This is a step-by-step guide on how to apply for Equity Bank salary advance. Equity is a tier-one bank and one of the best banks in Kenya. It is licensed under the Kenya Banking Act (Chapter 488).
Currently, Equity Bank has more than 16.9 million customers making it the largest bank in terms of customer base in Africa and having nearly half of bank accounts in Kenya.
With subsidiaries in Kenya, Uganda, South Sudan, Rwanda and Tanzania, the bank offers a wide range of retail banking, microfinance and related services.
Equity Bank Salary Advance
It is a short term loan advanced to a salaried customer depending on the bank’s profile of them.
Features
- A loan of up to Kshs 300,000 is advanced, subject to the bank’s profile of the customer/ account holder.
- Repayment period for the loan is up to 12 months.
Requirements
- You should be an active account holder by remitting at least three months’ salary into your Equity account.
- You need to present a confirmation letter or introduction letter from your employer.
- Identification documents.
- Payslip.
Benefits of Signing up for Equity Bank Salary Advance
- Preferential terms are offered.
- It is a long term facility, enabling one to spread repayments.
- Payment is deducted from the source on check off for ease of repayment or deducted from the customer’s account upon receipt of salary.
How to Apply for Equity Bank Salary Advance
- Visit your nearest Equity Bank Branch.
- Fill in and submit the loan application form to the bank.
- The loan application is appraised.
- Upon approval, an offer letter will be issued.
- Accept the loan and return the offer letter and meet sanction conditions.
- The loan will be disbursed once all the necessary requirements have been met.
Equity Bank Contacts
Head Office: 9th Floor, Equity Centre, Hospital Road, Upperhill, Nairobi.
Contact: 0763 000 000.
