* Processing Fees and Excise duty are only applied to year one. For loans longer than one year, your annual cost from year two onwards will be between 11.0% - 13.63%.

Total Cost Breakdown (Loan Fees):

• ‍‍Interest Minimum: 11%
• Interest Maximum: 13%
• Processing fee: 5%
• Insurance Fee: 0.63%
• Withdrawal Fee: None
• Late Fees: 5% Flat
• Other Fees: 20% Excise Duty
  

Disbursement Details:

• ‍Institution Type: Commercial Bank
• Application Method: Paperwork
• Disbursement Method: Bank Account‍

Repayment Details:

• ‍Repayment Frequency: Monthly
• Early Repayment: Allowed
• Repayment Method: Check-off
  

Eligibility Requirement:

• ‍Smartphone: Not Required
• CRB: Must be in good Standing
• Income: No Minimum
• Employment: Required
• Network: Not Required
• History: Not Required

Documents:

• 3 Certified pay-slips
• National ID
• KRA Pin
• Letter of Appointment
• Application form filled and signed by borrower and employer
• T&C Links

Example Representative Pricing

• Loan Amount: ksh100,000
• Annual Interest Rate: 13%
• Processing Fee: ksh5,000
• Excise Duty: ksh1,000
• Credit insurance: ksh630
• Loan duration: 12 months
• Estimated Monthly repayment: ksh8,932
  
• Estimated Total repayment amount: ksh107,721

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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How to Apply

Pros:

• Check off loan
• High loan limit up-to 5 Million (subject to T&Cs)
• Insurance cover against death and permanent disability (deducted from loan Amount)

Cons:

• Only for employees whose employers with a partnership with the bank
• High processing fees (5%)
• Relatively high Late fees (5%)