What are the types of loans in Equity Bank that a customer can get? In this article I will be providing more information about the equity Bank of Kenya loans.
Equity Bank of Kenya is a licensed commercial doing operations under the regulation of the Central Bank of Kenya (CBK). It is therefore a legit lender providing a variety of loan products to customers in the country.
Just like any lender and tier I commercial bank, Equity Bank has such a large capabilities to provide loans to as many borrowers as they are qualified.
As of March 31, 2023, Equity Bank's loan book stood at Kshs. 674 billion. This represents a year-on-year growth of 13%. The growth in the loan book was driven by strong growth in both retail and corporate lending. Retail lending grew by 14%, while corporate lending grew by 12%. The growth in the loan book was supported by a strong increase in customer deposits, which grew by 12%. The bank's asset quality remained strong, with the non-performing loan ratio at 8.5%.
The question people are asking however, is that what are the loans in Equity Bank ?
The lender has broad loan categories for example;
- Personal Loans,
- Business Loans,
- Mortgages,
- Mobile Loans,
- Shari'ah Compliant Loans
- Asset Finance
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| Equity Bank Logo |
What Types of loans are in Equity Bank
Here are thirteen (13) types of loans offered by Equity Bank Kenya:
1. Eazzy Loan
This is a personal loan that you can apply for and get approved instantly, without the need for guarantors or filled out forms. You can get up to KSh3 million, instantly on your phone through the Equity Mobile App, your Equitel line or by dialing *247#.
2. Residential Mortgage & Equity Loans
This loan finances the purchase of a single family home or 1 condo/apartment unit on the same property. They also allow homeowners to borrow against the equity in their already owned home/condo.
3. Development Loan for SMEs
This loan is designed to help small and medium enterprises (SMEs) grow their businesses. It can be used to finance working capital, purchase assets, or expand operations.
4. Farm Inputs Loan
This loan targets farmers operating monthly remittance accounts with Equity Bank, helping them to purchase farm inputs such as fertilizer, seeds, and pesticides.
5. Commercial Agriculture Loan
This loan targets medium and large-scale farmers dealing in any aspect of farming, from large-scale commercial farming to small-scale subsistence farming.
6. Kilimo Maendelo Loan
This is a credit vehicle meant to facilitate farmers in undertaking farm developments such as construction of water harvesting structures, fencing, and purchase of farm machinery.
7. Food and Agriculture Youth Financing Product
This is a short and medium term credit facility designed to finance youth to establish Food and Agriculture businesses.
8. Micro Agribusiness Loan
This loan is designed to help micro-entrepreneurs in the agricultural sector to grow their businesses.
9. Kilimo Biashara
This loan is designed to help small and medium enterprises (SMEs) in the agricultural sector to grow their businesses.
10. Seed Production Loan
This loan is designed to help seed producers to finance the production and marketing of seeds.
11. Trade Finance
This is a service that facilitates the trade of goods and services both locally and internationally. It can be used to finance imports, exports, and letters of credit.
12. Asset Finance
This is a service that provides financing for the purchase of assets such as vehicles, machinery, and equipment.
13. Construction Loan
This is a loan that is specifically designed to finance the construction of a building.
These are the current loans in equity bank today,but the list can change anytime probably with introduction of new loan facilities.
Equity Bank Loans Limits
The maximum loan amount from Equity Bank Kenya depends on the type of loan you are applying for. For example, the maximum loan amount for an Eazzy Loan is Kshs. 3 million, while the maximum loan amount for a Residential Mortgage Loan is Kshs. 100 million. The actual loan amount you are approved for will depend on your creditworthiness and the terms of the loan.
Here are some of the maximum loan amounts for different types of loans offered by Equity Bank Kenya:
- Eazzy Loan: Kshs. 3 million
- Residential Mortgage Loan: Kshs. 100 million
- Development Loan for SMEs: Kshs. 50 million
- Farm Inputs Loan: Kshs. 1 million
- Commercial Agriculture Loan: Kshs. 50 million
- Kilimo Maendelo Loan: Kshs. 100 million
- Food and Agriculture Youth Financing Product: Kshs. 5 million
- Micro Agribusiness Loan: Kshs. 1 million
- Kilimo Biashara: Kshs. 5 million
- Seed Production Loan: Kshs. 1 million
- Trade Finance: Kshs. 100 million
- Asset Finance: Kshs. 50 million
- Construction Loan: Kshs. 100 million
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