Equity Bank’s Equiloan is increasingly becoming a practical financing solution for formally employed Kenyans seeking medium- to long-term credit.
Designed specifically for customers whose employers have signed a Memorandum of Understanding (MOU) with Equity Bank under a check-off arrangement, the loan product offers structured repayment terms and predictable deductions, making it an attractive option for salaried employees.
At a time when many borrowers are seeking affordable, manageable financing, Equiloan stands out for its relatively flexible loan limits and extended repayment period.
The loan is issued through a check-off arrangement, meaning repayment is deducted directly from the borrower’s salary source or automatically deducted from the customer’s account once the salary is received.
Borrowers can access amounts ranging from Sh30,000 up to Sh5 million, depending on their income profile and repayment ability.
The product features a flexible repayment period of up to six years, offering customers the opportunity to spread payments over a longer timeframe and reduce monthly instalments.
How to apply for Equity Bank Equiloan
Applying for Euity Bank’s Equiloan is simple. All customers are required to do is visit the nearest Equity Bank branch, fill out and submit a loan application form.
The application will be appraised by the bank, after which borrowers receive an offer letter if the loan is approved.
Borrowers are required to accept the loan offer, return the signed offer letter, and meet any sanction conditions. Once all requirements are fulfilled, the funds are disbursed into the borrower’s account.
What you need to qualify
To apply for Equiloan, customers are expected to provide key documentation to confirm employment and income stability. These include a payslip, Valid identification documents, and an employment letter (required for check-off loans and salary advance arrangements).
Equity Bank notes that applicable charges for Equiloan are outlined in its official tariff guide available on the bank’s website.
Customers are encouraged to review the tariff guide for a full breakdown of fees and costs associated with the loan product.
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