Getting a quick loan from Zenith Bank is not as hard as people thought but the issue is that most people do not understand the process.
For instance, some loans are only designed for salary income earners while some require a certain range of income before you can be considered for a loan. When going for a loan, realise that one of the important requirements to get a loan in Nigeria is to have a source of income.
Having a sustainable income would give you a better chance of getting zenith bank loans or from other banks. Depending on the type of facility you go for, it can be used to finance a vehicle, pay school fees, upgrade your assets, or even improve your business.
In this article, you will be provided with the best zenith bank instant loan facility and how to apply via ussd code, mobile app, and online. However, some loans can only be carried out at any Zenith bank’s office.
ZENITH BANK LOANS AND HOW TO APPLY
1. Zenith Bank Salary Advance
If your salary account is domiciled with Zenith Bank, you can get a salary advance from the bank. In other words, salary advance is designed for staff of private companies and government agencies with active salary accounts domiciled in Zenith Bank.
Do note that applicants must be on a minimum salary of N 25,000 for public sector and N 50,000 for private-sector employees to access Zenith Bank Salary Advance.
The bank gives up to 50% of net monthly salary in advance with 30 days tenor. This is one of the instant loan products as it takes less than 24 hours before the amount is disbursed to you.
With Zenith Bank Salary Advance, you do not need collateral and also documentation is minimal.
To apply for Zenith Bank Salary Advance, visit realtime.zenithbank.com/retailloan or contact your account officer.
2. Personal/Consumer loans
Personal loans are a type of loan you borrow to meet your immediate needs. This is a multi-purpose loan designed by Zenith Bank that can be used for tuition fees, home improvement, or even used for a festive celebration. Only salaried workers can apply.
Customers applying for a personal loan should realise that the amount you are eligible to borrow from Zenith Bank will be based on their income and credit history. Also, there won’t be any reason to provide collateral, but there will be minimal documentation.
To apply for a zenith bank personal loan, go to realtime.zenithbank.com/retailloan or you can also visit any zenith bank branch around you. Do note that there is no assigned ussd code but the online platform is as good as dialing the zenith bank loan code.
3. Asset acquisition/Car Loans
If you are interested in upgrading your car or acquire some household assets, you can get Asset acquisition/Car Loans from Zenith Bank.
The auto loan, otherwise known as Asset acquisition/Car Loans is only given to salary income earners that have their accounts domiciled with the bank. If successful, you will need to provide 20 to 30% of the equity while the bank completes the rest.
This type of loan does not require collateral but you will need to go through documentation. The financed asset is as good as collateral, therefore you must make good your promise to pay back the loan as arranged.
4. Mortgage Facility
Mortgage Facility is a loan facility given to salary income earners or individuals with verifiable and steady income flow who want to upgrade or buy a home. This is a long term loan, you can expect the bank to give you enough time to repay the loan. Meanwhile, property to be financed must be residential and not for commercial purpose.
A joint mortgage is also allowed on Zenith Bank Mortgage Facility which is common between spouses. The bank has a list of reputable estate developers with whom they partner with. You can decide to purchase from any of them but this is strictly at your discretion.
To apply for a zenith bank mortgage, simply apply by completing all necessary information on realtime.zenithbank.com/retailloan or you could visit any branch close to you.
5. Education Loan
The bank is aware of how important education is, as a parent or guardian, you can get a zenith bank education loan to pay tuition fees for your children/wards.
This short term loan comes with a minimum facility amount of N100,000 and N5,000,000 as the Maximum Facility Amount. If your children or wards are in nursery, primary or secondary school, the maximum tenor will be 3 months and 9 months for those in tertiary institutions.
Do note that zenith bank will only pay directly to the school account since it is an education loan. However, the following documents are required to access the loan – Completed Application Form, school fees invoice, Child/ward must have an account with the bank, and Parent/guardian must also have salary account domiciled with the bank.
To apply for Zenith Bank Education Loan, reach out to zenith bank’s customer service representative at any of their branches spread around in Nigeria and request for a loan application form. The loan application form can also be requested via their online channel channels.
6. Z-woman Business Package (SME Loans)
Z-Woman is a loan product specially designed for women who are in business or own at least 55% share in a business. The loan can be used to expand business, purchase materials, or to upgrade infrastructure.
Each person can get up to ten million naira on Z-WOMAN BUSINESS PACKAGE with a flexible repayment plan of 12 to 24 months. The interest rate on this loan facility is 9% per annum.
For more enquiries, send a message to zenith bank via [email protected] Qualified customers will need to visit the bank to apply for Z-woman Business Package (SME Loans).
7. MSME LOANS
Micro, small and medium enterprises (MSMEs) are also not left behind, they can request for a loan from Zenith Bank provided their business falls under Beauty/Style, Confectionery, and Fitness.
The Minimum & Maximum Loan Amounts are N500,000 & N2,000,000 respectively with 12 months loan tenor. The interest rate is 9% p.a. The loan amount is charged 0.5% – 1% flat subject to a minimum of N10,000
To access an MSME loan, Business must be categorized in any of the approved sectors and business account domiciled with zenith for a minimum of 6 months.
To apply for an MSME loan, go to the nearest zenith bank branch, and request for the loan application form.
8. Zenith Bank Term Loan
Zenith bank term loan is a type of loan designed by the bank to help support personal or business needs. Depending on the loan amount, and your status, it could be an unsecured or secured loan.
Term loan is in 3 parts, short, medium, and long term. A short term is not only suitable for business needs but can also be diverted for personal use. The short term loan tenor is mostly between 12 to 24 months.
Medium loan tenor could take up to 10 years while the long term loans are repaid within 10 to 20 years.
Customers who need term loans for personal or business needs should go to any zenith bank branch nearest to them. However, they can also call or email zenith bank customer care for more info.