Key Benefits of Equiloan
Equiloan is a flexible and affordable loan product offered by Equity Bank, designed especially for salaried individuals whose employers have signed a Memorandum of Understanding (MOU) with the bank under a check-off repayment agreement. Here’s what makes it an attractive option:
- You can borrow any amount starting from KES 30,000 up to a maximum of KES 5 million.
- The amount you qualify for is determined by your ability to repay, based on your income and other financial obligations.
- The loan offers a long repayment period of up to 6 years, making it easier to manage your finances over time.
- Repayments are automatically deducted either directly from your salary (check-off system) or from your bank account once your salary is deposited, offering convenience and minimizing the risk of missed payments.
- This facility comes with preferential terms, provided your employer has an existing MOU with Equity Bank.
For a full breakdown of the fees and charges related to Equiloan, please refer to the Tariff Guide.
Steps to Apply for Equiloan
If you’re ready to apply, follow these steps:
- Visit your nearest Equity Bank branch to begin the process.
- Fill out the Equiloan application form and submit it to the bank with the required documents.
- Your loan application will be assessed and evaluated by the bank.
- If approved, you will receive an offer letter detailing the loan terms.
- Carefully review, sign, and return the offer letter, ensuring you meet all the stated conditions.
- Once all requirements are fulfilled, the loan amount will be disbursed into your account.
What You Need to Apply
To be eligible for Equiloan, ensure you have the following documents and conditions in place:
- A valid payslip as proof of income.
- Official identification documents (e.g., national ID or passport).
- An employment letter, especially for check-off loans or salary advances.
- The employer must have an MOU in place with Equity Bank.
- Your salary must be processed through the check-off system or be deposited into your Equity Bank account for deductions.
- Depending on the amount, some form of security or collateral may be required.
Why Choose Equiloan?
- It offers affordable and manageable repayments spread over a long term, easing the burden on your monthly budget.
- You enjoy favorable terms because of the partnership between your employer and Equity Bank.
- The automated deduction of loan repayments ensures you’re always on time, reducing stress and maintaining a healthy credit history.
- It’s a trusted solution backed by one of Kenya’s leading banks, offering customer-centric services and efficient support.
How We Handle Complaints
At Equity Bank, your satisfaction matters. If you have any issues or concerns, here’s how we handle complaints:
- You can raise a complaint at any Equity Bank branch, via our call center, or through email at info@equitybank.co.ke. You can also use our website.
- Once received, your complaint will be recorded and assigned a reference number.
- You will receive an acknowledgment within 48 hours.
- If the issue requires more time to resolve, we’ll inform you of the next steps and keep you updated.
- We aim to resolve all complaints within 7 working days. If more time is needed, we’ll provide regular updates every 7 days until a resolution is reached.
- If you’re not satisfied with the solution offered, you’re encouraged to reach out again, and we’ll reassess your concerns to find a more suitable resolution.
Your Rights and Responsibilities
- The terms and conditions of the loan are clearly outlined in the offer letter you receive upon approval.
- The privacy of your personal data is a priority and is protected under the bank’s data policy, which is also detailed in your loan documents.
- As a borrower, you’ll find all your rights and obligations explained in the offer letter, ensuring full transparency and understanding before committing.
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