Are you a teacher employed by the Teachers Service Commission (TSC) looking for a check-off loan facility with Equity Bank?
This guide will help you understand how to apply for the Equiloan, its requirements, and the repayment schedule.
Equiloan for Teachers
Equity Bank offers a loan product specifically designed for teachers employed by the TSC called the Equiloan.
This medium-term loan is granted to salaried customers for investing in various personal development projects.
Features of the Equiloan for Teachers from Equity Bank
If you are considering applying for the Equiloan, here are some key features to note:
- Loan Amount: You can be given up to Sh2 million or more, depending on your ability to pay.
- Flexible Repayment Period: The loan offers a flexible repayment period of up to six (6) years.
- Unsecured Loan: The loan is unsecured, meaning that with your payslip, Equity Bank will process your loan without requiring collateral.
Requirements of the Equiloan for Teachers
To apply for the Equiloan, you will need the following documents:
- Loan application and appraisal forms, available at your local Equity Bank Branch.
- Three original and most recent payslips, which you can print from the TSC Payslips Portal.
- Two authorization forms, also available at your local branch.
- Two clear copies of your national identity card (ID).
- Two clear copies of your KRA PIN Certificate.
Equiloan Application Procedure
Follow these steps to apply for the Equiloan:
- Visit your local Equity Bank Branch and pick up the authorization, loan application, and appraisal forms. Fill out the forms correctly.
- Have the forms duly certified by your principal/head teacher and TSC.
- Attach the required documents and return the form to your Equity Bank Branch.
- You will be informed of the application status within 48 hours (2 days).
- The next step involves the approval of the loan online.
Equiloan Repayment Schedule for TSC Teachers
It’s important to know how much loan you will qualify for.
You can check this on the Equiloan repayment sheet given to you by your loan officer.
Your payslip must be able to support the monthly installments towards the loan, and a third of your basic salary must remain after all deductions.
In conclusion, the Equiloan from Equity Bank offers TSC teachers a convenient way to access financing for personal development projects.
With its flexible repayment period and unsecured nature, it’s a loan product worth considering for TSC teachers looking to invest in their future.
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Mr. Weldon Kosgei, a dedicated educator with the Teachers Service Commission (TSC) in Kenya, brings years of experience and a deep love for education to his role at TSCNewsToday.co.ke. He provides insightful and timely updates on TSC policies, educational trends, and best practices, making his articles valuable resources for educators and administrators. Mr. Kosgei’s commitment to enhancing education shines through in his writing, connecting and inspiring the teaching community across Kenya.
