HOW TO GET A LOAN FROM ZENITH BANK

HOW TO GET A LOAN FROM ZENITH BANK

HOW TO GET A LOAN FROM ZENITH BANK– A Loan is a form of debt incurred by an individual or other entity. The lender is usually a corporation, financial institution, or government that gives a sum of money to borrowers. It is based on the agreement made by both parties before any amount is granted.

Due to some unforeseen circumstances, there might be a need to take a loan. Zenith Bank is one of the Banks that is seen as “Too Big To Fail”. Zenith bank is considered a trusted platform for taking a loan. Repayment can be done later at your own convenient time.

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We’ve decided to make things easier by preparing you ahead on the requirements and procedures needed for easy access to loans from Zenith Banks.

There is something more unique than getting a loan from Zenith Bank Special. The financial institution has various loan schemes. They are meant to fund ideas capable of taking the world to a better shape and bringing them to reality. The various loan schemes are tailored to help you achieve your goals and dreams faster.

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Z-WOMAN BUSINESS PACKAGE

It is one of the biggest loan scheme packages that offer a vast medium to business owners. Females into sectors like Fashion, Beauty, Fitness, are more considered. They grant the loan request for them to expand, cater for every business contingency, and achieve entrepreneurial success.

ELIGIBILITY AND REQUIREMENTS

  • Only female business owners who have any majority shareholding with 50% and above or the sole owner of that business.
  • It is basically for business-minded people to expand their businesses. Only people who already have a business and want an expansion.
  • For security reasons, Personal guarantee of the customer, Insurance, Positive Credit Checks, and Company Profile.
  • The loan rate is very affordable with just 9% interest per annum. The capability to get up to ₦10million and make the repayment in the duration of 12 to 24 months.

MICRO, SMALL AND MEDIUM ENTERPRISES – MSME Loan

This loan is set up by Zenith Banks to support small and medium business enterprises. Any business with a prospect can have access to the loan. Here, you can obtain a loan of up to ₦2 million for 12 months.

ELIGIBILITY

  • You must have a business account with Zenith bank of not less than 6 months old.
  • You must have a business categorized in any of the approved sectors.
  • You must have a business that has at least one of Zenith Bank Plc’s electronic connection channels.

RETAIL LOANS

This type of loan scheme is to finance personal or consumers’ needs. To provide finance for the purchase of vehicles, landed properties, acquisition of household assets, salary advance, and also to ease the aspiration to build or purchase your dream house.

EDUCATIONAL LOANS

This package of loan schemes is designed for short-term funding to enable parents/guardians to finance the tuition fees for their children/wards.

  • The minimum Facility amount is N100,000.
  • The maximum Facility amount is N5,000,000.
  • School fees will be paid directly to the child/ward’s school.
  • The maximum tenure of 3 months (Junior School), Maximum tenure of 9 months (Tertiary Institution).

REQUIREMENTS

  • Completed Application Form.
  • Parents /guardians must have a salary account with Zenith bank.
  • The child/ward must also have an account with Zenith bank.
  • Invoice of school /tuition fees.

CREATIVE INDUSTRY FINANCING INITIATIVE – CIFI

Zenith Bank set up CIFI as an initiative of the Central Bank Of Nigeria(CBN). It is designed in collaboration with the Bankers’ Committee to finance, cater and boost job creation in Nigeria.

Businesses such as Fashion, Information Technology, Movie Production, Movie Distribution, Music, and Software Engineering are encouraged. You can get up to ₦30 million for Movie Production, ₦50 million for Movie Distribution, and other activities. It depends on the project requirement. The loan tenure for the activities/businesses is also up to ten years.

REQUIREMENTS

  • Accepted Offer Letter
  • Business Plan
  • Board Resolution (if corporate)

PENSION ADVANCE

Zenith Bank also has plans for pensioners. The purpose of this loan scheme is to prepare the pensioners and to provide Pension Advance to those with the age range 55 – 70years. The interest rate is 16℅ per annum.

VEHICLE LOAN

Zenith bank gives out this kind of loan to ease its customers and staff to acquire new vehicles in a financially convenient manner. Car Loans Explained – How to get a Car Loan in Nigeria

The loan tenure is between 3 to 5 years for an 18℅ per annum interest rate. The offer includes the following:

  • Free vehicle registration
  • Free car delivery within Nigeria
  • Free servicing (first 3 services)
  • 5 years warranty
  • Co-advertisement of the partnership
  • Car insurance with Zenith General Insurance

REQUIREMENTS

This includes;

  • A Company’s Profile.
  • Recent Management/audited accounts.
  • Bank statements.
  • Personal Guarantee of a Director supported by a notarized statement of net worth.
  • Board Resolution (For Corporates only).

LPO FINANCE

This is also a loan made available by Zenith bank designed to lend to its customers to finance the supply of materials or execution of specific supply contracts to reputable organizations.

IMPORT AND EXPORT FINANCE FACILITY

Import Finance Facility is a type of credit availed specifically for the importation of raw materials, finished goods, and equipment. The Export Finance Facility is set up by the Zenith Bank to make credit available specifically for the export of agricultural produce or other commodities. This credit can either be available at the pre-shipment or post-shipment stage of the transaction.

LEASE AND TERM LOANS

Leasing is specifically designed by Zenith Bank to finance the acquisition of assets.

Term Loans on the other hand are credit facilities that can either be short-term, medium, or long-term. It is available to finance specific capital projects expansion of business for a specified tenure.

REPAYMENT

This can be in the form of a bullet, balloons, installments, Bonds, and guarantees.

BONDS AND GUARANTEE

These take the form of instruments issued on behalf of customers to support contracts for supply, construction, and performance.

OVERDRAFT

This is a type of loan that allows the borrower to draw a certain amount above the credit balance in their current account. It takes place within a period which does not exceed twelve months.

HOW TO APPLY FOR A ZENITH BANK LOAN

To avoid errors when you want to obtain a loan in Zenith Bank, you must take some time out to understand the various loan schemes which are all listed and explained. When you have chosen the loan scheme that best suits your need and income, then, you can proceed to apply for a Zenith Bank loan scheme by visiting the nearest Zenith Bank branch to you.

You can also send an email to agentbanking@zenithbank.com or zenithdirect@zenithbank.com, or call 012787000. Ensure that you have the application requirements for the loan you are applying for, as stated above.

CONCLUSION

It has been genuinely known that obtaining a loan from Zenith Bank Plc loan schemes is one of the best loan schemes with low-interest rates and maintenance fees. The interest on most Zenith bank loans is 9℅ per annum. If you are looking to fund an idea or dream, the Zenith Bank loan platform is one of the best loan options you have.

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