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TSC Teachers loan from Equity Bank; Requirements, application procedure and repayment schedule

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Are you a teacher employed by the Teachers Service Commission, TSC? Do you need a check-off loan facility with Equity Bank and you are wondering how to easily get it? Well. Here is a guide on how to apply for the loan, requirements and the loan repayment schedule.

EQUILOAN FOR TSC TEACHERS

Equity bank gives a loan product to teachers employed by the TSC. This loan is referred to as Equiloan and is a medium term loan that is granted to salaried customers for investing in various personal development projects.

FEATURES OF THE EQUILOAN FOR TEACHERS FROM EQUITY BANK.

If you are intending to apply for the loan, then you should know that;

  • You can be given up to Sh2Million; depending on ability to pay.
  • The loan has a flexible repayment period of up to six (6) years.
  • The loan is unsecured. Meaning, with your payslip Equity bank will process your loan.

REQUIREMENTS OF THE EQUILOAN FOR TEACHERS

You should keep in mind that this loan has the list number of requirements. These include:

  • Loan application and appraisal forms which you can get at your local Equity Bank Branch.
  • Three original and most recent payslips. These you can print from the TSC Payslips Portal.
  • Two authorization forms which you can also get at your local branch.
  • Two clear copies of your national identity card, ID.
  • Two clear copies of your KRA PIN Certificate.

EQUILOAN APPLICATION PROCEDURE

To apply for the Equiloan follow the procedure below;

  • Visiting your local Equity Bank Branch and pick the authorization, loan application and appraisal forms. Fill 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 after 48 hours (2 days).
  • The next step will involve approval of the loan online.

See also; KCB Personal Check Off Loan; Loan amounts, Interest rates and Schedule of loan repayment per month

HOW TO APPROVE YOUR LOAN ON THE TSC PAYSLIP ONLINE PORTAL.

  • Log into the TSC Pay-slip portal so as to send your payslip online to your bank/ Sacco.. This can be done by logging into the T-pay portal at https://payslip.tsc.go.ke/login.php
    • Enter your TSC number and password correctly and click ”Login’
    TSC payslip log in window.
    TSC payslip log in window.
    • Once logged in, under third party transactions, select ‘click here to send your payslip’.
    How to send your payslip to your bank/ Sacco.
    • In the next window, select the third party category as ‘Bank/ Sacco’ and Company to be ‘Bank/Sacco’. You now should click ‘send payslips’. You will get a success message on your screen thus; ‘Payslip for this month has already been sent to a 3rd party’.

    • Your Pay-slip will be immediately received at the Sacco/ Bank and the loan application is then processed.
    • Once the loan appraisal is complete, you will receive an sms alerting you to login into the TSC pay-slip portal to give your loan consent.
    • Log into the TSC Pay-slip portal and click ‘confirm loan’.In the next window, tick the box next to the current loan and click on ‘approve loan’.
    TSC payslip log in window.
    TSC payslip log in window.

    • Now select ‘back’ and you will be able to see the loan status as ‘confirmed’.

    • Once consent is given by TSC (by seeing the status indicated ‘confirmed’), you will need to alert your bank/ Sacco in order for the loan to be finalized and funds deposited into your account.

    • When your loan has been approved, the loan amount will be deposited into you account number and you will be notified.

EQUILOAN REPAYMENT SCHEDULE FOR TSC TEACHERS

It is important that you know how much loan you will qualify for. This you can check on the Equiloan repayment sheet (see below). Remember your payslip must have ability to support the monthly installments towards the loan and that a third of your basic salary must remain after all deductions.

Equiloan repayment schedule.
MONEY & FINANCING

KCB loans for teachers; Repayment schedule, loan amounts and interest rates

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The Kenya Commercial Bank, KCB, provides a wide range of loans that you can apply for. One of the loans that you can easily get from KCB is the Personal Unsecured loan. For salaried employees like TSC teachers, you can qualify for this loan through check off system. This loan is also be given to nonsalaried individuals.

What you need to provide in order to get this loan

For you to get a personal loan, you will be expected to provide:

  • Valid Kenyan ID or passport,
  • Latest Original Pay slips and
  • Proof of source of income for self-employed individuals.

The loans comes at a Competitive Interest rate of 13% (CBR rate 9% plus Bank Variable margin of 4%) and a Negotiation fees of 2.5%.

See also;

KCB LOAN AMOUNTS AND REPAYMENT SCHEDULE.

Before you take the KCB loan, it is good you understand how much you will pay monthly, for how months and the total loan to receive.

