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.
- Interest rate of 2% flat per month
- LACE at 3%
- Automatic debits from customers accounts for repayments (on instruction), no need to travel to the bank and queue.
- No security requirements up to Tshs 2,000,000
- It is Fast: Quick loan processing and disbursement
- Loan insurance against death and disability.
- Advance of up to 4 times the customer’s salary which is higher than most competing products e.g. from Sacco’s
- All salaried customers whose salaries are channeled through Equity Bank
- Identification document e.g. voting card, passport, driving license, working ID supported by introduction letter from the employer. (Original & Photocopy)
- Salary must be remitted through the account for 3 months consecutively and avail the pay slips
- A letter from employer committing to remit salary to Equity Bank as long as the loan is outstanding.