We offer a variety of consumer loan products including auto loans, personal loans, Mass Save Heat loans and Solar Loans. Please contact any of our branch managers or our loan department for more information on rates, terms and the application process at 781-337-8000.
Home Equity Loans
Fixed Rate Equity Loans
- Minimum loan amount of $ 10K
- Maximum loan amount of $250K
Home Equity Line of Credit Plus
- Minimum line of $ 25K
- Maximum line of $200K
Flex Home Equity Line of Credit
- Minimum line of $ 10K
- Maximum line of $250K
Auto and Truck Loan
New or Used Vehicles
- Flexible terms up to 60 months.
- Up to 100% financing available with no derogatory credit. If borrower has derogatory credit, up to 90% financing available if otherwise qualifies, SUBJECT to rate differential
- Maximum age of collateral is 5 years (ex. If current year is 2015, the oldest vehicle eligible for financing would be a 2010)
- Value of collateral as determined by NADA clean retail value (as calculated with correct mileage and vehicle options) or comparable valuation method (ex. Kelly Blue Book) if an NADA value is not available.
- Auto/ Truck loans are available for the PURCHASE or REFINANCE of a vehicle.
- *Customers cannot use the vehicle title to obtain a collateral loan.*
Unsecured Personal Loan
- Ideal for debt consolidation
- Flexible terms available up to 60 months
- Maximum loan amount is $5,000.00
Overdraft Protection Plan
This revolving credit plan automatically transfers funds, up to your Customer’s credit limit, into their Equitable Bank checking account to cover amounts drawn on their account. Maximum Overdraft line of $ 2,500.00 for Personal Overdrafts Maximum Overdraft line of $5,000.00 for Business Overdrafts Minimum monthly payment must be automatically deducted from an existing Equitable account.
Loans Secured by Deposit Account
Customer may borrow up to 95% of their Equitable passbook savings or certificate of deposit account at any time simply on the basis of their signature. This is a fast and affordable way to borrow without “cashing in” their passbook savings or certificate of deposit.
Any loan secured by a CD must mature PRIOR to the maturity of the CD.
Mass Save Heat Loan
The HEAT Loan Program provides consumers the opportunity to apply for a 0% loan to assist with the installation of qualified energy efficient improvements in their homes. The loans are available up to $25,000 with terms up to 7 years.
To qualify for the loan, the customer must own a one-to-four-family residence, obtain a Mass Save Home Energy Assessment, and install qualified energy efficiency measures recommended by a Mass Save representative. Additional qualifications and restrictions may apply. Customers should visit the Mass Save website, masssave.com, for program details and requirements.
Mass Solar Loan
- Minimum Mass Solar Loan amount $ 3,000.00
- Maximum Mass Solar Loan amount $ 50,000.00
- Application fee is 1% of total loan amount (calculated BEFORE IBLS is applied if applicable)
- Interest Rate – Varies, and depends on Borrowers Credit Class Designation and selected loan
- Term – 5 year and 10 year terms are available
- Minimum qualifying credit score – 640
- Credit Standards – No current delinquencies; a written letter of explanation is suggested on any credit trade-line reported as delinquent within the most recent twelve (12) months.
- Underwriters at their discretion may document credit analysis by including a memo to the file.
- Collateral – Filing of a UCC on solar equipment, AND an assignment of the SRECS.
Mass Solar Loan
Equitable Bank is no longer a participating Lender of the Mass Solar Loan program.