Are you looking for how to get a loan from zenith bank then you are on the right web page for all the necessary information that will help you get a zenith bank loan.
Zenith Bank was operational since May 1990, but it started operating as commercial banks in June of 1990. Zenith bank became a public Limited Company(PLC) and was listed on the Nigerian Stock Exchange(NSE) in June 2004 and in October 2004 and October.
The primary goal of Zenith banks Plc loan plans is to finance ideas that can shape the world, and to transform them into reality. Zenith Bank PLC has various loan programs designed to help you reach your goals faster and achieve your dreams. This article will explore the various loan schemes available and how you can apply to these loans.
The finer varieties that are available for Zenith Bank loans. conditions and the application process are below.
Table of Contents
Z-Woman business packages (SME loans)
Z-Woman is a single-digit loan product for female-owned businesses for all sectors(Beauty/Style, Confectionery, Fitness, Agriculture & Others). The loan scheme was put in the name of Zenith Bank Plc to expand its SME sub-sector, and to diversify its customers. Businesses that qualify are companies with at least 50% of the shares or more if that the business is owned by women.
This loan program is designed to aid in the purpose of Business Expansion. It is designed to meet the requirements for working capital, purchases of raw materials, as well as upgrading of raw materials and infrastructure. You can receive as much as N10million for 12-24 months.
MSME loan
MSME Loan is designed to help small and medium-sized businesses in the areas such as Beauty/Style, Confectionery, and fitness. It is possible to get the maximum amount of N2 million over a period of 12 months. To qualify you must have:
- A commercial account in Zenith bank, which is less than 6 months;
- A business that is classified in one of the approved industries that is
- an enterprise that is connected to at minimum one of the Zenith banks Plc digital connection channels.
Non-schemes retail loans
Zenith Bank Plc has three types of Retail loans that are for non-schemes. These include:
- Personal or consumer loans to fund the personal requirements of individuals.
- Car Loans to help finance the purchase of cars or to purchase household assets.
- The Mortgage Loan Facility program is created to help you achieve your dream to purchase that dream house easily.
Education loan
Zenith Bank Plc Education loan scheme is designed to offer short-term funds to help parents or guardians to cover tuition costs for their children/children’s education.
Features:
- The minimum Facility amount is N100,000.
- The maximum amount of the Facility is N5,000,000.
- The school fees are directly paid to the child’s school.
- Maximum tenor is 3 months (Junior School) Maximum 9-month tenor (Tertiary Institute).
Requirements:
- A completed Application Form.
- The parent or guardian has to have a an account for salary through Zenith bank.
- The child/ward should have an account at Zenith bank.
- Invoice of tuition and school fees.
Initiative for financing creative industry (CIFI)
The Creative Industries Finance Initiative(CIFI) Fonds is an initiative by the Central Bank of Nigeria(CBN) in partnership together with Bankers’ Committee in order to increase job creation in Nigeria. Eligible activities/businesses include Fashion, Information Technology, Movie Production, Movie Distribution, Music, and Software Engineering.
You can get up to N30 million for Movie Production, N50 million for Movie Distribution, and the other activities/businesses depends on the project requirement. The loan tenor for the activities/businesses is also up to ten years.
Documents required for disbursement
- Accepted Offer Letter
- Business Plan
- Board Resolution (if corporate)
Pension advance
The goal the scheme of loans is give pension advances to time-bound Pensioners(55 to 70 years old). This loan’s rate of interest is 16.6% p.a. The loan scheme is split into two sections, which include Timeless Pension Advance and Timeless Pension Advance Plus.
