Equity Bank has introduced a new and innovative way of accessing a loan instantly, targeting back to school clients.
With the realization of the economic burden facing Kenyans due to the shortened school calendars, the lender is now offering quick loans to cushion those taking their children to school, as well as those boosting their businesses.
In a public communication circulated by the bank, clients can access the loans ranging from Sh100 to Sh3 million from their phones.
“With Equity’s *247#, you can now cater for your back to school needs with ease. The service allows you to apply for and receive instant loans of as low as Sh100 up to Sh3 million. This service is currently available on all mobile networks including Safaricom, Telkom, Airtel & Equitel and is accessible on both smartphones and feature phones (Kabambe) by simply dialing *247# and following the simple instructions,” read the statement in part.
The institution noted that it is financially straining even for the most prepared of parents and guardians due to shorter school term calendars that are a result of the disruption caused by the Covid-19 pandemic to the education sector.
“The frequency of paying school fees is much shorter than the four-month cycle we were previously accustomed to. Then parents still need to buy books, uniforms and other items that are mandatory,” the statement read in part.
The lender has also wavered fee deposit charges for those using banker’s cheques obtained at a cost of Sh100.
“During this season, your business cash-flow may have been affected by your back to school expenditure, and you realize your business needs a boost. You can bring your business back on track by simply dialing *247# to borrow the amount you need to give your business a boost,” the lender stated.