-Zenith Bank Loan – How to Get a Loan From Zenith Bank-
If you are checking the list of prominent banks in Nigeria, be sure to see Zenith bank at the top. Their efficiency and commitment to serving commercially as a bank since June 1990, are top-notch and commendable.
These are evident in their pursuit of meeting the demands of their stakeholders following their establishment as a Public Limited Company(Plc) and being listed on the Nigeria Stock Exchange(NSE) since 2004.
Furthermore, their zeal for being a wheel on which Nigeria’s economy will be skyrocketed has earned them different awards and achievements. One of the many ways this has been made possible is through the availability of loans to the public.
Are you looking for ways to get loans from Zenith Bank? If yes, be sure to keep reading as details on the requirements and types of loans available in Zenith bank are made available.
How To Get A Loan From Zenith Bank
The first step toward borrowing money from the bank is to take your time to do the following;
- Study the various loan schemes. This includes their requirements, duration, and specifications.
- Choose the one that appeals to you. And then,
- Apply to the nearest Zenith bank branch around you for acceptance and issuance.
Below are the different loans available in Zenith Bank.
- Z-woman Business Package.
- Retail Loans.
- Import Finance Facility.
- Export Finance Facility.
- Term Loans.
- Msme Loan
- Education Loan
- Creative Industry Financing Initiative (Cifi)
- Vehicle Financing
- Receivable Discounting / Invoice Discounting
- Lpo Finance
- Bonds and Guarantee
Z-women Business Package
Z-woman business package is a type of loan available to only females who own businesses just as the name suggests. It is a single-digit loan aimed at helping female-owned businesses for expansion. This covers the purchase of raw materials, capital requirements, raw materials, and infrastructure upgrades.
Different sectors like confectioneries, beauty, agriculture, and other related sectors can apply for this loan as long as they are female-owned businesses. In addition, you can borrow up to ten million Naira for twelve to twenty-four months.
This type of loan is in the form of a system that pays an advance salary. This is made possible through the provision of a flexible funding solution to cater to your financial needs in a short while.
In addition, this type of loan is of three types namely;
- Personal loans: This type of retail loan is specifically for one’s financial needs. You can also call it a consumer loan.
- Assets Acquisition Loans: The loan gotten here is channeled to the purchase of a building or household assets and even vehicles.
- Mortgage Facility: If you are looking forward to having or buying your dream house and you do not have what it takes, you can sign up for the Zenith Mortgage Facility to help in its acquisition without much stress.
Import Finance Facility
The import finance facility is a type of loan Zenith bank provides for the importation of raw materials, finished goods, and equipment into the country.
The import finance facility could be made available in different forms like Irrevocable LC, Standby LC, Deferred Payment, Unconfirmed LC, and Confirmed LC.
Export Finance Facility
The export finance facility can be made available either at the pre-shipment stage of the transaction or the post-shipment stage of the transaction.
This particular credit is for the exportation of commodities like agricultural products.
Overdraft is a credit availed to people who have current accounts with the bank.
Here, you are allowed to borrow or withdraw more than what’s in your current account balance. A maximum time of twelve months is usually given to pay off this.
Furthermore, an overdraft can be in two categories. The Timeless Pension Advance Plus and the Timeless Pension Advance.
A term loan is another credit available in Zenith bank either as a long, medium, or short-term credit to finance a particular capital expansion or business.
This credit can be repaid by balloon, bullet, or by installment.
Lease is a special credit Zenith bank offers as support for the acquisition of assets and other important equipment. This loan is in two categories. The finance and leaseback financing.
This particular loan is specifically for small and medium enterprises. The goal is to help businesses seeking this type of loan to scale up and expand.
You are allowed to collect up to two million Naira for twelve months.
To qualify for this credit, you should have a bank account with the bank that is not below six months old. Your business should be in any of these sectors; fitness, confectionery, and beauty. Also, your business should be connected to any of Zenith’s bank electronic channels.
The education loan is one of the means Zenith Bank is aiding in combating the bad economy.
With this scheme, parents can afford to fund their children’s tuition fees. This funding is also short-term. The least facility amount is a hundred thousand Naira while the highest facility amount is five million Naira.
