Agent Float Financing

1. Who is eligible for Agent Float Financing?

This loan is available to all Equity Agents.

2. How do I access Agent Float Financing?

This loan is available on both agency STK and POS. However, for first time application you will be required to visit your nearest Equity Branch to sign up.

3. How do I check my Loan limit?

Upon successful sign up at the branch, go to your Agent Equitel Line > Select My Account > Select Balance Inquiry > Enter PIN and you will receive an SMS confirmation with your loan limit.

4. How long does it take to get the loan application?

Upon successful application, the loan is available instantly into your Agent transaction account.

5. How do I grow my loan limit?

Growing your limit is easy. Simply transact more with your agent account through deposits and withdrawals. The higher the transactions, the higher the loan limit.

6. What is the loan repayment terms?

The loan has a flexible repayment period of upto 5 days at a fee of 0.5%.

7. Am I eligible for agent float financing loan if I have another loan with the bank?

Yes. You are eligible for this loan provided all the other loans are performing well and you have ability to repay this loan.

8. Can I access more than one loan at a time?

Yes, with agent float financing, you can borrow a second loan as long as you are within your loan limit.

9. Are there penalties for late re-payment?

Late repayment is highly discouraged as it lowers your loan limit and may lead to cancelation of the loan limit. Always repay your loan within 5 days to avoid the loan being charged at the Bank’s interest of 13%.

10. What happens if I fail to pay the loan within 5 days and I have not utilized the full limit?

The unutilized loan limit cannot be accessed. You will be required to repay your overdue loan to continue accessing this loan. You are encouraged to repay your loan in time so that you do not lower your loan limit.

11. Can the bank cancel my loan limit?

Yes, the loan limit can be removed if you fail to repay your loans on time, ceases to be an Equity Agent or in the event the bank deems it necessary.

12. Must I borrow the maximum loan limit allocated?

No. You can borrow any amount within your loan limit.

13. I am a super-agent can I stop a sub-agent outlet from consuming the loan limit?

Yes. All you need to do is inform the Branch for consideration and the branch will deactivate the loan limit.