If you earn a salary, Equity Bank can provide you with advanced money on your salary amount. Salary advance loans run the gamut when it comes to how much interest you have to pay back.
In this way, can I get salary advance?
Advance Salary is a short-term loan against your salary, provided to meet some urgent personal needs. The loan amount can be as high as 2.5 times of your Net Salary. LoanTap Provides maximum loan amount under Salary Advance Program.
Also to know is, does Equity Bank buy loans?
Wa Wanjohi‎Equity Bank Kenya
Hi Wanjohi, yes we do buy off loans from other banks. We kindly request that you visit us at the branch, to discuss your financing need.
How can I get a loan on my salary?
However, if you are deliberating on the loan amount with how much loan I can get on a 60,000 salary, the approved amount should be close to Rs. 16.20 lakhs.
| Salary | Expected Personal Loan Amount |
|---|---|
| Rs. 40,000 | Rs. 10.80 lakhs |
| Rs. 50,000 | Rs. 13.50 lakhs |
| Rs. 60,000 | Rs. 16.20 lakhs |
How can I get salary loan from Equity Bank?
What you require to sign up
- One must be in employment and have an active Equity Bank account.
- One must provide financial information (3 recent copies of pay slips, latest bank statements showing at least 3 months of salary remittances and a copy of your financial card)
- One must provide additional security.
How do I apply for a salary advance?
To begin the salary advance process, write a detailed request in a letter or schedule a meeting with your supervisor. This request should not be brought up in casual conversation but should be approached professionally and with some formality.
How do I repay KCB salary advance?
Hi, to repay your loan, please use the below steps:
- Go to MPESA menu,
- Enter Account number in full (No Spaces)
- Enter amount to deposit, then enter your MPESA PIN.
- Dial *522#, select loans, salary advance loan, repay loan.
How do you qualify for equity advance salary?
Salary Advance
- 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.
How does salary advance loan work?
Salary advance loans is a short-term loan that is extended to salaried professionals. … This amount, in the traditional sense of the term, is deducted by the employer from the employee’s salary itself. Sometimes, banks also offer salary advance loans, with a repayment cap of one year.
How long does salary advance take?
In most cases, it takes up to three (3) months to repay. The bank will also influence when to repay the advance. There is no security required when applying for a KCB salary advance.
How much loan can I get from equity?
Few lenders will let you borrow against the full amount of your home equity. Under normal economic circumstances, you might be able to borrow between 80% and 90% of your available equity.
Is salary advance taxable?
Advance salary received by an employee is taxed in the year of receipt. The rule behind this is the basis of taxability of salary, i.e., salary is taxed on due or receipt basis, whichever is earlier. However, an employee can claim relief under section 89 (discussed later) in respect of advance salary.
What are the requirements for equity loans?
Qualification requirements for home equity loans will vary by lender, but here’s an idea of what you’ll likely need in order to get approved:
- Home equity of at least 15% to 20%.
- A credit score of 620 or higher.
- Debt-to-income ratio of 43% or lower.