Equity Bank Salary Advance Personal Loan : Product Details & How To Apply

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* Processing Fees and Excise duty are only applied to year one. For loans longer than one year, your annual cost from year two onwards will be between 11.0% - 13.63%.

‍
Total Cost Breakdown (Loan Fees):

• Interest Minimum: 11%
• Interest Maximum: 13%
• Processing fee: 5%
• Insurance Fee: 0.63%
• Withdrawal Fee: None
• Late Fees: 5% Flat
• Other Fees: 20% Excise Duty

Disbursement Details:

• Institution Type: Commercial Bank
• Application Method: Paperwork
• Disbursement Method: Bank account

Repayment Details:

• Repayment Frequency: Monthly
• Early Repayment: Allowed
• Repayment Method: Auto-deduction

Eligibility Requirement:

• Smartphone: Required
• CRB: Must be in good Standing
• Income: No minimum
• Employment: Required
• Network: Not Required
• History: Receive Salary into account for 3 months

Documents:

• Introduction Letter from employer
• 3 latest pay-slips
• National ID
• KRA Pin
• Application form filled and signed
• T&C Link

Example Representative Pricing

• Loan Amount: ksh100,000
• Annual Interest Rate: 13%
• Processing Fee: ksh5000
• Excise Duty: ksh1000
• Credit insurance: ksh630
• Loan duration: 12 months
• Estimated Monthly repayment: ksh8,932
  
• Estimated Total repayment amount: ksh111,406

This product is provided by Equity Bank Kenya Limited. Equity Bank Kenya Limited is a Commercial Bank licensed under the Banking Act Cap 488 of the Laws of Kenya and regulated by the Central Bank of Kenya.

How to Apply

Pros:

• Long loan tenure Up-to 12 months
• Mandatory insurance against death and disability included (Deducted from loan amount)

Cons:

• Must have an active salary account for 3 Months
• High Late charges (5% per month)
• High processing fees (5%)
  

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How to Apply Equity Bank Salary advance Loan, Repayment, Fees & Contacts

A Salary Advance is a short-term loan advanced to a salaried customer depending on the bank’s profile of them, to help them meet their emergency needs. Repayment period for this loan is up to 12 months.

Who is eligible for Equity Salary advance loan?

Loan Limits and Interest Rates

How to Apply for Your First Equity Bank Salary Advance Loan

How to Make Equity Bank Salary Advance Loan Repayments

Contacts

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Equity Bank Kenya Limited

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Salary Advance

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