In October 2015, Equity Bank revealed that it had processed about 1.2 million loans worth Sh5.4 billion through Equitel in a period of 10 months. This is a huge number compared to 438,000 loans issued through credit officers in branches in the same period.
Equity Banks Group CEO, Dr. James Mwangi revealed that the average loan taken on Equitel was Sh5, 000 and that a majority of the people taking loan did so from midnight.
You can apply for an Equitel loan more conveniently and privately right on your phone. There are no forms to fill as the process has been fully automated and there are no intermediaries such as MPESA which makes the loans most affordable in the market.
The interest rate charged is from as low as 2% per month e.g. if you request for a loan of Kshs 1,000 you will receive the full loan amount requested. You will then be required to pay back Kshs 1,020 within a month when your interest is at 2% interest.
How to Apply for Eazzy Loan
- Go to Equitel Menu
- Select My Money
- Select Loans
- Select Get Loan
- Select Eazzy loan
- Select Account
- Enter Amount
- Confirm details
- Enter your PIN
- You will receive a confirmation SMS
How to Withdraw Money from an Equity Agent
- Go to Equitel Menu
- Select My Money
- Select withdraw Money
- Select Agent Withdraw
- Select Account
- Enter Agent Number
- Enter amount
- Confirm details
- Enter your PIN
- You will receive a confirmation SMS
How To Withdraw Money From an ATM on Equitel
- Press the Equitel Button on an Equity Bank ATM machine
- Enter your Equitel phone number
- Check if the number you have entered is correct and if so, press Correct on the ATM machine
- Select / Type amount of money you want to withdraw from the ATM machine
- You will receive a pop-up message on your phone asking you to confirm that you want to withdraw the amount requested. Select YES.
- Enter your PIN on your phone
- The cash you requested for will be dispensed by the ATM machine
- You will receive an SMS on your Equitel Line confirming the transaction details
How To Pay Bills – Using the business number
- Go to Equitel Menu
- Select My Money
- Select Send /Pay
- Select Account
- Select Paybill
- Enter Business number
- Enter your account number
- Enter Amount
- Confirm details
- Enter your PIN
- You will receive a confirmation SMS
How To Pay DSTV /GOTV or Startimes
- Go to Equitel Menu
- Select My Money
- Select Send /Pay
- Select Account
- Select Paybill
- Select Business
- Select More
- Select DSTV/GOTV or Startimes
- Enter your DSTV / GOTV or Startimes account number
- Enter Amount
- Confirm details
- Enter your PIN
- You will receive a confirmation SMS
Read More: Safaricom Will Not Increase the Transaction Fees for Equitel Customers After all