In the table below, the column for amount displays the total loan that you qualify for, while subsequent columns (to the right) show the monthly repayment amounts. All others only qualify for loan repayment periods of up to 72 months.

AMOUNT 6 Months 12 Months 18 Months 24 Months 30 Months 36 Months 42 Months 48 Months 54 Months 60 Months 66 Months 72 Months 78 Months 84 Months
20,000 4,246 1,998 1,338 1,109 0 0 0 0 0 0 0 0 0 0
30,000 5,336 2,761 1,905 1,478 0 0 0 0 0 0 0 0 0 0
40,000 7,114 3,682 2,540 1,970 0 0 0 0 0 0 0 0 0 0
50,000 8,892 4,602 3,175 2,463 2,037 1,755 0 0 0 0 0 0 0 0
60,000 10,671 5,522 3,809 2,955 2,444 2,105 0 0 0 0 0 0 0 0
70,000 12,449 6,443 4,444 3,448 2,852 2,456 0 0 0 0 0 0 0 0
80,000 14,227 7,363 5,079 3,940 3,259 2,807 0 0 0 0 0 0 0 0
90,000 16,006 8,283 5,714 4,432 3,666 3,158 0 0 0 0 0 0 0 0
100,000 17,784 9,204 6,349 4,925 4,074 3,509 0 0 0 0 0 0 0 0
110,000 19,562 10,124 6,983 5,417 4,481 3,860 0 0 0 0 0 0 0 0
120,000 21,341 11,044 7,618 5,910 4,888 4,210 0 0 0 0 0 0 0 0
130,000 23,119 11,965 8,253 6,402 5,296 4,561 0 0 0 0 0 0 0 0
140,000 24,898 12,885 8,888 6,895 5,703 4,912 0 0 0 0 0 0 0 0
150,000 26,676 13,805 9,523 7,387 6,110 5,263 0 0 0 0 0 0 0 0
160,000 28,454 14,726 10,158 7,880 6,518 5,614 0 0 0 0 0 0 0 0
170,000 30,233 15,646 10,792 8,372 6,925 5,964 0 0 0 0 0 0 0 0
180,000 32,011 16,566 11,427 8,864 7,332 6,315 0 0 0 0 0 0 0 0
190,000 33,789 17,487 12,062 9,357 7,739 6,666 0 0 0 0 0 0 0 0
200,000 35,568 18,407 12,697 9,849 8,147 7,017 0 0 0 0 0 0 0 0
210,000 37,346 19,327 13,332 10,342 8,554 7,368 6,525 5,897 5,412 5,027 4,715 4,458 4,243 4,061
220,000 39,124 20,248 13,966 10,834 8,961 7,719 6,836 6,178 5,670 5,266 4,940 4,670 4,445 4,254
230,000 40,903 21,168 14,601 11,327 9,369 8,069 7,146 6,458 5,927 5,506 5,164 4,883 4,647 4,447
240,000 42,681 22,088 15,236 11,819 9,776 8,420 7,457 6,739 6,185 5,745 5,389 5,095 4,849 4,641
250,000 44,460 23,009 15,871 12,311 10,183 8,771 7,768 7,020 6,443 5,985 5,613 5,307 5,051 4,834
260,000 46,238 23,929 16,506 12,804 10,591 9,122 8,078 7,301 6,700 6,224 5,838 5,519 5,253 5,027
270,000 48,016 24,849 17,141 13,296 10,998 9,473 8,389 7,581 6,958 6,463 6,062 5,732 5,455 5,221
280,000 49,795 25,770 17,775 13,789 11,405 9,823 8,700 7,862 7,216 6,703 6,287 5,944 5,657 5,414
290,000 51,573 26,690 18,410 14,281 11,813 10,174 9,010 8,143 7,473 6,942 6,511 6,156 5,859 5,607
300,000 53,351 27,610 19,045 14,774 12,220 10,525 9,321 8,424 7,731 7,181 6,736 6,368 6,061 5,801
310,000 55,130 28,531 19,680 15,266 12,627 10,876 9,632 8,705 7,989 7,421 6,960 6,581 6,263 5,994
320,000 56,908 29,451 20,315 15,759 13,035 11,227 9,942 8,985 8,246 7,660 7,185 6,793 6,465 6,188
330,000 58,686 30,371 20,949 16,251 13,442 11,578 10,253 9,266 8,504 7,899 7,409 7,005 6,667 6,381
340,000 60,465 31,292 21,584 16,743 13,849 11,928 10,564 9,547 8,762 8,139 7,634 7,217 6,869 6,574
350,000 62,243 32,212 22,219 17,236 14,257 12,279 10,875 9,828 9,019 8,378 7,858 7,430 7,071 6,768
360,000 64,022 33,132 22,854 17,728 14,664 12,630 11,185 10,108 9,277 8,618 8,083 7,642 7,273 6,961
