Agripreneurs, who have good Equity Bank history records, can now access instant loans of up to Sh3 million through the institution’s mobile money transfer service, Equitel.
John Gachiri, an officer in the bank, said farmers in the various stages of production can access the financial facility, which is payable in 12 months under the Eazzy Loan Plus plan.
A shorter term repayment plan of 30 days is also available, where an Equitel consumer can access Sh200,000 via Eazzy Loan plan.
“Equitel uses a number of ways to determine lending process and the amount that one qualifies for. The metrics include deposits, savings, credit history, among others. Equity Bank encourages customers to consistently channel their incomes through its accounts to establish good credit limit,” Gachiri said.
The officer said there is no collateral or guarantees required if one meets the above conditions.
One can borrow as little as Sh100 through the Eazzy Loan plan while Eazzy Loan Plus allows for Sh1,000 minimum facility.
Producers, agro-dealers, processors, marketers are some of the consumers targeted by the facilities.
If one meets the above set conditions, loan processing is done instantly and the farmer can access the money “in a matter of seconds”.
Equity Group Chief Executive Officer James Mwangi said in an earlier press release that the good rains experienced in most parts of the country will result in increased productivity in various counties where the bulk of the bank’s customers are located.
He said the supporting farmers through financing would strengthen the country’s economy, therefore, creating new jobs for employment opportunities and food sufficiency.
Instant access to the credit facility via Equitel is to help farmers buy inputs in real time wherever they are.
Interested farmers can call +254763000100 for help.