The Rising Popularity of Equity Bank’s Eazzyloans

By Vera Shawiza / October 6, 2017




In 2015 Equitel introduced EazzyLoan, a revolutionary product that made it possible for subscribers to instantly borrow 30-day loans of up to 200,000 shillings via their mobile phones.

A year later Equitel rolled out an upgrade on the mobile loan that not only increased the loan amount to 3 million shillings but also introduced flexibility in payments as customers could now pay loans in installments for up to 12 months.

These mobile loans have proved very popular with the customers which have seen the disbursement of loans through Equitel grow to 57 billion shillings since its launch in 2015.

The uptake of EazzyLoans has grown exponentially as customers benefit from the convenience that the digital loans afford. The fact that the loans are unsecured, requires no paperwork and allow the customer asking for a loan to enjoy the privacy of not divulging their need for the loan to a 3rd party is very liberating. However, with this success has come increased queries on loan limits as customers seek to get higher and higher loans to aid in their economic growth and day to day needs.

What criteria does Equity Bank use to determine the EazzyLoan limit? Why do loan limits keep changing?

First and foremost, Equity Bank uses the power of data and complex algorithms to provide the loans and also determine how much a subscriber can borrow. Factors that can determine how much one can borrow include the customer’s banking activity, review of their credit history, loan facilities with other lenders and their ability to repay.

As such, channeling all incomes into a single Equity Bank account increases the chances of a higher loan limit. Algorithms also look at the borrowing history of the user, both within the bank and those with other lenders.

Punctual payment of loans increase chances of higher loan limits while late payment of loans reduces loan limits. Failure to repay loans can result in user details being shared with the Credit and Reference Bureau (CRB) which could halt access to EazzyLoans.

An unknown fact to customers is that EazzyLoan limits are calculated monthly and one can take a maximum of two loans at a time provided that they don’t exceed the monthly limit. This means if e.g. your monthly loan limit is 20,000 shillings you have the option of taking 2 loans of Kshs 10,000 each or take 1 loan of 20,000 shillings and so on. Additionally, one is not required to have any minimum amount in their account, at that point of making the application, to qualify for an EazzyLoan.

In summary, pool all your incomes to your Equity Bank account, pay all your EazzyLoans on time, do not divert the EazzyLoan money from the intended purpose for which it was borrowed and avoid over borrowing to reduce the risk of late payment of outstanding loans.

 



About Vera Shawiza

Vera Shawiza is Soko Directory’s in-house journalist. Her zealous nature ensures that sufficient and relevant content is generated for the Soko Directory website and sourcing information from clients is easy as smooth sailing.Vera can be reached at: (020) 528 0222 or Email: [email protected]

View other posts by Vera Shawiza


More Articles From This Author








Other Related Articles










SOKO DIRECTORY & FINANCIAL GUIDE

ARCHIVES

2018
  • January 2018 (291)
  • February 2018 (220)
  • March 2018 (279)
  • April 2018 (226)
  • May 2018 (240)
  • June 2018 (178)
  • July 2018 (257)
  • August 2018 (250)
  • September 2018 (213)
  • 2017
  • January 2017 (183)
  • February 2017 (195)
  • March 2017 (207)
  • April 2017 (104)
  • May 2017 (169)
  • June 2017 (206)
  • July 2017 (190)
  • August 2017 (196)
  • September 2017 (186)
  • October 2017 (236)
  • November 2017 (253)
  • December 2017 (266)
  • 2016
  • January 2016 (167)
  • February 2016 (165)
  • March 2016 (190)
  • April 2016 (143)
  • May 2016 (246)
  • June 2016 (183)
  • July 2016 (271)
  • August 2016 (250)
  • September 2016 (234)
  • October 2016 (191)
  • November 2016 (243)
  • December 2016 (154)
  • 2015
  • January 2015 (1)
  • February 2015 (4)
  • March 2015 (166)
  • April 2015 (109)
  • May 2015 (117)
  • June 2015 (121)
  • July 2015 (150)
  • August 2015 (157)
  • September 2015 (189)
  • October 2015 (171)
  • November 2015 (174)
  • December 2015 (208)
  • 2014
  • March 2014 (2)
  • 2013
  • March 2013 (10)
  • June 2013 (1)
  • 2012
  • March 2012 (7)
  • April 2012 (15)
  • May 2012 (1)
  • July 2012 (1)
  • August 2012 (4)
  • October 2012 (2)
  • November 2012 (2)
  • December 2012 (1)
  • 2011
    2010
    2009
    2008
    2007
    2006
    2005
    2004
    2003
    2002
    2001
    2000
    1999
    1998
    1997
    1996
    1995
    1994
    1993
    1992
    1991
    1990
    1989
    1988
    1987
    1986
    1985
    1984
    1983
    1982
    1981
    1980
    1979
    1978
    1977
    1976
    1975
    1974
    1973
    1972
    1971
    1970
    1969
    1968
    1967
    1966
    1965
    1964
    1963
    1962
    1961
    1960
    1959
    1958
    1957
    1956
    1955
    1954
    1953
    1952
    1951
    1950