370,000 65,800 34,053 23,489 18,221 15,071 12,981 11,496 10,389 9,535 8,857 8,307 7,854 7,475 7,154
380,000 67,578 34,973 24,123 18,713 15,478 13,332 11,807 10,670 9,792 9,096 8,532 8,067 7,677 7,348
390,000 69,357 35,893 24,758 19,206 15,886 13,683 12,117 10,951 10,050 9,336 8,756 8,279 7,879 7,541
400,000 71,135 36,814 25,393 19,698 16,293 14,033 12,428 11,232 10,308 9,575 8,981 8,491 8,081 7,734
410,000 72,913 37,734 26,028 20,190 16,700 14,384 12,739 11,512 10,566 9,814 9,205 8,703 8,283 7,928
420,000 74,692 38,654 26,663 20,683 17,108 14,735 13,049 11,793 10,823 10,054 9,430 8,916 8,485 8,121
430,000 76,470 39,574 27,298 21,175 17,515 15,086 13,360 12,074 11,081 10,293 9,654 9,128 8,687 8,314
440,000 78,248 40,495 27,932 21,668 17,922 15,437 13,671 12,355 11,339 10,532 9,879 9,340 8,889 8,508
450,000 80,027 41,415 28,567 22,160 18,330 15,787 13,981 12,635 11,596 10,772 10,104 9,552 9,091 8,701
460,000 81,805 42,335 29,202 22,653 18,737 16,138 14,292 12,916 11,854 11,011 10,328 9,765 9,293 8,894
470,000 83,583 43,256 29,837 23,145 19,144 16,489 14,603 13,197 12,112 11,251 10,553 9,977 9,495 9,088
480,000 85,362 44,176 30,472 23,638 19,552 16,840 14,913 13,478 12,369 11,490 10,777 10,189 9,697 9,281
490,000 87,140 45,096 31,106 24,130 19,959 17,191 15,224 13,759 12,627 11,729 11,002 10,401 9,899 9,474
500,000 88,919 46,017 31,741 24,622 20,366 17,542 15,535 14,039 12,885 11,969 11,226 10,614 10,101 9,668
550,000 97,810 50,618 34,915 27,085 22,403 19,296 17,088 15,443 14,173 13,165 12,349 11,675 11,111 10,634
600,000 106,702 55,220 38,089 29,547 24,439 21,050 18,642 16,847 15,462 14,362 13,471 12,736 12,122 11,601
650,000 115,594 59,822 41,263 32,009 26,476 22,804 20,195 18,251 16,750 15,559 14,594 13,798 13,132 12,568
700,000 124,486 64,423 44,438 34,471 28,513 24,558 21,749 19,655 18,038 16,756 15,716 14,859 14,142 13,535
750,000 133,378 69,025 47,612 36,933 30,549 26,312 23,302 21,059 19,327 17,953 16,839 15,920 15,152 14,501
800,000 142,269 73,627 50,786 39,396 32,586 28,066 24,855 22,463 20,615 19,149 17,961 16,982 16,162 15,468
850,000 151,161 78,228 53,960 41,858 34,622 29,820 26,409 23,867 21,904 20,346 19,084 18,043 17,172 16,435
900,000 160,053 82,830 57,134 44,320 36,659 31,574 27,962 25,270 23,192 21,543 20,207 19,104 18,182 17,401
950,000 168,945 87,431 60,308 46,782 38,695 33,329 29,516 26,674 24,480 22,740 21,329 20,166 19,192 18,368
1,000,000 177,837 92,033 63,482 49,244 40,732 35,083 31,069 28,078 25,769 23,937 22,452 21,227 20,202 19,335
1,050,000 186,728 96,635 66,656 51,707 42,769 36,837 32,623 29,482 27,057 25,134 23,574 22,288 21,212 20,302
1,100,000 195,620 101,236 69,830 54,169 44,805 38,591 34,176 30,886 28,346 26,330 24,697 23,349 22,222 21,268
1,150,000 204,512 105,838 73,004 56,631 46,842 40,345 35,729 32,290 29,634 27,527 25,819 24,411 23,233 22,235
1,200,000 213,404 110,440 76,178 59,093 48,878 42,099 37,283 33,694 30,923 28,724 26,942 25,472 24,243 23,202
1,250,000 222,296 115,041 79,352 61,555 50,915 43,853 38,836 35,098 32,211 29,921 28,064 26,533 25,253 24,169
