Financial emergencies are unavoidable, and when they arise, most people find themselves in a panic, wondering how to sort them out.
In such moments, some people turn to friends and family for financing, while others turn to digital lenders for mobile loans, which can be expensive.
However, the changing banking landscape has made it easier for people to access affordable loans suited to their needs.
Banks are rolling out loan products suited for every financial need. A good option is salary advance loans, which target salaried employees.
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For instance, at Equity Bank, salaried customers can access a short-term loan of up to Sh300,000, subject to the bank’s assessment of their financial profile and account activity.
The loan has a repayment period of up to 12 months, allowing borrowers to spread repayments over time.
Equity Bank offers preferential terms, with repayment arranged through a check-off system or deductions from the customer’s account upon receipt of salary.
Requirements for Equity Bank Salary Advance
To qualify for the facility, applicants must have an active Equity Bank account into which they have deposited at least three months’ salary.
Applicants are also required to provide a confirmation or introduction letter from their employer, a recent payslip and valid identification documents.
The bank assesses each application based on the customer’s profile before determining eligibility and the amount that can be advanced.
How to Apply
Employees seeking a Salary Advance can apply by following these steps:
- Visit a branch: Go to the nearest Equity Bank branch to begin the application process.
- Complete the application: Fill in the Salary Advance loan application form and submit it to the bank alongside the required documents.
- Wait for assessment: The bank reviews the application and assesses the customer’s eligibility.
- Receive the offer letter: If the application is approved, the bank issues an offer letter detailing the loan terms.
- Accept the offer: Review and sign the offer letter, return it to the bank, and fulfil any outstanding conditions for loan approval.
- Receive the funds: Once all the required conditions have been met, the bank disburses the loan.
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