Boostika is a financial product that is offered by Equity Bank, a leading financial institution in Kenya. This product is designed to help customers boost their savings by earning extra interest on their deposits. It is a unique savings account that offers a tiered interest rate structure, which means that the more money a customer saves, the higher the interest rate they earn.
Boostika is a great savings option for customers who want to earn extra interest on their deposits. It is easy to apply for and offers a tiered interest rate structure that rewards customers for saving more. With Equity Bank’s commitment to providing innovative financial solutions, Boostika is just one of the many products that customers can take advantage of to achieve their financial goals.
Understanding Boostika
What Is Boostika?
Boostika is a service offered by Equity Bank that allows customers to access credit whenever they need it. The service is available to both individuals and businesses and can be accessed through the bank’s mobile app or *247# USSD code. Boostika is designed to provide customers with an easy and convenient way to access credit without having to go through the traditional loan application process.
To use Boostika, customers need to have an Equity Bank account and a good credit history. Once they have registered for the service, they can apply for credit by simply selecting the amount they need and the repayment period. The credit is then disbursed to their account instantly, allowing them to use it for whatever they need.
Benefits of Using Boostika
One of the main benefits of using Boostika is the convenience it offers. Customers can apply for credit at any time and from anywhere using their mobile phone. This means they don’t have to travel to a branch or fill out any paperwork.
Another benefit of Boostika is the flexibility it offers. Customers can choose the amount they need and the repayment period that works best for them. This allows them to tailor the loan to their specific needs and budget.
Boostika also offers competitive interest rates, making it an affordable way to access credit. Customers can view the interest rate and the total cost of the loan before they apply, allowing them to make an informed decision.
Overall, Boostika is a convenient, flexible, and affordable way to access credit. It is a great option for anyone who needs quick access to funds without having to go through the traditional loan application process.
Eligibility Criteria for Boostika
To apply for Boostika at Equity Bank, there are certain eligibility criteria that applicants must meet. These criteria include:
- Being a Kenyan citizen or a resident of Kenya with a valid work permit.
- Being over 18 years of age.
- Having a good credit history and credit score.
- Having a regular and verifiable source of income.
Additionally, applicants may be required to provide certain documentation to verify their eligibility, such as a national ID card, passport, work permit, or proof of income.
It is important to note that meeting the eligibility criteria does not guarantee approval for Boostika. Equity Bank reserves the right to approve or deny applications based on their own internal criteria and risk assessment.
Overall, applicants should carefully review the eligibility criteria and ensure that they meet all requirements before applying for Boostika at Equity Bank.
How to Apply for Boostika
Boostika is an innovative loan product offered by Equity Bank to its customers. Applying for Boostika is a simple and straightforward process that can be completed in a few easy steps. In this section, we will guide you through the application process and provide you with the necessary information to ensure a successful application.
Step-by-Step Application Process
To apply for Boostika, follow the following steps:
- Dial *247# > Borrow > Check Loan Limit > Eazzy Loan
- Equity Mobile App > Go to Borrow > Get Loan > Apply Now > Check Loan Limit
- Equitel > My Money > Eazzy Loan > Loan Limit
Activating Boostika on Equity Bank Accounts
To activate Boostika on an Equity Bank account, customers need to follow a few simple steps. First, they need to ensure that they have an active Equity Bank account. If they don’t, they can open one by visiting any Equity Bank branch or using the Equity Bank mobile banking app.
Once they have an active account, customers can activate Boostika by following these steps:
- Log in to their Equity Bank account using the mobile banking app or online banking platform.
- Navigate to the “Boostika” section and select “Activate Boostika.”
- Enter their Boostika activation code, which they can obtain from a Boostika agent or by dialing *247# on their mobile phone.
- Follow the prompts to complete the activation process.
Once customers have activated Boostika on their Equity Bank account, they can start using the service to access credit and other financial products.
It’s important to note that Boostika is subject to terms and conditions, including minimum and maximum loan amounts, interest rates, and repayment periods. Customers should carefully review these terms before applying for Boostika or any other financial product.
What are the charges for Boostika?
The charges are:
- Processing Fee (LACE) 5%
- Insurance 1%
- Excise duty 20% of LACE
- Interest of 18 %pa
In conclusion, activating Boostika on an Equity Bank account is a simple process that can be completed in just a few steps. By following the instructions above, customers can access credit and other financial products quickly and easily.
Managing Your Boostika Account
Accessing Account Information
Once you have successfully applied for Boostika na Equity Bank, you can easily manage your account through various channels. You can access your account information by logging in to your Equity Bank account through the official website or mobile app.
Upon logging in, you can view your account balance, transaction history, and other relevant information. Additionally, you can also opt to receive regular updates on your account via SMS or email.
