Are you looking forward to borrowing a loan? There are various places where you can get it. In Kenya, many people look for bank loans when they need money to invest. You can use a loan for many purposes. Here at Origin Finance, we help you find the right loans.
Equity Bank is one bank that offers personal loans in Kenya. It also offers large cooperative loans. Equity Bank of Kenya loans compete with many other loan lenders. If you do not find any other personal loan lenders, you can work with the bank.
Equity Bank of Kenya Loan Packages
There are various types of loans that you can get. You’ll get various loan offers depending on your level and type of income. They include:
Equiloan
If you have a salary and need a personal loan, Equiloan can be perfect for you. You can get a small loan from Equiloan starting from Kshs. 30,000 up to 5,000,000. You’ll get this long-term loan, depending on your ability to pay.
You need a payslip to sign up for these loans. Long-term personal loans have the largest repayment period of up to 6 years.
Microbusiness Loans
Apart from personal loans, you can also get microbusiness loans. These credit loans target youth. This one may not be preferable to those who want to get a personal loan. When you apply for this bank loan, it should be for creating and growing a business.
The bank loan rates for this loan are affordable, so it is a powerful savings vehicle. Microbusiness loans are available if you are between 18 and 35 years old. The bank loan rates for this loan are affordable, so it is a powerful savings vehicle.
Chama Investment Loan
Another type of loan that differs from personal loan offers is the Chama Investment Loan.The loan ranges for this type of loan are quite large. It is between Kshs. 100,000 and KSHS. 100,000,000.
The repayment period is up to 84 months. The loan is for organized groups registered as a limited company. You need to provide proof of existence for at least 2 years.
Pamoja Biashara Loan
The bank has many loans, such as the Pamoja Biashara Loan. Any person over 18 years can apply for this loan. It enables you to apply for a small loan up to Kshs. 20000. If you need large amounts, you can apply for up to a Ksh 5000000 loan.
When you request a loan, keep in mind the period terms. The largest repayment period for the Pamoja Biashara Loan is 13 months.
You may not find some of these personal loans online. You can visit a branch that is near you, whether in Nairobi, Nakuru, or Eldoret.
Where Can I Get a loan of 50,000 in Kenya?
Equity Bank offers 30k loans and even Ksh, 50,000 loans and above. You also get small personal loans from mobile apps. These platforms consider your income, such as business income and farm proceeds.
You also need an active Equitel Line before getting a loan from Equity Bank. Equity Bank has its own app, the Eazzy App. You can connect your account through the Eazzy App. The app enables you to get bank loans online.
How Do You Qualify For A Loan From Equity Bank?
There are various things that a bank may need for you to take a loan. You may need a salary to get loans in Kenya. Some loans are unsecured loans that do not need collateral. Banks that do personal loans in Kenya include the Bank of Baroda and Equity Bank.
You need an account to apply for a loan in a bank like Equity. There are only a few banks that give personal loans without being a member. For you to apply for a personal loan in Equity Bank, you also need to have an available loan limit.
Learn How To Send Money From Mpesa To Equity Bank
What is the Interest Rate for the Equity Bank loan in Kenya 2023?
The personal loan rates for Equity Bank depend on the Central Bank Rate (CBR) adjustment. These bank loan interest rates vary from year to year. The personal loan rates today are thus subject to change.
The Equity Bank Reference Rate (EBRR) also revises the personal loan interest rate of the bank. The First Community Bank (FCB) gives cheap interest rates. You can get a bank loan from this bank at a lending rate of 9%. Other banks that give personal loans may be as high as 17.6%
Equity Bank of Kenya Loans: Get A Personal Loan Today
Borrowing money is not for everyone. When you borrow money from the bank, it will be a secured loan. You may lose your house or car, depending on the collateral. You can consider other ways of getting money, such as borrowing from family and friends.
You can also get an unsecured personal loan in case of an emergency. You can get a small $1,000 personal loan in peer-to-peer lending apps in Kenya. Get a personal loan today.
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