Equity Bank offers a Salary Advance facility to salaried customers, providing short-term financial solutions for emergencies or unforeseen needs. This facility allows borrowers to access up to KES 300,000 based on their account profile, with a flexible repayment period of up to 12 months. Below is a step-by-step guide on how to apply for the Equity Bank Salary Advance.
What is Equity Bank Salary Advance?
The Salary Advance is a short-term loan tailored for salaried customers of Equity Bank. It provides a quick and accessible financial solution, enabling customers to borrow against their salaries.
Features of the Salary Advance
- Loan Amount: Up to KES 300,000, subject to the bank’s profile of the customer.
- Repayment Period: Up to 12 months.
- Repayment Options:
- Deduction directly from salary via employer check-off.
- Automatic deduction from the customer’s account upon salary receipt.
Requirements for Equity Bank Salary Advance
To qualify for the Salary Advance, you must meet the following conditions:
- Active Account Holder: You should remit at least three months’ salary into your Equity Bank account.
- Employer Confirmation Letter: Provide a confirmation or introduction letter from your employer.
- Identification Documents: A valid national ID or passport.
- Payslip: Submit a copy of your most recent payslip.
Benefits of Equity Bank Salary Advance
- Preferential Terms: Tailored terms for borrowers based on their financial profile.
- Flexible Repayment: Allows repayments to be spread out over a year.
- Convenient Repayment: Payments are deducted directly from the source or automatically from the account upon salary receipt.
How to Apply for Equity Bank Salary Advance
Follow these steps to apply for the Salary Advance:
- Visit an Equity Bank Branch: Go to the nearest Equity Bank branch.
- Fill Out the Application Form: Request and complete the Salary Advance application form.
- Submit Required Documents: Attach the required documents, including:
- ID or passport.
- Payslip.
- Employer confirmation/introduction letter.
- Loan Appraisal: The bank will appraise your loan application based on your financial profile and documents.
- Offer Letter Issuance: Upon approval, the bank will issue an offer letter outlining the loan terms.
- Accept and Return Offer Letter: Review the terms, sign the offer letter, and return it to the bank while meeting any additional sanction conditions.
- Loan Disbursement: Once all requirements are fulfilled, the approved loan amount will be disbursed to your account.
Equity Bank Contact Information
For inquiries or assistance with your application, you can contact Equity Bank at:
- Head Office: 9th Floor, Equity Centre, Hospital Road, Upperhill, Nairobi.
- Phone: 0763 000 000.
Conclusion
Equity Bank’s Salary Advance is a reliable and accessible facility for salaried customers who need financial assistance. With its straightforward application process, flexible repayment terms, and preferential conditions, it’s an ideal solution for short-term financial needs. Ensure you meet all requirements and submit complete documentation for a smooth application process.