Equiloan is a loan facility by the Equity Bank. This loan is aimed at helping salaried individuals with buying assets and other developments through salary loans. However, the loan is only available to employees whose employers have signed a memorandum of understanding with Equity Bank.
Benefits of Getting Equiloan
- No security is needed, so your payslip is the security
- You can pay it over a long term, so the repayment is manageable
- It is a check-off loan, so money is automatically deducted from your payslip
- The loan is offered by a reputable lender (Equity Bank)
Cons of Equiloan
- Only available to selected customers whose employers have signed an MoU with the bank
- It can take up to a month before you get the money.
How to get Equiloan – Step by Step
This loan requires some paperwork, so you must visit an Equity Bank branch near you to complete the necessary documents.
When visiting the branch, remember to carry these documents with you; employment letter, last three months verified payslips, and Identification documents.
Here are the steps to follow:
- Fill out the loan application form carefully and truthfully
- Wait for some time for the loan to be appraised
- After the appraisal, you will receive an offer letter
- You will receive an offer letter with the amount of loan that you qualify for. Accept the offer letter.
- Once you accept the loan offer, money will be deposited in your account
Features of Equiloan
- Easy access to loans of up to Ksh 5 million
- Flexible check-off agreement where money is automatically deducted from your account.
- Long repayment period of up to 6 years
- The loan amount can be as high depending on your ability to repay.
FAQ
Who qualifies for Equiloan?
Equiloan is exclusively for salaried people, especially civil servants, with a memorandum of understanding with an Equity Bank. Teachers employed by TSC are some of the main beneficiaries of this loan.
Before getting the loan, you must prove that you can pay it. This will be determined by presenting your payslip to the bank.
You must also be in good standing with CRB to qualify for the loan.
How much can you get from Equiloan?
The amount differs depending on your ability to pay. However, depending on your payslip, they can give as little as Ksh 30,000 up to Ksh 5 million,
How long does it take to get the money?
Once you follow the application process above, getting the money takes anywhere from two weeks to a month. You must accept the offer letter to disburse the funds into your account.
