Picture this: you’re about to send money to a friend, top up your airtime, or make a bill payment using your phone. But wait, you check your balance – oops, insufficient funds! Frustrating, right? Fear not, consider Boostika na Equity, a short-term loan option offered by Equity Bank.

So, how does it work? When you initiate a transaction on *247#, Equitel, or the Equity Mobile App and your balance falls short, Boostika will pop up, offering you a loan just enough to cover the difference.

You can then choose to accept the offer and complete your transaction.

However, unlike Fuliza M-Pesa which is available to all active M-Pesa users, Boostika is exclusive to Equity Bank customers. This means you need an active Equity Bank account and registered mobile banking service to access it.

In the next sections, we’ll delve deeper into Boostika na Equity, exploring its features, benefits, eligibility criteria, and repayment options.

Features of Boostika na Equity

Boostika in an overdraft loan service available to active Equity Bank customers through the mobile app, *247#, and Equitel STK menu.

Boostika can come to your aid when you’re:

  • Paying for goods and services through the One Equity Till number
  • Sending money to mobile wallets or bank accounts
  • Buying airtime

Loan limits range from Kshs. 100 to Kshs. 100,000. However, your actual limit depends on your eligibility and creditworthiness.

You can use Boostika as many times as possible so long as you are within your loan limit.

The loan borrowed should be repaid within 30 days.

Just like Fuliza, you cannot withdraw, directly, from your account. Though you can send the funds to another person and request them to withdraw for you.

To be eligible for Boostika, you should:

  • Be an Equity Bank customer
  • Use the Equity Bank mobile app, *247#, or Equitel to send money or make payments
  • Have a pre-approved loan limit from Equity Bank
  • Have an active Equity Bank account for at least 6 months
  • Have a good track record of repaying loans on time

How to use Boostika

  1. Initiate a transaction through *247#, Equitel menu, or the Equity Mobile App.
  2. If your funds are insufficient, you’ll receive a Boostika prompt displaying your available loan limit and the remaining amount needed for the transaction.
  3. Review and accept the Boostika together with terms and conditions if you wish to proceed.
  4. If you accept, you’ll receive an SMS confirmation and your transaction will be completed.

How to repay Boostika loan

The amount due will be deducted automatically from your Equity Bank account. However, you can prepay the full amount or in part through any of the following ways:

Through the Equity Mobile App

  1. Open the Equity Mobile App.
  2. Navigate to the “Loans” section.
  3. Select “Boostika Loan.”
  4. Choose the Boostika loan you want to repay (if you have multiple outstanding).
  5. Select “Make Payment.”
  6. Enter the amount you want to repay (you can pay the full amount or a portion).
  7. Choose your preferred payment method (M-Pesa, Equity Account, Debit Card, etc.).
  8. Follow the on-screen instructions to complete the payment.

Using *247#

  1. Dial *247# on your phone.
  2. Enter your PIN when prompted.
  3. Select “Loans & Savings.”
  4. Choose “Boostika Loan.”
  5. Select “Make Payment.”
  6. Follow the on-screen instructions to complete the payment.

You can also repay through the Equitel STK menu. Go to the Equitel menu on your SIM card and follow through with the on-screen instructions to complete the payment.

Boostika charges

Boostika charges various fees on the amount borrowed. Some charges are based on Loan Application and Credit Evaluation (L.A.C.E). Here are all the Boostika loan charges:
  • Processing Fee (LACE): 5% of the borrowed amount. This covers loan application and credit evaluation costs.
  • Interest: 18% per year (1.5% per month). Remember, interest charges compound daily, meaning they accrue on top of the outstanding balance each day.
  • Loan Insurance: 1% of the borrowed amount. This provides protection against unforeseen events impacting your ability to repay.
  • Excise Duty: 20% of the Processing Fee (LACE). This is a government tax levied on financial transactions.

For example:

If you borrow Ksh 10,000 with Boostika, here’s how the charges would look like:

  • Processing Fee: Ksh 500 (5% of Ksh 10,000)
  • Interest (for 30 days): Ksh 150 (1.5% per month of Ksh 10,000)
  • Loan Insurance: Ksh 100 (1% of Ksh 10,000)
  • Excise Duty: Ksh 100 (20% of Ksh 500 Processing Fee)

Your total charges for 30 days will be Ksh 850.

Frequently Asked Questions

1. What is Boostika?

Boostika is a quick loan from Equity Bank to complete transactions when you’re short on cash. Get up to Ksh 100,000, repay within 30 days.

2. How do I qualify for Boostika loan?

You should be an Equity Bank customer, use *247#, Equitel, or the mobile app for transactions, have a loan limit, active account for 6+ months, and good repayment history.

3. How do I repay?

You can let Equity do an automatic deduction from your Equity account after 30 days, or you can clear the loan through *247#, App, or Equitel.

4. How much does it cost?

Processing fee (5%), insurance (1%), excise duty (20% of processing fee), and interest (18% per year).

5. How do I know my Boostika limit

You can know your Boostika limit in three ways:

  1. Dial *247#: Go to “Borrow,” then “Check Loan Limit,” and finally “Eazzy Loan.”
  2. Equity Mobile App: Open “Borrow,” then “Get Loan,” followed by “Apply Now” and lastly “Check Loan Limit.”
  3. Equitel: Access “My Money,” then “Eazzy Loan,” and finally “Loan Limit.”

6. Will my Boostika limit change over time?

Yes your Boostika limit can increase or decrease. Every month, Equity Bank checks your account and how you repay loans to see if your borrowing limit needs a change. Be responsible and pay back on time, and your limit could go up! But if you miss payments, it might go down.

7. How do I check Boostika balance?

You can check your outstanding Boostika balance in three ways:

  1. Dial *247#: Select “Borrow” and then “View Loan balances.”
  2. Equity Mobile App: Go to “Borrow,” then “Get Loan,” followed by “Eazzy loan” and finally “Loan Balance.”
  3. Equitel: Open “My Money,” then “Eazzy Loan” and finally “Loan Balance.”

8. How do I contact Boostika?

Call 0763 000 000 or email customer care at [email protected]

Disclaimer: I am not affiliated with any financial institution and cannot provide financial advice. Please refer to Equity Bank’s official website and terms and conditions for accurate information regarding Boostika na Equity.

Read: Eazzy Loan Application Process: A Step-by-Step Guide