1,300,000 231,187 119,643 82,526 64,017 52,952 45,607 40,390 36,501 33,499 31,118 29,187 27,595 26,263 25,135
1,350,000 240,079 124,244 85,701 66,480 54,988 47,361 41,943 37,905 34,788 32,314 30,310 28,656 27,273 26,102
1,400,000 248,971 128,846 88,875 68,942 57,025 49,115 43,497 39,309 36,076 33,511 31,432 29,717 28,283 27,069
1,450,000 257,863 133,448 92,049 71,404 59,061 50,870 45,050 40,713 37,365 34,708 32,555 30,779 29,293 28,035
1,500,000 266,755 138,049 95,223 73,866 61,098 52,624 46,603 42,117 38,653 35,905 33,677 31,840 30,303 29,002
1,550,000 275,647 142,651 98,397 76,328 63,134 54,378 48,157 43,521 39,941 37,102 34,800 32,901 31,313 29,969
1,600,000 284,538 147,253 101,571 78,791 65,171 56,132 49,710 44,925 41,230 38,298 35,922 33,963 32,323 30,936
1,650,000 293,430 151,854 104,745 81,253 67,208 57,886 51,264 46,329 42,518 39,495 37,045 35,024 33,333 31,902
1,700,000 302,322 156,456 107,919 83,715 69,244 59,640 52,817 47,733 43,807 40,692 38,167 36,085 34,343 32,869
1,750,000 311,214 161,057 111,093 86,177 71,281 61,394 54,371 49,136 45,095 41,889 39,290 37,147 35,354 33,836
1,800,000 320,106 165,659 114,267 88,639 73,317 63,148 55,924 50,540 46,384 43,086 40,413 38,208 36,364 34,802
1,850,000 328,997 170,261 117,441 91,102 75,354 64,902 57,478 51,944 47,672 44,283 41,535 39,269 37,374 35,769
1,900,000 337,889 174,862 120,615 93,564 77,390 66,657 59,031 53,348 48,960 45,479 42,658 40,331 38,384 36,736
1,950,000 346,781 179,464 123,789 96,026 79,427 68,411 60,584 54,752 50,249 46,676 43,780 41,392 39,394 37,703
2,000,000 355,673 184,066 126,964 98,488 81,464 70,165 62,138 56,156 51,537 47,873 44,903 42,453 40,404 38,669
2,050,000 364,565 188,667 130,138 100,950 83,500 71,919 63,691 57,560 52,826 49,070 46,025 43,515 41,414 39,636
2,100,000 373,456 193,269 133,312 103,413 85,537 73,673 65,245 58,964 54,114 50,267 47,148 44,576 42,424 40,603
2,150,000 382,348 197,870 136,486 105,875 87,573 75,427 66,798 60,367 55,402 51,463 48,270 45,637 43,434 41,570
2,200,000 391,240 202,472 139,660 108,337 89,610 77,181 68,352 61,771 56,691 52,660 49,393 46,698 44,444 42,536
2,250,000 400,132 207,074 142,834 110,799 91,647 78,935 69,905 63,175 57,979 53,857 50,516 47,760 45,454 43,503
2,300,000 409,024 211,675 146,008 113,261 93,683 80,689 71,458 64,579 59,268 55,054 51,638 48,821 46,465 44,470
2,350,000 417,915 216,277 149,182 115,723 95,720 82,444 73,012 65,983 60,556 56,251 52,761 49,882 47,475 45,436
2,400,000 426,807 220,879 152,356 118,186 97,756 84,198 74,565 67,387 61,845 57,447 53,883 50,944 48,485 46,403
2,450,000 435,699 225,480 155,530 120,648 99,793 85,952 76,119 68,791 63,133 58,644 55,006 52,005 49,495 47,370
2,500,000 444,591 230,082 158,704 123,110 101,829 87,706 77,672 70,195 64,421 59,841 56,128 53,066 50,505 48,337
2,550,000 453,483 234,683 161,878 125,572 103,866 89,460 79,226 71,599 65,710 61,038 57,251 54,128 51,515 49,303
2,600,000 462,374 239,285 165,052 128,034 105,903 91,214 80,779 73,002 66,998 62,235 58,374 55,189 52,525 50,270
2,650,000 471,266 243,887 168,226 130,497 107,939 92,968 82,332 74,406 68,287 63,432 59,496 56,250 53,535 51,237
