Equity Bank Salary Advance is one of the loans offered by the bank. The interest rate depends on the duration you will take to repay the loan, the longer the period, the higher the interest rate ad vice versa. Their interest rate range between 12% and 18% per year and repayment period is 12 months.
The bank will demand your pay slip, employment letter and identification document like your ID or Passport. The bank will process the loan and credit your account within 2 days. Sometimes they take even a single day to process the loan.
If you repay the loan within a month, the interest will be 12% to 13% per year. If you repay within 3 months, the interest will be up to 16% and if you pay within 12 months, the interest will be up to 18% per year.
