan insurance against death and disability.
Requirements
- Be an active holder by remitting at least three month’s salary into Equity bank account
- Confirmation letter / Introduction letter from employer
Asset Finance Loans
Capital assets include but are not limited to, motor vehicles, construction equipment, industrial plant & machinery, agricultural equipment, Office & IT based equipment and specialized.
Benefits
- Flexible collateral requirements and the asset you buy can be part of the security
- Quick processing and disbursement
- Flexible repayment terms
- Loan amount depends on ability to repay
Requirements
- Be an active account holder with Equity Bank
- Submit loan purpose for financing business working capital and operational needs
- Submit loan application within a reasonable time
- Be able to clearly demonstrate existence of other sources of income that could be used for loan payment
SME Business Loans
Available to SMEs operating in Transport, Trade, and Commerce, Construction, Manufacturing, Education, Health & other services sectors.
Benefits
- Both customers and non-customer can qualify for the Business Loans
- Flexible repayments period up to 60 months
- Minimum of Ksh1,000,001and a Maximum of Ksh50,000,000.
- No guarantors required unless borrower is a limited Company
Development Loan
Available to SMEs to finance the expansion of a business and acquisition of business assets.
Requirements
- Be an active account holder with Equity Bank
- Submit loan purpose for financing business working capital and operational needs
- Submit loan applications within a reasonable time
- Be able to clearly demonstrate existence of other sources of income that could be used for loan payment
Micro Business Loans
This is a new product targeting the youth which forms the bulk of the population. This product seeks to empower them with the tools they need to build and grow a business.
Features
- Identify and prepare new business markets
- Providing the youth with a savings vehicle through which they can access a variety of financial services
- Providing tailor-made loans to meet specific needs of the youth
- Develop a system of business appraisals to determine the youth credit needs
- Provide the business training and advisory services that will respond to the growing population
Benefits
- Offers a saving vehicle tailored loans for:
- Working capital
- Purchase of fixed assets (for business)
- Business premises improvement
Available to all youth (18-35 years) who are Equity Bank account holders.
Equity Bank Kenya also offers loans tailored for women and trade. The key thing to have to apply for the loans is an account with the bank. Just go to their websites and check any requirements which may not be covered by this article.