| Timeless pension advance plus | Timeless pension advance | |
|---|---|---|
| Tenor: | 12-18 months | 30 to 90 days |
| The maximum loan sum: | 50% of the Annual Sum of Pension Receivable | 100% of the pension value |
| Eligibility: | Pensioners who receive a steady monthly payment from the bank. Pensioners who receive a steady monthly pension from the bank. Pensioners who get a monthly pension of N500,000 or more. | Pensioners who are guaranteed a monthly payment from the bank |
| Requirements: | Credit Life Insurance policy issued by Prudential Zenith Life Insurance. A Letter of Introduction to the Pension Company. The customer has given consent to debit the account for insurance policy premium. PAM. Affirmed Offer Form and Facility sheet. | PAM. Affirmed Offer Form and Facility sheet. A Letter of Introduction to the Pension Company. |
Car financing
The aim of Zenith bank’s car loan is to help its clients (Salaried Income People, SMEs & Corporates) to buy new cars in a way that is financially efficient. The loan term is 3 to 5 years at an 18 per cent p.a percentage. The deal includes the following:
- Registration of vehicles for free
- Free delivery of cars within Nigeria
- Free service (first three services)
- 5 years guarantee
- Co-advertisement in the partnership
- Car insurance through Zenith General Insurance
The necessities for income earners who are salaried include a letter of introduction from Employer Employment Status Enquiry/Employer Confirmation and undertaking, as well as a recent 6-months ‘ pay slip/salary account.
The requirements for SMEs as well as Corporates are a Company Profile Recent Management/audited financial statements and bank statements, a personal Director’s Guarantee, backed by a notarized declaration of the net value, and a Board Resolution (For Corporates only).
Receivable discounting / invoice discounting
Receivable Discounting/Invoice Discounting can be described as a loan which allows the borrower to get an amount of money (usually reduced) against the invoices they have received for projects that have already been executed.
LPO finance
LPO Finance is a loan that is made available to customers by Zenith bank to clients to fund the purchase of supplies or the execution of specific supply contracts with reputable companies.
Import financing facility
The Import Finance Facility (IFC) is form of credit that is specifically arranged for the import of the raw materials and finished goods and other equipment. It can be offered as an Unconfirmed LC or Confirmed LC Delayed Payment LC, Standby LC, and irrevocable LC.
Export financing facility
Export Finance Facilities is type of credit that is specifically geared towards export of agricultural products or other goods. The credit may be used either at the pre-shipment or post-shipment stages during the course of the trade.
Lease
Lease is specifically financing sale or leaseback financing that helps in the purchase of equipment or assets.
Term loan
A Term Loan is a type of credit (short term, medium or long-term) that is used to fund expansion of capital projects and lines of business with the specified time frame. The method of repayment is bullet or balloon or installments.
Bonds and guarantees
Bonds and Guarantees: These provide a form of contingent exposure to the bank. They can be described as instruments that are issued on behalf of customers to fund agreements for supply, construction and performance.
Overdraft
Overdraft is a kind of loan that allows the person borrowing the loan to draw a specified amount of money over the credit account balance with a specific tenor, usually not exceeding twelve months.
Retail loans to fund schemes
The loan scheme is split into four components:
- Salary Advance is a Revolving credit that is repaid in a clean cycle that can provide up to 60 percent of your monthly net salary. It is a flexible financing solution that can help meet the financial demands of the short-term.
- Personal or consumer loans to fund your personal expenses.
- Acquisition of assets/Car Loans to aid in the purchase of new vehicles or the purchase of household assets.
- A Mortgage Facility program is created to help you achieve your dream to buy your dream home without difficulty.
How do I make an application for an Zenith Bank loan
Before submitting an application for a loan, make sure that you have had the time to learn about the different loans available. If you’ve chosen the loan plan that is most suitable for your needs and budget you are able to apply for the Zenith bank loan by going to the closest Zenith bank branch near you.
You can also send an email to 9a******a85@c***3.com or 9a******a85@c***3.com, or call 012787000. Make sure you meet the required application for the loan that you are applying for, as specified above.
Conclusion
Zenith Bank Plc loan schemes are among the most effective loans with low interest rates and no maintenance charges. The interest rate on the majority of Zenith loan is 9. percent per year. If you’re seeking to fund your idea or even a dream then you should consider the Zenith credit card is among the most effective loan options you can choose from.
We hope the above information has helped you on how to get a loan from zenith bank.