For the junior level, the maximum time is three months and nine months for the tertiary level. Again, this amount will be paid directly into the child’s school account after the submission of a complete application form.
Furthermore, the parent must have a domiciled salary account with the Zenith Bank including the child.
Creative Industry Financing Initiative
This type of loan is geared towards creating jobs in the country for youths. It is a joint scheme between Zenith Bank’s committee and the Central Bank Of Nigeria.
The businesses that are qualified for this credit are Technology, information, fashion, movie and music production and distribution, and other related businesses.
You can borrow up to thirty million Naira for Movie Production, fifty million for Naira Movie Distribution, and other businesses depending on what the project seeks. The loan duration for this is ten years.
Bonds and Guarantee
Bonds are loans given by the bank while a guarantee is a promise attached. They help to boost your trustworthiness and ability to meet up with obligations and create reliant exposure for the bank.
Another type of loan Zenith bank offers is the LPO finance loan.
This particular loan is specifically made available for customers who wish to borrow money to support the supply of materials or contract supply to prominent brands.
This type of loan availed to customers of Zenith Bank is to help them acquire new and comfortable vehicles at their convenience.
These customers can be Salary Income Earners, Corporates, or Small and Medium Enterprises (SMEs). This usually takes between three to five years.
What this offer covers range from the delivery of a car for free within Nigeria, free servicing for three years, free registration and insurance to 5 years warranty.
A salary earner will qualify for this loan with the following requirements; a letter of introduction from the employer, employee status, confirmation, and payslip for six months.
SMEs and Corporates, need to present a Company Profile, updated audited accounts, Bank statements, a Personal Guarantee of a Director supported by their statement of net worth, and Board Resolutions for corporates only.
This can also be called invoice discounting. This type of loan allows a borrower to have a monetary value on discounts on invoices of previous works done. This serves as a confirmation.
How Can I Choose The Best Offer For Me?
The best and most efficient way to determine which of the Zenith bank loan offers for you is to compare the different loan offers available to you. Which tickles your fancy? Which requirements and specifications can you meet conveniently?
By answering the above questions, you are on your way to discovering the best loan offer for yourself.
What Is The Maximum Or Minimum Amount I Can Borrow?
There is no specific minimum or maximum amount. This is simply because all the offers are not the same. They vary among themselves both in requirements, specifications, and amounts.
However, in general, the maximum amount you can borrow from Zenith bank is from fifty million Naira to five hundred million Naira and a minimum amount between ten thousand Naira to a hundred thousand Naira.
What Are Their Interest Rates?
The same thing applies to their interest ratings as they vary depending on the loaning scheme you have chosen.
That notwithstanding, the interest rates are in general very suitable, affordable, and convenient.
What Are The Minimum Requirements For Taking Up A Loan From Zenith Bank?
While each scheme may need different documentation processes and requirements, the minimum requirement for obtaining a Zenith bank loan includes:
Your Personal Information;
This is the number one requirement and of course the most basic requirement for all contractual transactions.
Your personal information may include the following:
- Your full name,
- Residential or work address, •Your active email address,
- Contact number,
- Next of kin and other basic details.
Your Statement Of Creditworthiness:
This involves a detailed statement or information on your credit value. This helps to determine how trustworthy and qualified you are for your choice of loaning scheme.
An Account With Zenith Bank:
Another important criterion required for getting a loan from Zenith bank is that you must have an account with the bank. Hence, Zenith bank loaning schemes are for their customers.
Is There Any Other Attached Fee?
Zenith Bank also charges for management.
This charge is usually at a cheap rate of 0.5-1% of the amount you borrowed.
What Are The Repayment Terms?
Well, this is only dependent on the type of loaning scheme you opted for. But be rest assured that the repayment terms are not bottlenecks and are also convenient.
So far you can deduce that Zenith Bank Plc loan schemes are among the top best loan schemes with low-interest rates and maintenance fees in Nigeria.
Mostly, the interest on Zenith bank loans is 9℅ per annum with convenient repayment terms. If you are looking for how to get a loan and which bank to go for, be sure to have Zenith Bank at your service.