In today’s fast-paced economy, financial flexibility is essential, especially for individuals who frequently handle transactions via mobile or digital platforms. Equity Bank, a leading financial institution in Kenya, has introduced the Boostika loan facility, designed to assist customers in completing transactions even when they are short on cash. Boostika offers a convenient way to access funds for immediate needs, allowing customers to send money, pay bills, and buy airtime without interruption. This article provides a detailed guide on how to use Equity Bank’s Boostika loan, including how to qualify, charges involved, application methods, and step-by-step instructions on using the service through different platforms.
What Is the Equity Bank Boostika Loan?
Boostika is an overdraft-like facility offered by Equity Bank that enables customers to complete transactions even if their account balance is insufficient. It is available to customers using Equity’s USSD code (*247#), Equitel (Equity’s mobile service), or the Equity mobile app. Unlike traditional loans, Boostika acts as an emergency top-up specifically for making payments, sending money, or buying airtime, making it an ideal solution for low-balance situations during digital transactions.
With Boostika, Equity Bank customers can borrow from as low as Ksh 100 up to Ksh 100,000 based on their loan limit. The loan is unsecured and comes with a 30-day repayment period. However, it’s important to note that Boostika funds cannot be withdrawn; they can only be used to complete digital transactions.
Key Features of the Boostika Loan
- Loan Amounts: Customers can borrow between Ksh 100 and Ksh 100,000, depending on their eligible loan limit.
- Transaction-Only Use: The Boostika loan cannot be withdrawn as cash; it can only be used to complete transactions.
- Unsecured Loan: No collateral is needed to qualify for a Boostika loan.
- Repayment Period: Boostika loans have a 30-day repayment window.
- Available Platforms: Accessible via *247#, Equitel, and the Equity mobile app.
- No Cash Withdrawal: Funds from Boostika can only be used for specific digital transactions, such as paying bills, sending money, or purchasing airtime.
How to Qualify for the Equity Bank Boostika Loan
To qualify for Boostika, certain eligibility criteria must be met:
- Equity Bank Customer: You must be an active customer with an Equity Bank account.
- Consistent Transaction History: Boostika is only available for customers who have been active for at least six months.
- Good Repayment History: Customers with a history of timely loan repayments are more likely to qualify.
- Digital Transaction Usage: You must be transacting via USSD, the Equity mobile app, or Equitel to receive a Boostika prompt.
- Loan Limit Determination: Eligibility and loan limits are based on the customer’s transaction and loan repayment history with the bank.
Equity Bank Boostika Charges
The cost of using Boostika includes the following fees and charges:
- Processing Fee (LACE): 5% of the loan amount.
- Insurance Fee: 1% of the loan amount.
- Excise Duty: 20% on the processing fee.
- Interest Rate: 18% per annum.
These fees ensure that customers can access Boostika without having to pay exorbitant fees. Nonetheless, users should be mindful of these costs to avoid high cumulative charges when utilizing the facility frequently.
Step-By-Step Guide to Applying for and Using Boostika
You can access Boostika via three main platforms: USSD (*247#), the Equity mobile app, and Equitel. Each platform offers a straightforward approach to applying for and using the loan facility.
1. Using the USSD Code (*247#)
The *247# USSD code allows you to access Equity’s services even without a smartphone, making it convenient for a wide range of users.
How to Pay Bills Using USSD *247#
- Dial *247# on your mobile phone.
- Select the “Paybill” option.
- Choose the Equity account to pay from.
- Enter the business number for the bill you are paying.
- Input the account number for the payment (e.g., meter number for utility bills).
- Enter your PIN to authorize the transaction.
- If your balance is insufficient, your Boostika loan limit will be displayed.
- Confirm the additional amount required.
- Accept and complete the transaction.
How to Send Money Using USSD *247#
- Dial *247# on your mobile phone.
- Select the “Send Money” option.
- Choose the account to pay from.
- Input the recipient’s account details (either a mobile number or bank account).
- Enter the amount you wish to send.
- Authorize the transaction by entering your PIN.
- If your funds are insufficient, Boostika will automatically display your available limit.
- Confirm and finalize the transaction by accepting the additional Boostika funds.
2. Using the Equity Mobile App
The Equity mobile app offers a user-friendly interface for accessing Boostika and managing transactions conveniently from your smartphone.
How to Pay Bills Using the Equity Mobile App
- Log in to the Equity mobile app.
- Go to the “Paybill” option.
- Choose the Equity account from which you want to make the payment.
- Enter the business number and account number.
- Input the amount and confirm the transaction.
- If your balance is insufficient, Boostika will prompt you with your loan limit.
- Confirm and accept the loan to complete the transaction.
How to Send Money Using the Equity Mobile App
- Open and log in to the Equity mobile app.
- Select the “Send Money” feature.
- Choose the account to pay from and the recipient’s details (mobile number or bank account).
- Enter the amount and authorize with your PIN.
- Boostika will display the required top-up if your balance is insufficient.
- Confirm and accept to finalize the transaction.
3. Using Equitel
Equitel, Equity Bank’s mobile service, also provides access to Boostika. It operates through the STK (SIM Tool Kit) menu on supported SIM cards.
How to Pay Bills Using Equitel
- Access the Equitel STK menu on your phone.
- Select the “Paybill” option.
- Choose the Equity account to pay from.
- Enter the business number and account number for the payment.
- Input the amount and enter your PIN.
- If your balance is low, Boostika will automatically prompt your loan limit.
- Accept and complete the transaction.
How to Send Money Using Equitel
- Open the Equitel STK menu.
- Choose “Send Money.”
- Select the Equity account to pay from and input the recipient’s details.
- Enter the amount and authorize with your PIN.
- Boostika will appear with your loan limit if additional funds are needed.
- Confirm and finalize the transaction with Boostika funds.
Key Benefits of Using Boostika
- Instant Access to Funds: Boostika provides immediate access to funds, enabling smooth transactions even when funds are low.
- Convenience: Available through multiple platforms (USSD, mobile app, Equitel), making it accessible to a broad range of customers.
- No Collateral: The loan is unsecured, so there’s no need for assets to access Boostika.
- Flexible Loan Amount: Borrowing limits range from Ksh 100 to Ksh 100,000, catering to various transaction sizes.
- Pay-As-You-Go: Only charged when you need to top up, which is ideal for emergency or unplanned expenses.
Limitations and Considerations
- Limited Use: Boostika can only be used for specific types of transactions, not for cash withdrawals.
- Fees and Interest: The combination of processing fees, insurance, excise duty, and interest can add up, so frequent users may incur significant charges.
- Short Repayment Period: With a 30-day limit, customers must repay quickly to avoid potential penalties or negative impacts on their credit rating.
Equity Bank’s Boostika loan offers a valuable lifeline for customers who frequently transact digitally and may occasionally face low balances. With its straightforward application process, ease of access across multiple digital platforms, and flexible borrowing options, Boostika is a powerful tool for financial inclusion and accessibility.
For further inquiries or assistance, customers can reach out to Equity Bank using the following contacts:
- Phone: +254 763 000 000
- Email: info@equitybank.co.ke
By leveraging Boostika, Equity Bank continues to empower customers with solutions tailored to meet their evolving financial needs, providing a practical and accessible service for those on the go.
