Smartphones are new really expensive. So it can be really hard to buy a new phone when funds are limited. What if there’s a way to buy a new phone and pay by installments? This is what easy buy does.
EasyBuy offers a solution by providing loans that allow you to buy a mobile device and pay in installments. If this is what you want now, then you’re in the right place. I will guide you through the process and show you every other details you need to know before taking easybuy loan.
Here’s a guide on how to obtain an EasyBuy loan.
Easybuy loan Requirements
To qualify for EasyBuy loan, you need to meet these requirements:
- You will need to provide a government issued ID such as a driver’s license, international passport, national ID card, or voter’s card.
- They will request for your BVN. This helps in verifying your banking history and assists in preventing fraudulent activities.
- They will ask you for your active ATM card. They need this to ensure your easy auto repayment via your bank.
- You must have a reliable source of income to establish your ability to repay the loan within the agreed-upon timeframe.
How to Apply
Follow these steps to apply for an EasyBuy loan:
Step 1: There are several Easybuy Partner’s store’s all across Nigeria. You just need to locate one in your close to you and apply within. Easybuy loans are usually available in big mobile phone stores in cities in Nigeria. You can easily identify them by the EasyBuy by inquiring within the store.
Step 2: Once you find an easybuy partner’s store, ask for any easybuy agent and tell him your request. The agent will guide you through the process, explain the terms, and ensure you meet the requirements.
Step 3: Choose the phone you wish to purchase. The agent will assist in processing your loan application based on your choice.
Step 4: The next step is to provide the necessary information. Supply the required documents and personal details. Usually, you’ll need to submit a passport, your bvn and 2 guarantors.
Step 5: Make a Down Payment. You will be required to pay at least 30% of the device’s price. For example, if the phone costs ₦50,000, you would need to make a minimum initial deposit of ₦15,000.
Step 6: Choose a Repayment Plan. Decide on a repayment term that suits your financial situation. EasyBuy offers options to repay within 3 months or 6 months, each with different interest rates.
Once all of these steps are followed, you will definitely get your desired phone. Alternatively, you can get easybuy loan by downloading their app from Google play store and applying from there.
Easy Buy Loan Interest Rates
EasyBuy’s interest rates vary based on the chosen repayment period. For example, for a 3-Month Plan, monthly interest rate of 9%, While for a 6-month plan, monthly interest rate of 6%.
For example, if you purchase a phone worth ₦50,000 and make a down payment of ₦15,000, the remaining ₦35,000 would accrue interest based on your selected plan. Over three months, you’d repay approximately ₦35,325. Add your initial down payment, and the total cost of the phone stands at ₦50,325.
Repayment Methods
You can repay your EasyBuy loan through various methods:
EasyBuy App: Log in to the easybuy loan app, locate the ‘loan history’, and select ‘repay now’. Enter the amount and choose your payment method.
Bank Transfer: Contact EasyBuy for their account details, make the payment, and send the receipt to their email address.
Benefits of EasyBuy Loan
EasyBuy offers several advantages:
Quick Application Process: The loan application is straightforward and user-friendly.
Flexible Repayment Options: Choose between 3 or 6-month plans based on your financial capability.
No Collateral Required: Personal loans do not require collateral, making it accessible to more customers.
Contact Information
For more details or assistance, you can contact EasyBuy through the following channels:
Phone: 018888188
Their head office is located at Number 9, Ogunnusi Road, Ogba, Ikeja in Lagos, Nigeria.
By following these steps and understanding the terms, you can acquire your desired mobile device through EasyBuy’s financing options.
