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 need. Repayment period for this loan is up to 12 months.
Great features
It has a monthly interest rate of 2%
You get an advance of up to 4 times your salary which is higher than most competing products e.g. Saccos
What you require to sign up
You should be an active holder by remitting at least three months’ salary into your Equity account
You need to present a Confirmation Letter or Introduction Letter from your employer.
Why you should sign up for this product
This loan is available up to 12 months.
Why you should sign up for this product
The loan is easily secured, with no security requirement for up to TSh 2,000,000
The repayment system is easy, with an automatic deduction of your account (on instruction).
Securing the loan is fast, due to quick processing and disbursement.
It has a value added feature of a loan insurance against death and disability.
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