Equity Bank Kenya has a simple vision. “To beYou are committed to the socio-economic prosperity of the people of Africa.” Of course, one way to achieve this is by providing loans so that people can pursue their interests and dreams in different areas of life.
The bank completed an internal restructuring on 31 December 2014, culminating in its conversion into a non-operating holding company, Equity Group Holdings Limited (EGHL).
This was done to achieve the goal of providing comprehensive, client-centric financial services that empower our clients and other stakeholders socially and economically.
However, Equity Bank Kenya was founded in 1984 as the Equity Building Society (EBS). Since then, the bank has achieved various important milestones over the years.
In 2007, Helios, a strategic investor, invested USD 185 million. It was an upward trend from there as the group transformed into a fast 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, after the successful acquisition of Pro-credit Bank, Equity Bank Kenya also started operations in the Democratic Republic of the Congo.
Here are the credit categories available to you in Equity Bank Kenya.
Equi-Loan: This is a product for salaried clients intended to meet development needs and asset acquisitions
Characteristics
- Granted to clients whose employers have an agreement with Equity Bank as part of the check-off agreement. The maximum amount depends on the customer’s ability to pay.
- The maximum amount depends on the customer’s ability to pay.
- Maximum repayment period of up to 72 months
Services
- Few customer requirements, e.g. E.g. payslips, identity papers and work permit
- The employer must have an agreement with Equity Bank Limited on preferential terms
- A long-term option that allows customers to pay without straining themselves financially
- Deducted from source at unsubscribe, hence easy method of repayment
salary advance
Characteristics
- The loan is granted up to the amount of Kshs. 300,000/- depending on the customer profile determined by the bank from time to time to help employed customers meet emergency needs.
Services
It is easy:
- No security requirements until Kshs. 300,000.
- Automatically debits customer accounts for refunds (on instruction), no need to go to the bank and queue.
It’s fast:
- Fast loan processing and disbursement
It has added value:
- Credit insurance against death and disability.
Requirement
- Be an active owner by transferring at least three months’ salary to the equity account
- Letter of confirmation / letter of introduction from the employer
Asset Finance loans
Investments include, but are not limited to, automobiles, construction machinery, industrial equipment and machinery, agricultural equipment, office and IT-based equipment, and specialty vehicles.
Services
- Flexible collateral requirements and the good you buy can be part of the collateral
- Fast processing and payout
- Flexible repayment terms
- The amount of the loan depends on the ability to repay
Requirement
- Be an active account holder with Equity Bank
- Apply for credit to fund working capital and operational needs
- Submit a loan application within a reasonable time
- Be able to clearly demonstrate the existence of other revenue streams that could be used for loan disbursement
SME business loans
Available for SMEs in transport, trade and commerce, construction, manufacturing, education, healthcare and other services.
Services
- Both customers and non-customers can qualify for the business loans
- Flexible repayment period up to 60 months
- Minimum of Ksh1,000,001 and maximum of Ksh50,000,000.
- No guarantees are required unless the borrower is a limited liability company
development loan
Available for SMEs to finance the expansion of a business and the acquisition of business assets.
Requirement
- Be an active account holder with Equity Bank
- Apply for credit to fund working capital and operational needs
- Submit loan applications within a reasonable time
- Be able to clearly demonstrate the existence of other revenue streams that could be used for loan disbursement
micro business loans
This is a new product aimed at young people who make up most of the population. This product aims to equip them with the tools they need to build and grow a business.
Characteristics
- Identification and preparation of new business markets
- Providing youth with a savings car that gives them access to a variety of financial services
- Providing customized loans to meet the specific needs of young people
- Develop a business valuation system to determine youth loan needs
- Providing training and consulting services to businesses responding to growing populations
Services
- Offers an economical car loan for:
- working capital
- Purchase of fixed assets (for companies)
- improvement of business premises
Available to all youth (18-35 years) with an Equity Bank account.
Equity Bank Kenya also offers customized loans to women and trade. The key to applying for the loans is having an account with the bank. Just go to their websites and check any requirements that may not be covered in this article.