Applying for an EasyBuy Loan: Requirements, Interest Rates and How to Apply
EasyBuy Loan: Loan services are provided by Easybuy, a mobile finance enterprise that is a division of Palmcredit. Easybuy Service allows you to borrow money to buy a mobile phone and pay it back in installments over time.
Everyone is aware of how expensive smartphones are nowadays. Even though some low-end phones are reasonably priced, most high-end phones are significantly more expensive.
You may buy a high-end phone in Nigeria with the Easybuy financing scheme for only 30% of the price. The remaining 70% can be repaid over the course of three to six months.
Easybuy Loan Requirements
You must meet the requirements specified below to be eligible for an EasyBuy mobile financing loan.
You must be employed or have a steady monthly source of income.
- You must have a valid form of identification. You can present your driver’s license, international passport, voter’s card, or NIMC National ID Card.
- You will need your Bank Verification Number (BVN) and a valid ABM card.
- Your initial payment of 30% for the mobile phone you wish to acquire.
- After completing these prerequisites, you should proceed with the loan from Easybuy.
How to Get a Smartphone Loan From Easybuy
1. Find an Easybuy Agent.
Selecting an Easybuy agent is the first step in this process. Many Nigerian phone companies are Easybuy’s partners and affiliates.
As a result, Easybuy agents are found at a variety of phone shops. You may spot them right away because they all wear the official Easybuy uniform, which comprises of blue branded T-shirts.
2. Provide the necessary details.
An Easy Buy expert will review the loan criteria with you to ensure that you qualify.The agent will also ask you a few questions and gather information, and they will record your responses.
3. Choose the mobile phone you want to buy.
The agent works directly with employees at every mobile phone outlet affiliated with the Easybuy program. After selecting your favourite mobile phone and agreeing the pricing, you will be sent to an Easybuy agent.
4.Register for your Easybuy financing.
The second step is to register on the Easybuy website. During these steps, the agent will use the information you provided earlier to process the loan application.
Additionally, a photograph of you will be taken during the application process. Another Easybuy corporate representative may be requested to meet with you (by phone call).
5. Make an initial payment of 30%.
Here, you will be requested to pay at least 30% of the phone’s price. To purchase a mobile phone costing ₦40,000, a minimum deposit of ₦12,000 is required.
6.Set a convenient payback term.
When applying for an Easy Buy loan, you can choose to:
- Repay within three months.
- Repay within six months.
Each repayment term carries a different interest rate. Make careful to confirm before making a decision.
7.Final Verification
This is the final step in securing an Easy Buy mobile phone loan in Nigeria.
We will ask for the names and phone numbers of four of your closest friends and family members. The following individuals:
It might be your family members, friends, relatives, workplace, or coworkers.
READ ALSO: Easybuy Loan Phones and Prices
What is the Easybuy repayment term, and how can I repay my loan?
The loan normally lasts between three and six months. As a result, Easybuy offers two different payback plans.
- The three-month payback plan. You are expected to return your loan within three months of obtaining your mobile phone.
- The 6-month repayment plan. Unlike the three-month repayment plan, this one requires payback within six months.
How to Repay Your EasyBuy Loan.
There are a few options for repaying your Easybuy loans.
- You can repay your loans by mobile transfer. To do this, contact Easybuy via their email address and seek their bank account information.
- You can repay your Easybuy loan by visiting the nearest bank and paying in cash. You will need to obtain Easybuy’s bank account information.
- You can repay using your Easybuy mobile loan app account. Log in to your account and view your loan history.
- Click “repay the loan” and enter the amount and payment method.
- Submit and wait for Easybuy’s debit alert and confirmation SMS. Meanwhile, always take a screenshot of your payment in the event of unreflected transactions, overpayment, or other issues.
What is the Easybuy Loan Interest Rate?
The interest rate on an Easybuy loan varies depending on the repayment plan you choose. Easybuy’s repayment plan normally ranges between 6% and 9% every month.
You pay 9% for the three-month payback plan and 6% for the six-month payment plan. Using our earlier illustration:
For a 3-month repayment plan
Phone worth $50,000.
30% deposit = 15,000
Interest rate per month = 3,000.
The interest rate in three months equals 13,500.
The total sum to be paid equals 13,500 + 35, 000 = 48,500.
For a 6-month repayment plan
Phone worth: $50,000.
30% deposit = 15,000
Interest rate per month = 3,000
The interest rate in 6 months is 18,000.
The total sum to be paid is 53,000, which is 18,000 plus 35,000.
What Happens If I Do Not Repay My Loan on Time?
If you do not repay your loan on time, Easybuy may impose additional fees or contact the four people you listed as guarantors.
Do you understand what that means? Embarrassment!
Where is the Easybuy headquarters, and how can I contact them?
Easybuy has an agent at practically every cellphone shop, although their headquarters are located at Number 9, Ogunnusi Road, Ogba, Ikeja, Lagos, Nigeria.
For more information or issues, please contact them as listed below.
Telephone number: 018888188.
Email: support@easybuy.com.
How to vouch that you are responsible
Will be contacted if you stray on your payback term (fail to pay on or beyond the due date).
Here’s a suggestion. Inform them before applying for the loan, and ask them to recommend you.
Furthermore, after applying for the Easybuy loan, pay on time at all costs. If you don’t, the loan company will contact those four persons and inform them of your inaction, which may be embarrassing.
Conclusion
Easybuy is always ready to assist you in purchasing your desired mobile device. Though the procedures appear to be onerous, they are used to validate applications and prevent fraud. Easybuy is beneficial for you. Join them now!
