Spire Bank (formerly Equatorial Commercial Bank) Loans, Eligibility & Rates

Spire Bank, rebranded from Equatorial Commercial Bank in 2016, operates as a tier III commercial bank in Kenya under Central Bank of Kenya regulation. It targets individuals, SMEs, and corporates with tailored loans emphasizing accessibility via branches in major cities and digital platforms. Loan products focus on competitive rates amid Kenya's dynamic banking sector, where base lending rates hover around 14-15% as of early 2026.

1. Personal Loan

Personal loans from Spire Bank provide quick funding for emergencies, education, or lifestyle needs without collateral. Borrowers access up to KSh 2 million repayable over 12-60 months, with approval often within 48 hours for salaried clients. Eligibility requires a minimum net salary of KSh 20,000, employment for at least 6 months, and a clean CRB credit report; self-employed applicants need bank statements showing consistent income. Rates range from 14-18% per annum, calculated on a reducing balance, plus a one-time facility fee of 2-4%. This product suits Nairobi professionals facing unexpected costs, like medical bills or school fees, offering flexibility over payday advances.

2. Salary Advance

Spire Bank's salary advance caters to account holders needing short-term cash flow, advancing up to 50% of monthly salary. Repayment deducts automatically from the next salary deposit, minimizing default risk. Holders of Spire salary accounts qualify instantly if salaries credit regularly for 3+ months, with no extra documentation beyond payslips. Interest stands at 1-1.5% per month or 12-18% annualized, far lower than informal lenders. Ideal for salaried workers in Nairobi County handling mid-month expenses like rent or transport, this facility promotes financial discipline through employer-tied payroll integration.

3. Business Loan

Designed for SMEs, Spire's business loans fund working capital, expansion, or inventory up to KSh 50 million over 12-84 months. Term loans, overdrafts, or asset financing options exist, secured by logbooks, title deeds, or stock. Eligibility demands business registration (BN/CK), 12+ months operation, audited accounts or turnover of KSh 500,000 monthly, and guarantors if collateral is weak. Rates apply at 15-20% per annum, influenced by the Central Bank Rate (CBR) around 12.5% plus margins, with insurance and valuation fees extra. Kenyan entrepreneurs in retail or services benefit, scaling operations amid economic pressures like inflation.

4. Mortgage Loan

Spire mortgages enable home purchase, construction, or top-up up to KSh 100 million, with terms up to 20 years and loan-to-value up to 80%. Fixed or variable rates apply post-property valuation by approved surveyors. Applicants must be 25-65 years old, earn KSh 50,000+ monthly, hold steady employment, and pass affordability checks via salary or business income. Interest rates sit at 13-17% per annum, competitive against peers like HF Group, including legal fees and 1-2% arrangement costs. This supports Nairobi's growing middle class buying in suburbs like Kiambu or Kajiado, building long-term wealth.

5. Asset Finance Loan

For equipment, vehicles, or machinery, asset finance covers 70-80% of value with the asset as security, repayable in 12-72 months. Businesses down-pay 20-30%, easing large purchases. Eligibility includes trading licenses, 1-year accounts, and projected cash flows covering EMIs; personal guarantees often required for startups. Rates range 16-22% per annum, higher due to specialized risk, plus comprehensive insurance mandates. Service providers in pest control or appliance repair—common in facility management—use this for fleet upgrades, boosting efficiency in Kenya's competitive market.

6. Overdraft

Spire overdrafts offer flexible credit lines up to KSh 10 million against current accounts, charged only on utilized amounts. Facilities renew annually based on transaction history. Account holders with 6+ months activity, average balances over KSh 100,000, and positive cash flows qualify; collateral like guarantees strengthens approval. Interest at 15-19% per annum applies daily on drawn funds, with a 1% commitment fee. Traders and SMEs in Nairobi handle seasonal dips effectively, avoiding costlier term loans.

Eligibility Essentials

Across products, Spire prioritizes CRB clearance—no adverse listings—and KYC compliance with IDs, PINs, and proof of address. Salaried applicants submit payslips (3 months), while businesses provide financials and projections. Minimum age is 21, maximum 70 at maturity; women and youth get priority under inclusion policies. Digital applications via the Spire app or website speed processes, with branches in Nairobi CBD, Westlands, and Mombasa aiding walk-ins. Approval hinges on debt service ratios under 40-50% of income.​

Current Rates Context

As of February 2026, Spire aligns with Kenya's CBR at ~12.5%, yielding effective rates 2-7% above base per product risk. Personal loans lead affordability at 14%+, while asset finance tops 22% for higher exposure. Margins dropped post-2025 reforms, but inflation and forex pressures keep them elevated versus 2024 lows. Compare: Equity at 14.39% EBRR, KCB 14.6%, Spire competitive for SMEs. Fees include 2% processing, 1% valuation, and statutory levies; always compute total cost via CBR calculators.​

Application Process

Start online at spirebank.com or visit branches—download forms, upload docs via portal. Pre-approval takes 24-72 hours; full disbursal 7-14 days post-valuation. Track via SMS/app; appeals go to branch managers. Tips: Maintain 3-month bank statements, negotiate rates with relationships, bundle with accounts for waivers. For Nairobi users, Westlands branch handles high-volume mortgage queries efficiently.​

Why Choose Spire?

Spire's legacy from Equatorial Commercial Bank since 1995 brings SME focus, post-2010 merger strength. Digital tools rival big banks, with rates beating tier I for tailored needs. Facility managers or repair firms find asset loans seamless, supporting Kenya's service economy. Risks like rate hikes call for fixed options; consult advisors pre-commitment.