A surprise expense can throw your budget right off, in which an Equity Bank Loan might help. Of course, you should always have at least a month's worth of expense money saved, but if something's caught you off guard, you do have some solutions.
If you earn a salary, Equity Bank can provide you with advanced money on your salary amount. Salary advance loans run the gamut when it comes to how much interest you have to pay back. Sometimes the riskier you are as a client, the greater the interest you will pay.
And it's not just about you the client, it's also about finding the right lender as some companies will charge you insane amounts of interest. Our editors have looked into the Salary Advance Equity Bank Loan and their details are below for you to review before you take any next steps.
What Are The Features Of Equity Bank Salary Advance Loan?
Equity Bank’s Salary Advance Loan is designed to provide clients a short-term loan payable for up to 12 months. To help you cater to your needs, you can get a loan amounting to Kes 300,000, depending on the bank’s evaluation of your profile.
According to the bank, it is easy to get this loan. In fact, your Kes 300,000 loan does not require any securities. An easily understandable and manageable repayment program is also in place, giving you the option to set up automatic deductions through your Equity Bank account.
Combined with fast processing and disbursement of funds, you can get additional funds without hassle. This also comes with loan insurance in the event of death or disability.
What Are The Fees Associated With The Loan?
Keep in mind that the repayment amount will depend on the loan amount and term. If you want to borrow Kes 300,000 payable over 12 months, with an interest rate of 13% per annum, you will need to pay an installment of Kes 26,795.18 per month.
You can also expect LACE and insurance of 6% and 0.625, respectively. These two will amount to Kes 18,000 and Kes 1,875. As for the interest, you will be paying Kes 21,542.19, making your total loan Kes 321,542.19.
Before you send in your application, make sure to use the bank’s loan calculator to see a projection of how much you will be paying. You can send this quotation as an application by just clicking the Apply for Loan button.
How To Apply For An Equity Bank Salary Advance Loan
If you are thinking of applying for the Equity Bank salary advance loan, you can easily do so through different means. Just remember that you need to have an active account with Equity Bank. So, make sure that you remit around 3 months’ salaries into the account.
Moreover, the bank requires applicants to submit documents to complete their application. This includes a confirmation letter or introduction letter from your employer. You might also need proof of identification, residence, and income.
The amount you can borrow depends on your profile and the documents you submit. For your convenience, make sure to prepare all these files before starting your application.
How To Contact Equity Bank
An Equity Bank Salary Advance is your great option to cover your monthly expenses. To know more, get in touch with the bank through calls at +254 763 063 000 or email at info@equitybank.co.ke. You can also send inquiries through their query form.
Note: There are risks involved when applying for a loan. Consult the bank’s terms and conditions page for more information.