Consumer Loans

 

 

Consumer Loans

Salary advance

The loan is advanced up to four (4) times the average monthly net salary to help the salaried customers meet emergency needs. It is a facility afforded to salaried employed for securing small amounts of short-term credit to finance emergency needs.

 

Benefits/Features

Eligibility

Pricing

Automatic debits from customers accounts for repayments (on instruction), no need to travel to the bank and queue.

All salaried customers whose salaries are channeled through Equity Bank

Interest rate of 2% flat per month

 

No security requirements up to Tshs 2,000,000

Identification document e.g. voting card, passport, driving license, working ID supported by introduction letter from the employer. (Original & Photocopy)

LACE at 3%

 

 

It is Fast: Quick loan processing and disbursement

Salary must be remitted through the account for 3 months consecutively and avail the pay slips

 

 Loan insurance against death and disability.

A letter from employer committing to remit salary to Equity Bank as long as the loan is outstanding.

 

Advance of up to 4 times the customer’s salary which is higher than most competing products e.g. from Sacco’s

 

 

 

Equi-loans (Check-off)

A loan facility available to salaried customers (Civil servants & vetted private companies) through a check-off system.

       

Benefits/Features

Eligibility

Pricing

Convenient facility for salaried employees to secure term loans for financing personal needs

Equity Bank customer who must be confirmed and in permanent employment

Interest rate of 16-25% reducing per annum.

 

No security required

Pay slips for the last 3 months, identification document e.g. passport, voting card, driving  license

LACE at 2%-3%

 

 

Quick loan processing and disbursement within 48hrs

All employees (Public and Private Institutions),we also allow buy offs from other financial Institutions

 

Repayments deducted from source through check-off arrangement with employer, no need to queue

Working doc, ID supported by introduction letter from the employer (Original & Photocopy)

 

Maximum amount depends on ability to repay.

 

 

 

Personal Development Loan

Personal development loan is a medium term loan granted to salaried customers for purchase of capital assets mainly motor vehicles, purchase of land and development of land with title deed.

 

Benefits/Features

Eligibility

Pricing

Maximum loan amounts depends on ability to pay and security

Must have operated an account with Equity Bank for at least 3 months

Interest rate of 20% reducing per annum

 

Loan repayment period of 36 months for purchase of motor vehicle

Equity Bank customer who must be confirmed and in permanent employment

LACE at 2%

 

 

Loan repayment period of 48 months for purchase and development of plot

 

 

Security will be the purchased asset

 

 

Minimum contribution  of 20%

 

 

 

 TOD (Temporary Overdraft)

A facility given to customers whose remittances pass through the account. It is salary or constant remittance based. It is recovered in the next pay period or remittance

Benefits/Features

Eligibility

Pricing

Immediate access to short term credit

Must have operated an account with Equity Bank for at least 3 months

 

10% commission on the principal amount or a minimum of Tshs. 5,000

 

No security requirements  – based on remittance

 

24% interest on overdue amount for overdue period

 

Same day processing and disbursement

 

 

Up to 30% of monthly average remittance, maximum Tshs. 500,000

 

 

 


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