Loans are important because they can help people achieve their goals and improve their situation. They can provide the necessary funds to buy a house, a car, or start a business and also help pay for education, and medical expenses.

Equity Bank offers loans to its customers to fulfill their various needs. They also offer a range of simple way for their customers access them.

These include;

1. Dialing *247# from their mobile phone
2. Equity Mobile App available on Android and on iOS 
3. Equitel’s menu for Equitel users
4. Equity Online web banking platform

Customers can access loans that range from Ksh. 100 to Ksh. 3 million from the above options without the need for physical bank visits or guarantors.

An important aspect of loans is repayment. The sooner that you pay back your loans, the easier is it to access future loans and build your credit rating.

Other reasons include:

1. Strong Credit Rating: Paying your loan on time creates a favourable credit rating for you and ensures you get better credit terms and higher loan limits in the future.
2. Favourable Loan Terms: A strong credit rating enables you to secure loans with lower interest rates, extended repayment periods, and more favourable terms.
3. Less fees: Timely repayments means that you avoid accrual of additional interest and fees.

Now that we talking repayment, here is how to easily pay back your Equity Bank loan.

1. Equitel STK (SIM Toolkit)

  • Access the Equitel STK menu.
  • Navigate to “My Money” and select “Eazzy Loan.”
  • Opt for either partial or full payment.
  • Choose your desired account.
  • Input your PIN.
  • Select the specific loan for repayment.
  • Enter the partial payment amount if applicable.
  • Confirm your payment details.

2. USSD – Dial *247#

  • Dial *247#.
  • Select “Borrow” and then “Pay Loan.”
  • Pick the loan you intend to repay.
  • Specify whether you’re making a partial or full payment.
  • Enter the partial payment amount if applicable.
  • Choose the account from which you’ll make the payment.
  • Confirm your PIN.

3. Equity Mobile App/Online

  • Launch the Equity Mobile App or access your account online.
  • Navigate to the “Borrow” section.
  • Select “Pay loan.”
  • Pick the account from which you wish to make the payment.
  • Choose the specific loan you intend to repay.
  • Enter the full loan amount or the partial payment amount.
  • Confirm your payment details and proceed with the payment.

4. EVA (Equity Virtual Assistant)