Equity Bank Salary Advance Personal Loan : Product Details & How To Apply

Rates available from as of 1st April 2021
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Equity Bank Kenya Limited

Salary Advance
Easy Apply
Ksh0 - 300k
Up to 12 months
Interest Rate
11% - 13% annualised
Total Cost Including Institution's Other Fees
18% - 20% annualised
Requires at least 3 months active account history
visit website
Easy Apply

Loan Type

Unsecured Loans

* Processing Fees and Excise duty are only applied to year one. For loans longer than one year, your annual cost from year two onwards will be between 11.0% - 13.63%.

Total Cost Breakdown (Loan Fees):

  • Interest Minimum: 11%
  • Interest Maximum: 13%
  • Processing fee: 5%
  • Insurance Fee: 0.63%
  • Withdrawal Fee: None
  • Late Fees: 5% Flat
  • Other Fees: 20% Excise Duty

Disbursement Details:

  • Institution Type: Commercial Bank
  • Application Method: Paperwork
  • Disbursement Method: Bank account

 Repayment Details:

  • Repayment Frequency: Monthly
  • Early Repayment: Allowed
  • Repayment Method: Auto-deduction

Eligibility Requirement:

  • Smartphone: Required
  • CRB: Must be in good Standing
  • Income: No minimum
  • Employment: Required
  • Network: Not Required
  • History: Receive Salary into account for 3 months


  • Introduction Letter from employer
  • 3 latest pay-slips
  • National  ID
  • KRA Pin
  • Application form filled and signed
  • T&C Link

Example Representative Pricing

  • Loan Amount: ksh100,000
  • Annual Interest Rate: 13%
  • Processing Fee: ksh5000
  • Excise Duty: ksh1000
  • Credit insurance: ksh630
  • Loan duration: 12 months
  • Estimated Monthly repayment: ksh8,932
  • Estimated Total repayment amount: ksh111,406

How to Apply

Money254 Review


  • Long loan tenure Up-to 12 months
  • Mandatory insurance against death and disability included (Deducted from  loan amount)


  • Must have an active salary account for 3 Months
  • High Late charges (5% per month)
  • High processing fees (5%)

See more Personal Loans available in Kenya on Money254

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How to Apply Equity Bank Salary advance Loan, Repayment, Fees & Contacts


A Salary Advance is a short-term loan advanced to a salaried customer depending on the bank’s profile of them, to help them meet their emergency needs. Repayment period for this loan is up to 12 months.

Who is eligible for Equity Salary advance loan?

Loan Limits and Interest Rates

How to Apply for Your First Equity Bank Salary Advance Loan

How to Make Equity Bank Salary Advance Loan Repayments


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