Total Cost Breakdown (Loan Fees):

• Monthly Interest: 1.08% (13%/12).
• Processing fee: 5%
• Insurance Fee: 1%
• Withdrawal Fee: None
• Late Fees: 5% Flat
• Other Fees: 10% Excise Duty

Disbursement Details:

• Institution Type: Commercial bank
• Application Method: Digital
• Disbursement Method: Bank account

Repayment Details:

• Repayment Frequency: Bullet
• Early Repayment: Allowed
• Repayment Method: Auto-Deduction

Eligibility Requirement:

• Smartphone: Not Required
• CRB: Must be in Good standing
• Income: No minimum
• Employment: Not Required
• Network: Equitel
• History: An Active Account for 6 Months

Documents:

• National ID
• T&C Links

Example Representative Pricing

• Loan Amount: ksh100,000
• Interest Rate: 1.08%
• Processing Fee: ksh5,000
• Excise Duty: ksh1,000
• Credit insurance: ksh1,000
• Loan duration: 1 month
• Estimated Total repayment amount: ksh101,080

This product is provided by Equity Bank Kenya Limited. Equity Bank Kenya Limited is a Commercial Bank licensed under the Banking Act Cap 488 of the Laws of Kenya and regulated by the Central Bank of Kenya.

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Pros:

• Convenient application via App or USSD
• Formal employment not required
• Fast approval time (less than 24 hours)
  

 Cons:

• Must have an active account for at least 6 months
• Must use Equitel network
• Relatively high Late fees ( 5%)