Equity Group held its Annual General Meeting on Thursday, 31st March 2016 and from the meeting the CEO of the Group Mr. James Mwangi made several announcements, and one interesting one is that the mobile money loan issued through the Eazzy 247 and Equitel has received a new limit. The previous loan limit of Eazzy Loan of between shs 100 minimum to shs 200,000 maximum repayable within 30 days as been revised to a new maximum of shs 3 million repayable in 12 months, and the new loan has been renamed to Eazzy Plus Loan.
The announcement came after the bank’s mobile loan book grew by over 240% to surpass shs 115 billion in 2015 from shs 4.7 billion in 2014. To continue with the momentum, Equity Bank decided to increase the Eazzy Plus Loan maximum limit from shs 200,000 to shs 3 million, a move that the CEO says will help them increase the loan transaction five times in the next five years. “We believe that in the next few years Equitel will do five more times the number of transactions than all other channels put together,” said Mr. Mwangi. The other factor that might have driven Equity Bank to open up the Eazzy Plus loan limit is the fact that more than 78% of those who applied for and received Equity Bank’s loans in 2015 did so via the Equitel’s Eazzy Loan.
An Eazzy Plus Loan Limit of shs 3 million is quite appetizing. As a small or medium sized business owner who is constantly constrained by capital, what shs 3 million injection into the business can do is up to your imagination. But the question is, how can you easily qualify for the upper limit of shs 3 million in no time?
I took that question to Equity Bank, and according to their response, it works just the same way the Mshwari and KCB MPESA loans work. Your loan limit is entirely dependent on three things:
- The amount and frequency of your deposits
- The amount and frequency of your withdrawals
- And the promptness with which you repay your loans.
As business person who would want to get quick access to the unsecured shs 3 million loan, this is what you can do. Start deposing most of your income to Equity Bank via your Equitel Line. You can visit an Equitel Agent (Equity Bank Agent) that is near you to make these deposits. You can also deposit money to MPESA then transfer to your Equity Bank Account via the MPESA PayBill number 247247 and you input your Equity Bank Account number as the MPESA PayBill Account Number. Do this as frequency as possible, maybe more than once per day or at the end of every day.
The second step is to increase the amount and frequency of withdrawals. That means every morning as you open your business you need to withdraw sufficient amount that will enable you run the business that day, and if you have to make payments, you need to do so via your Equity Bank Account. The more frequently you deposit and withdraw, the better standing you gain with Equity Bank.
Then in case you haven’t started, you need to start borrowing the Eazzy Plus Loan, at the maximum limit you currently qualify for – and don’t forget to repay before the repayment deadline. Every month Equity Bank will be reviewing your bank account activities based on the three criterias I have mentioned above, and at the end of the month you will receive a new Equity Plus Loan limit. The higher the loan you can borrow, the lower the interest rate you will pay per month. The Eazzy Plus Loan interest rates range from 2% per month to 10% per month – so you will be in a better place to pay the 2% interest rate.