Equity Bank is now offering its customers smart phone loans for their Equitel lines.
Equity through the “Loans for Smartphones” promotion offer will provide credit to customers, to buy Dual SIM smartphones.
Equity has partnered with leading smartphone manufacturers such as Samsung and Alcatel for the “Loans for Smartphones” offer.
Customers will additionally have a payment plan that will give users a payback period of between one and 12 months.
The phones are available in select branches and in the event that the preferred phone model is not in stock Equity will make the device available within 24 hours to the customer’s branch.
Equitel had over 2 million subscribers in the first quarter of 2016 who transacted Kshs 62.5 billion, at the same time the value of Equitel loans stood at Ksh14.1 billion over the same period.
The latest quarterly statistics report from the Communications Authority shows that the number of transactions processed through Equitel stood at 44.7 million, up from 42.7 million in the first three months of 2016.
Equitel through the “Eazzy Loan Plus” product lends borrowers from Kshs 100 to Kshs 3 million repayable over a 12-month period.