Equity Bank offers an Equiloan of loan options for salaried employees, including personal loans, salary advance loans, and check-off loans. These loans are designed to help employees meet their financial needs, whether it be for emergency expenses, home improvements, education, or other purposes.
Personal loans are unsecured loans that do not require collateral and are available to salaried employees who meet the bank’s eligibility criteria. The loan amount, interest rate, and repayment period will depend on the borrower’s credit score, income, and other factors.
Salary advance loans are short-term loans that are designed to help employees bridge the gap between paychecks. These loans are typically offered at low-interest rates and are repayable within a short period, usually one month or less.
Check-off loans, also known as salary deduction loans, allow employees to access loans that are automatically deducted from their salary. These loans are typically offered at lower interest rates compared to other loan options, as the bank has the security of the borrower’s income.
To apply for a loan with Equity Bank, salaried employees will need to provide proof of income, such as payslips or bank statements, and may also need to provide other documentation depending on the type of loan and the amount requested.
It is important for borrowers to carefully consider the terms and conditions of any loan before accepting it, including the interest rate, repayment period, and any fees or charges associated with the loan.
Additionally, borrowers should ensure that they have a solid repayment plan in place to avoid defaulting on the loan and potentially damaging their credit score.
Equiloan For Tsc Teachers
Are you a teacher employed by the Teachers Service Commission, TSC? Do you need a check-off loan facility with Equity Bank and you are wondering how to easily get it? Well. Here is a guide on how to apply for the loan, the requirements, and the loan repayment schedule.
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Equity bank gives a loan product to teachers employed by the TSC. This loan is referred to as Equiloan and is a medium-term loan that is granted to salaried customers for investing in various personal development projects.
Features Of The Equiloan For Teachers From Equity Bank.
If you are intending to apply for the loan, then you should know that;
- You can be given up to Sh2 million; depending on your ability to pay.
- The loan has a flexible repayment period of up to six (6) years.
- The loan is unsecured. Meaning, with your payslip Equity bank, will process your loan.
Requirements Of The Equi loan For Teachers
You should keep in mind that this loan has a list number of requirements. These include:
- Loan application and appraisal forms can get at your local Equity Bank Branch.
- Three original and most recent payslips. You can print from the TSC Payslips Portal.
- Two authorization forms which you can also get at your local branch.
- Two clear copies of your national identity card, and ID.
- Two clear copies of your KRA PIN Certificate.
Equiloan Application Procedure
To apply for the Equiloan follow the procedure below;
- Visiting your local Equity Bank Branch and picking up the authorization, loan application, and appraisal forms. Fill out the forms correctly.
- Have the forms duly certified by your principal/ head teacher and TSC.
- Attach the required documents and return the form to your Equity Bank Branch.
- You will be informed of the application status after 48 hours (2 days).
- The next step will involve approval of the loan online.
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