How To Get A Loan From Zenith Bank Plc

Zenith Bank Plc remains one of the well-known and finest banks in Nigeria. With many Awards & Achievements, Zenith Bank continue to be outstanding in the quest for excellence and pledge to high-quality service. For many years, they have been able to produce results that have enhanced their overall yearly performances. Also check out how to get Federal Mortgage Bank Loan.

Zenith Bank loanTheir business focuses largely on achieving outstanding customer service. They do this while likewise aiming to sustain consistency in superior performance. They nonetheless, aim this at contributing actively in driving the development of the Nigerian economy to a better place.

Additionally, the Bank understands the importance of commitment to the promotion of good corporate governance. Therefore, they believe that the failure to leverage this value can endanger public trust. Thus; in the conduct of its business, they ultimately ensure that the company meets the expectation of all stakeholders. Check out 5 things to consider before applying for Bank Loan.

How can I get a loan from Zenith bank?

The bank provides an array of loaning services appropriate for different classes of persons. This is one of the reasons their productivity ranking cannot be crushed.

Here are the categories of loan available to all walks of individuals and companies.

Z-WOMAN Business Package (SME LOANS)

This is a single digit loan product available for businesses owned by women, and it covers all sectors. However, this loan, basically, is to boost Business Expansion.

In other words, potential customers get to afford work Capital Requirements, the Purchase of Raw Materials, Raw Materials & Infrastructure upgrade. Some of these sectors includes; Beauty/Style, Confectionery, Fitness, Agriculture etc.

Retail Loans for Schemes and Non-schemes

This is a form of Salary Advance loaning system. It offers revolving credit with a payment cycle that avails up to 60% of your take-home monthly salary. This loan commonly offers you a bendable funding solution that will help resolve your short term financial needs. This product service is sectioned into 3 types;

  • Personal/Consumer loans for financing personal needs.
  •  Asset acquisition/Car Loans for financing the purchase of vehicles or acquisition of household assets.
  • Mortgage Facility, specially designed to help you fulfil your aspiration to purchase your dream house with ease.

Education Loan

As the bedrock of social and economic development that education is, Zenith bank offers an education loan scheme. This loan was created to provide short-term funding to enable parents to pay tuition fees for their children.

Creative Industry Financing Initiative (CIFI)

This scheme is a multiparty development between the Central Bank of Nigeria (CBN) and the Bankers’ Committee. This loan largely gears towards making efforts to increase job creation in Nigeria, particularly among the youth.

Nevertheless, the only qualified businesses under this category are; Fashion, Information, Technology, Movie Production, Movie Distribution, Music, Software Engineering student Loan, etc.

Overdraft loan

The overdraft loan allows a borrower to withdraw a certain amount over the credit balance in his current account. This is, however, permitted within a specified period, usually not more than 12 months.

Furthermore, this Service Offering is in two major sub-categories; Timeless Pension Advance Plus and Timeless Pension Advance.

Receivable Discounting/ Invoice Discounting

This is commonly a loan that allows a borrower to obtain a monetary value, usually placed on discount. This relates to the confirmation of invoices for jobs that have previously gone through the process of accomplishment.

LPO Finance

LPO Finance is available to borrowing customers who wish to fund a particular supply. This could, meanwhile, be a stream of materials or the execution of specific supply contracts to reliable organizations.

Import Finance Facility

This is a type of credit Zenith bank offers specifically for the importation of raw materials, finished goods and equipment. It can be available in numerous outlets. They include; Unconfirmed LC, Confirmed LC, Deferred Payment LC, Standby LC and Irrevocable LC.

Export Finance Facility

This loan is specifically offered for the export of agricultural produce or other commodities. This credit can be available either at the pre-shipment or post-shipment stage of the transaction.

Term loans

This type of loan can be a short term, medium, or long-term credit avails by the bank. However, this may be to fund specific capital projects development or lines of business for a specified period. The reimbursement procedure here can be bullet, balloon or by installments.

Lease

Zenith bank offers Lease targeted at supporting the acquisition of assets or equipment. They offer this service in two categories; finance or sale and leaseback financing.

Bonds and Guarantee

These are liability instruments that create reliant exposure for the bank. They however often come in the form of issuance on behalf of customers to support contracts for supply, construction, and performance.

What is the maximum or minimum amount I can borrow?

The highest or lowest amount for each loaning category differs from one to another. But, from a wide-ranging overview, the minimum amount you can borrow from Zenith loans is N10, 000 to N100, 000. While the maximum amount ranges between N50 million to N500 million.

What are their Interest rates?

The interest rates similarly differs, depending on the loaning scheme of your choice. However, the ratings are commonly very affordable, suitable and convenient.

What are the minimum requirements for taking up a loan from Zenith bank?

While each loaning system may need different certification or documentation processes, the minimum requirement for taking up a loan from Zenith bank is as follows:

  • Personal Information: this is very predictable as it is the basic requirement for all contractual transactions. It include your full name, residential or office address, email address, contact number, etc.
  • Your credit value: they may also need detailed information about your creditworthiness to determine your suitability.
  • Most prominently, a general criterion for accessing Zenith loans is that you must have an account with the bank. In other words, loan offers are usually for their customers.

Any additional fees?

Zenith Bank often charges an administration fee, which is typically at the rate of 0.5 – 1% of the value of the loan you obtain.

What are the Repayment Terms?

This also depends on the plan you opt for, and your contractual agreement. Nevertheless, repayment with Zenith bank is always suitable and easy.

Zenith bank is an incredible bank. Its fundamental values are integrity, professionalism, corporate governance, loyalty and excellent service. Furthermore, your happiness is their joy. You can visit their website to learn more on www.zenithbank.com or contact them through their email address at zenithdirect@zenithbank.com.

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