Equity Boostika is an innovative overdraft loan facility offered by Equity Bank, designed to help customers complete transactions even when they lack sufficient funds in their accounts. This article provides a detailed look at the features, application process, and requirements for the Boostika loan.
Features of Equity Boostika Loan
Loan Limits:
- Boostika offers loans ranging from KES 100 to KES 100,000.
- Customers receive a loan limit based on their account performance at Equity Bank.
- The facility allows multiple borrowings within 30 days as long as the total amount does not exceed the pre-set loan limit.
Interest Rates:
- The total interest rate on Boostika loans is 8.5%, which includes processing fees, interest, and insurance fees.
- For example, a loan of KES 100,000 will incur an interest of KES 8,500, totaling KES 108,500 due in 30 days.
Payment Duration:
- The repayment period for Boostika loans is 30 days, although early repayment is allowed.
Requirements for Equity Boostika Loan
- Bank Relationship: Must be an Equity Bank customer.
- Account Type: Must have an active current account with Equity Bank.
- Banking Platforms: Must be actively using mobile banking, Eazzy USSD Code *247#, Equitel, or the mobile app.
How to Apply for a Boostika Loan
Boostika loans can be accessed through three different methods:
- *Via USSD Code 247#
- Paying Bills or Merchants:
- Dial *247#.
- Follow the prompts to pay bills or merchants using funds from your Boostika limit.
- Sending Money:
- Use the same USSD code, select ‘Send money’, and follow the prompts to complete the transaction with Boostika funds.
- Paying Bills or Merchants:
- Via Equity Mobile App
- Paying Bills or Merchants:
- Log in to the Equity Mobile App.
- Navigate to the payments section and complete the transaction using your Boostika limit.
- Sending Money:
- Within the app, select the option to send money and follow the instructions to use funds from your Boostika limit.
- Paying Bills or Merchants:
- Via Equitel STK
- The process mirrors the USSD and mobile app methods but is done through the Equitel menu.
Conclusion
The Equity Boostika loan is a legitimate and beneficial overdraft facility that provides a flexible financial solution for Equity Bank customers. It is particularly useful for making payments at merchants’ outlets, online purchases, bill payments, and buying airtime when funds are short.
As with any financial product, it’s important to borrow within your means to ensure that you can comfortably repay the loan without affecting your credit score. For those who meet the requirements, Boostika offers a straightforward and convenient way to manage short-term financial gaps.
