Looking for a bank to get a loan from? Zenith Bank stands out as one of the best. Read the article to learn more about Zenith Bank Loan requirements and how to apply.
Zenith Bank is one of the leading banks in Nigeria that provides diverse loan options to meet the needs of its customers.
The institution sets itself apart from others due to its ability to provide quality and innovative services and alternatives to ensure fast and safe means of transactions at any time.
Driven by a passion for improving the standard of living and the economy, Zenith Bank has put together specialists, vision, and modern technology to create loan packages that meet the needs of its customers, enabling their businesses to thrive and grow.
Different types of Zenith Bank loans
When it comes to loan services, Zenith Bank offers one of the best loan packages to support its customers and help lessen their financial burdens. Notwithstanding, these loans are available to customers who meet the necessary requirements.
The different types of Zenith Bank loan packages are
ZENITH BANK QUICK LOAN
Zenith Bank offers easy loans to its customers, which they can access by using the USSD code (96611#).
These loans are provided to take care of urgent needs such as school fee payments, medical bills, and urgent business deals. Accessing this loan does not require individuals to visit the bank.
This loan has a good interest rate, and individuals who intend to get access to this package must have a Zenith bank account number.
Requirements
Applicants should be 18 years old and older, have an account with Zenith Bank, a good credit history, a stable source of income, and a bank verification number (BVN) linked to the account.
Z-WOMAN BUSINESS PACKAGE (SME LOANS)
This loan package aims to assist female business owners in all fields, such as fitness, beauty and style, agriculture, foodstuffs, and others. It encourages and supports women in business to grow and become successful.
Z-woman loan packages cater for female business expansion, which includes the buying of raw materials, capital for day-to-day business operations, and structural upgrades.
The maximum loan amount for this package is N10 million, with an interest rate of 16% per year and a repayment period of 12 to 24 months.
The institution charges customers a management fee of 1%, and it designs the loan repayment to be paid in line with the customer’s cash inflow from sales into their Zenith bank account.
Requirements for this loan include a bank verification number (BVN), a licensed ID, a good credit history, a company profile, and collateral as security.
EDUCATION LOAN
Recognizing that education is one of the pillars that drives economic development, Zenith Bank has designed this loan package to assist parents struggling to pay for their child’s tuition fee.
Requirements
Although this is a short-term loan, it offers a minimum loan fee of N100,000 and a maximum limit of N5 million.
The school fee is paid directly to the child’s school.
This loan covers a period of 3 months for junior secondary schools and a maximum of 9 months for higher institutions.
The requirements include application forms; a parent must have a salary account with the bank; an invoice for tuition fees; and their child must have an account with the bank.
LPO FINANCE
This type of loan is available to customers that need money to finance the supply of materials or a contract supply to a credible company.
MSME LOAN
MSME loans support small and medium businesses of all kinds. The minimum loan fee for this package is N500, 000, with a maximum of N2 million naira.
It provides a competitive interest rate of 27% per year, and the loan is paid within the space of 12 months.
Requirements
Eligibility for this loan includes a business account with Zenith Bank that is not less than 6 months old. The business must connect to one of Zenith Bank’s electronic channels, and it must fall under any of the approved categories under the loan package.
The institution charges customers a management fee of 0.5 to 1% flat, and all business transactions must be conducted with Zenith Bank.
Individuals are also expected to provide a bank verification number (BVN), a licensed ID, a good credit history, a company profile, and collateral as security.
OVERDRAFT
This type of loan package allows individuals to get an amount that is more than what they have in their current account within a specified period, but not more than 12 months.
TERM LOAN
This loan package is designed for a long, short, or medium period. Zenith Bank uses this package to fund a capital expansion business.
This service can be repaid either by balloon, bullet, or installment.
LEASE LOAN
This credit package specifically supports borrowers in purchasing assets or equipment for smooth business operations. This loan package is of two types: finance or sale.
IMPORT FINANCE FACILITY
An import finance facility is a type of credit package that is provided for the importation of raw materials for production, finished goods, and equipment.
This can be made available by Zenith Bank as:
- Unconfirmed letter of credit (LC),
- Confirmed letter of credit (LC)
- Deferred payment letter of credit (LC)
- Standby letter of credit (LC)
- Irrevocable letter of credit (LC)
Export Finance Facility
An export finance facility is a credit package meant specifically for the export of agricultural products or items.
It is given to borrowers either at the pre-shipment phase or post-shipment phase of the transaction.
SYNDICATED LOAN
This loan can be long-term or short-term. Zenith Bank designed this loan package in conjunction with other lenders to fund businesses with a lot of money.
Application Process for a Zenith Bank Loan
You can apply for Zenith Bank’s credit packages in multiple ways, and you should do this after you have done your due diligence to find out which package suits your financial situation.
- Apply using the phone or visit the Zenith Bank branch close to you to fill out an application form.
- Upon submission of the application form and all required details, Zenith Bank will review your request to see if it meets the lending guidelines, such as having an account with them, having a good credit history, having a business, or having a stable income as a salary earner.
- The review period usually depends on the type of loan package you are requesting, but it should not be more than 2 weeks.
- Once Zenith Bank approve this application, they will notify you, and will make the funds available in your Zenith bank account for use.
The list includes important documents that you must provide before the loan approval:
- Complete the company’s profile.
- Business plan
- Cash flow statement
- Bank statement
- Proof of Address
- Approved means of identification
- Collateral (not applicable to all loan packages)
Interest Rate and Repayment
The interest rate differs depending on the loan scheme.
However, the rate is competitive, and the same is applicable to the repayment period of the loan, which is flexible and convenient for borrowers.
MINIMUM REQUIREMENT TO ACCESS THE ZENITH BANK LOAN
- Personal information, which includes the full name, active phone number, and verified address
- Active account number linked with BVN and phone number
- Good credit history. This means that you are not owing any other bank or loan platform.
- Government-approved means of identification (NIN, passport, driver’s license)
- The applicant must not be less than 18 years old or more than 60 years old.
- Have a good and steady source of income.
The criteria for business loans that may or may not be included are:
- Your business must register with the Corporate Affairs Commission.
- The business should have a corporate account.
- Should be in operation for a minimum of 1 to 3 years.
FREQUENTLY ASKED QUESTION
Does Zenith Bank ask for collateral?
The collateral request depends on the loan package. So explore the various schemes to pick the one that suits your situation.
How long does it take to get Zenith Bank’s loan?
Again, this depends on the credit scheme; some take less than 24 hours if you meet the requirement.
How can I get a loan from Zenith Bank?
You can use the USSD code 96611#, use the website, or visit any of their branches.
How long does it take to pay back the loan?
Zenith Bank offers a flexible repayment plan for customers so that they can pay conveniently.
In conclusion
Zenith Bank Loan is one of the top loan packages with a competitive interest rate suitable for businesses and individuals in Nigeria. However, accessing the loan requires providing every document needed during the application process. Whichever means of application you are subscribing to, it is advisable to visit Zenith Bank’s official website or their branch close to you to get all the required information, including their terms and conditions.
Did you find this article on Zenith bank loans helpful? Let us know in the comment section below.
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I need loan 100k
Okay, you can get loan from zenith bank provides you meet their requirements.
How do we fill the loan form from zenith and l need the short code of quick loan
The short code for the zenith quick loan is on the website, you might want to read through again. Thank you and let us know if you need anything else