What are the requirements for Equity Personal Loan?

To qualify for Equity Personal Loan from Equity Bank Kenya, you typically need: National ID, KRA PIN, 3 months payslips. Minimum income requirement is KES 20,000 per month. Age requirement: 21-65 years.

How long does Equity Personal Loan approval take?

Equity Personal Loan from Equity Bank Kenya typically takes 1-2 working days for approval. Digital applications may be processed faster than in-branch applications.

What is the interest rate for Equity Personal Loan?

Equity Personal Loan offers 13% - 16% p.a.. Actual rates may vary based on your credit profile, income, and relationship with Equity Bank Kenya.

Is Equity Personal Loan available in my area?

Equity Personal Loan is available in select locations. You can apply online or visit any Equity Bank Kenya branch.

What are the fees for Equity Personal Loan?

Equity Personal Loan charges 2% processing fee. Always confirm current fees with Equity Bank Kenya before applying.

Personal Loan

Equity Personal Loan

Equity Bank Kenya

Last updated: October 29, 2025

Reviewed byPesaMarket Research Team

|Last verified: Oct 29, 2025

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Interest Rate

13% - 16% p.a.

Loan Amount

Ksh 50,000 - Ksh 5,000,000

Approval Time

1-2 working days

Processing Fee

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Pros & Cons

Pros

Competitive rates
Fast approval
No collateral needed (up to 500k)
Flexible terms
Trusted bank
190+ branches

Cons

2% processing fee
Requires bank account
6-month employment history needed

Expert Analysis

Equity Bank's Personal Loan product targets the mass market with more accessible entry requirements than competitors. The minimum income requirement of KES 15,000 makes it accessible to a broader range of borrowers than KCB or ABSA. Rates between 14-18% p.a. are competitive for unsecured lending. Equity's extensive branch network and strong mobile banking platform make applications convenient across Kenya. The bank's relationship-based approach means existing customers with good account history often receive preferential rates and faster approvals. For first-time borrowers, expect thorough income verification. The 72-hour approval window is realistic for most applications.

Best For

First-time bank loan applicants with moderate income
Existing Equity account holders with good banking history
Borrowers in rural areas where Equity has strong presence
Small business owners needing working capital
Teachers and healthcare workers (special schemes available)

Common Rejection Reasons

New account holders (less than 3 months banking history)
Irregular salary deposits or income patterns
High mobile loan defaults visible in CRB reports
Income not meeting minimum threshold after deductions
Previous Equity loan in arrears

How It Compares

Equity offers lower entry barriers than KCB but slightly higher rates. Their mobile banking integration rivals digital lenders for convenience. Against ABSA, Equity wins on accessibility but ABSA may offer better rates for high-income earners.