2,700,000 480,158 248,488 171,401 132,959 109,976 94,722 83,886 75,810 69,575 64,628 60,619 57,312 54,545 52,203
2,750,000 489,050 253,090 174,575 135,421 112,012 96,476 85,439 77,214 70,863 65,825 61,741 58,373 55,555 53,170
2,800,000 497,942 257,692 177,749 137,883 114,049 98,230 86,993 78,618 72,152 67,022 62,864 59,434 56,565 54,137
2,850,000 506,833 262,293 180,923 140,345 116,085 99,985 88,546 80,022 73,440 68,219 63,986 60,496 57,575 55,104
2,900,000 515,725 266,895 184,097 142,808 118,122 101,739 90,100 81,426 74,729 69,416 65,109 61,557 58,586 56,070
2,950,000 524,617 271,496 187,271 145,270 120,159 103,493 91,653 82,830 76,017 70,612 66,231 62,618 59,596 57,037
3,000,000 533,509 276,098 190,445 147,732 122,195 105,247 93,206 84,233 77,306 71,809 67,354 63,680 60,606 58,004
3,050,000 542,401 280,700 193,619 150,194 124,232 107,001 94,760 85,637 78,594 73,006 68,477 64,741 61,616 58,970
3,100,000 551,293 285,301 196,793 152,656 126,268 108,755 96,313 87,041 79,882 74,203 69,599 65,802 62,626 59,937
3,150,000 560,184 289,903 199,967 155,119 128,305 110,509 97,867 88,445 81,171 75,400 70,722 66,864 63,636 60,904
3,200,000 569,076 294,505 203,141 157,581 130,342 112,263 99,420 89,849 82,459 76,596 71,844 67,925 64,646 61,871
3,250,000 577,968 299,106 206,315 160,043 132,378 114,017 100,974 91,253 83,748 77,793 72,967 68,986 65,656 62,837
3,300,000 586,860 303,708 209,489 162,505 134,415 115,772 102,527 92,657 85,036 78,990 74,089 70,047 66,666 63,804
3,350,000 595,752 308,309 212,664 164,967 136,451 117,526 104,080 94,061 86,324 80,187 75,212 71,109 67,676 64,771
3,400,000 604,643 312,911 215,838 167,429 138,488 119,280 105,634 95,465 87,613 81,384 76,334 72,170 68,686 65,738
3,450,000 613,535 317,513 219,012 169,892 140,524 121,034 107,187 96,868 88,901 82,581 77,457 73,231 69,697 66,704
3,500,000 622,427 322,114 222,186 172,354 142,561 122,788 108,741 98,272 90,190 83,777 78,580 74,293 70,707 67,671
3,550,000 631,319 326,716 225,360 174,816 144,598 124,542 110,294 99,676 91,478 84,974 79,702 75,354 71,717 68,638
3,600,000 640,211 331,318 228,534 177,278 146,634 126,296 111,848 101,080 92,767 86,171 80,825 76,415 72,727 69,604
3,650,000 649,102 335,919 231,708 179,740 148,671 128,050 113,401 102,484 94,055 87,368 81,947 77,477 73,737 70,571
3,700,000 657,994 340,521 234,882 182,203 150,707 129,804 114,955 103,888 95,343 88,565 83,070 78,538 74,747 71,538
3,750,000 666,886 345,122 238,056 184,665 152,744 131,559 116,508 105,292 96,632 89,761 84,192 79,599 75,757 72,505
3,800,000 675,778 349,724 241,230 187,127 154,780 133,313 118,061 106,696 97,920 90,958 85,315 80,661 76,767 73,471
3,850,000 684,670 354,326 244,404 189,589 156,817 135,067 119,615 108,099 99,209 92,155 86,437 81,722 77,777 74,438
3,900,000 693,561 358,927 247,578 192,051 158,854 136,821 121,168 109,503 100,497 93,352 87,560 82,783 78,787 75,405
3,950,000 702,453 363,529 250,752 194,514 160,890 138,575 122,722 110,907 101,785 94,549 88,683 83,845 79,797 76,371
4,000,000 711,345 368,131 253,927 196,976 162,927 140,329 124,275 112,311 103,074 95,745 89,805 84,906 80,808 77,338