Equity Bank of Kenya's mobile loans facility, Eazzy Loan will be charged at 14.5% per year interest rate on reducing balance said the lender's Group CEO,James Mwangi during a press briefing last Wednesday.
Despite pressure from other banks resisting interest rate capping on mobile based credit facilities,Mwangi declared to implementation of capped rate banking law on Eazzy loan (accessible through the Equitel SIM cards),Credit cards loans and Mobile Networks Operators loans.
Read How to apply for Equity Eazzy Loan
Equity Bank which is the largest in Kenya in terms of customer base,will also give a minimum of 7.35%pa interest rate on customer deposits in selected savings accounts.
Despite pressure from other banks resisting interest rate capping on mobile based credit facilities,Mwangi declared to implementation of capped rate banking law on Eazzy loan (accessible through the Equitel SIM cards),Credit cards loans and Mobile Networks Operators loans.
Equity Bank which is the largest in Kenya in terms of customer base,will also give a minimum of 7.35%pa interest rate on customer deposits in selected savings accounts.
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