Troubleshooting Common Issues
If you encounter any issues while managing your Boostika account, there are several steps you can take to troubleshoot the problem. First, ensure that you have a stable internet connection and that you are using the correct login credentials.
If you are still experiencing issues, you can contact Equity Bank’s customer support team for assistance. They are available through various channels, including phone, email, and social media.
In case of any fraudulent activity or suspicious transactions on your account, it is important to report the issue to the bank immediately to prevent any further damage.
Overall, managing your Boostika account is a simple and straightforward process, and Equity Bank provides ample support to ensure that you have a hassle-free experience.
Repayment of Boostika
Repayment Schedule
Equity Bank offers a grace period of up to 30 days for the first repayment, giving borrowers time to get their finances in order. After the grace period, the borrower will be required to make regular payments as per the agreed repayment schedule.
Repayment Methods
Equity Bank provides several repayment methods to make it easy for borrowers to repay their Boostika loans. These methods include:
- Direct debit from an Equity Bank account
- Mobile banking
- Online banking
- Cash deposit at an Equity Bank branch
Borrowers can choose the method that is most convenient for them, and they will receive a notification when the payment is received and processed.
It is important to note that failure to make timely repayments may result in penalties and negatively affect the borrower’s credit score. Therefore, borrowers are advised to make their payments on time and contact Equity Bank if they encounter any difficulties in making their repayments.
In summary, the Boostika loan from Equity Bank has a flexible repayment schedule and offers several repayment methods to make it easy for borrowers to repay their loans. Borrowers are advised to make their payments on time to avoid penalties and maintain a good credit score.
Customer Support for Boostika
Contacting Equity Bank
If customers encounter any issues or have any questions regarding Boostika, they can contact Equity Bank’s customer service team. The bank’s customer service representatives are available 24/7 to assist customers with any concerns they may have. Customers can reach the customer service team by phone, email, or through the bank’s website.
Equity Bank’s customer service phone number is 0763 000 000. Customers can also email the bank at info@equitybank.co.ke. When contacting the bank, customers should provide their account information and a detailed description of the issue they are experiencing.
Visiting Branches for Assistance
Customers who prefer to receive assistance in person can visit any Equity Bank branch. The bank has over 170 branches located throughout Kenya, making it convenient for customers to access support.
When visiting a branch, customers should bring their identification documents and any relevant account information. Equity Bank’s customer service representatives will be able to assist customers with any issues they are experiencing and provide guidance on how to apply for Boostika.
Overall, Equity Bank provides excellent customer support for Boostika. Whether customers prefer to contact the bank over the phone, through email, or in person, they can expect to receive prompt and knowledgeable assistance from the bank’s customer service team.
Boostika Terms and Conditions
Before applying for Boostika loan through Equity Bank, it is essential to understand the terms and conditions. Here are some of the critical terms and conditions that you need to be aware of:
Eligibility Criteria
To apply for Boostika, you need to meet the following eligibility criteria:
- You must be a Kenyan citizen or a permanent resident.
- You must have a valid national ID or passport.
- You must have an active Equity Bank account for at least six months.
- You must have a good credit score.
Loan Amount and Repayment
The loan amount that you can apply for through Boostika ranges from Ksh 100 to Ksh 100,000. The loan repayment period is 30 days, and the interest rate is 18% p.a. The loan is payable in a single installment, which includes the principal amount and interest.
Processing Fee
Equity Bank charges a processing fee of 5% of the loan amount, which is deducted upfront from the loan disbursement.
Frequently Asked Questions About Boostika
Boostika is a financial product offered by Equity Bank that allows customers to access loans instantly through their mobile phones. Here are some frequently asked questions about Boostika:
How do I apply for Boostika?
To apply for Boostika, you need to be an Equity Bank customer with an active Equitel line. Dial *247# on your mobile phone, select “Loans” from the menu, and then choose “Boostika.” Follow the prompts to complete your application.
What are the requirements for Boostika?
To qualify for Boostika, you must be an Equity Bank customer with an active Equitel line. You must also have a good credit history and meet the bank’s lending criteria.
How much can I borrow with Boostika?
The amount you can borrow with Boostika depends on your creditworthiness and the bank’s lending criteria. The maximum loan amount is Ksh. 100,000.
What is the interest rate for Boostika?
The interest rate for Boostika is 18% p.a
How long does it take to receive my Boostika loan?
Once your Boostika loan is approved, the funds will be disbursed to your Equitel line instantly. You can then transfer the funds to your Equity Bank account or use them directly from your mobile phone.
What happens if I cannot repay my Boostika loan?
If you are unable to repay your Boostika loan on time, report your default to the credit reference bureau. This may affect your credit score and ability to access credit in the future.
Boostika is a convenient and accessible way to access credit in Kenya. However, it is important to borrow responsibly and ensure that you can repay the loan on time to avoid any negative consequences. Also check “How to Apply for Fuliza”
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