How to Get a Loan from Zenith Bank

What is Zenith Bank Loan?

Zenith Bank is one of the best and most renowned commercial banks in Nigeria. The bank is always at the frontline in rolling out fresh features and products that will help its customers in the most innovative way.

You can get a loan through Internet banking, USSD code, or by visiting any of the branches nationwide.

As we speak, Zenith Bank has over 500 branches spread across the country and the best part is that you sometimes don’t need to visit any of those branches to start banking with the institution as most of their products and services can be found online and using your smartphone is all that is required.

So, what is a Zenith bank loan like? Is it accessible to everyone or just business owners? These and more are some of the questions that Nigerians are finding answers to, and which I will discuss here in this post.

Zenith Bank is a pioneer in the financial services industry with over 500 branches nationwide. It also has wigs in the United Kingdom, Ghana, Gambia, and Sierra Leone.

You can choose from its array of loan products and decide which one best suit your financial goals. Some of these products also have educational programs that will teach you the importance of finance and how to manage your money.

However, there are requirements to be met before you can get access to these loans. Zenith Bank, as a top financial institution, doesn’t provide loans the way online loan apps operate. You must go through process and scrutiny.

Notwithstanding, their loan products are open to every individual as long as you are a Nigerian. So, keep reading as we elaborate more on the type of loans, requirements, and procedures.

Types of Zenith Bank’s Loans

Zenith Bank has different types of loan products including personal and business geared toward helping its customers and non-customers in the way they like.

Here are some of them so you can make an informed decision:

Personal Loans

1: Salary Earner Loan: This type of loan is under the personal category and it is met for salary earners. You can apply for the loan even if you don’t have a bank account with Zenith, but you’ll have to tender some documents like an employment letter or income statement.

2: Zenith Eazy Loan: The Eazy loan is for individuals who want to finance their immediate needs. It is a short-term loan with a 3% interest rate that is paid within 30 days.

It is almost the same thing as collecting a loan from any of the online loan apps but with a different procedure.

3: Assets Loan: If you need a loan to buy a car or any other asset, the assets loan by Zenith Bank is another product you should choose.

Apart from that, it also has educational resources that will expose you to various financial disciplines.

4: Mortgage Loan: The Mortgage loan is available for individuals with the mindset of buying or owning a house. It is another great way to key into the lucrative real estate market.

Business Loans

Now, let’s see how Zenith Bank business loans can help your business and what they look like.

1: Z-Woman SME Loan: In Zenith Bank, the Z-Woman SME loan is called Z-Woman Business Package and it is for women entrepreneurs who want to finance their businesses.

Have you realized why Zenith is the best financial institution in Nigeria? Because they carry everyone along.

The loan can be used for different motives like financing a business, buying assets, or investing, and you can borrow up to N10 million for a maximum tenure of 2 years.

Interest rate: 9% per annum.

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2: Zenith Bank MSME Loan: With the MSME loan, you get access to funds for your business and pay back within one year as the loan has a 1-year tenor. The interest rate stands at 9% per annum.

3: Zenith Bank CIFI Loan: CIFI stands for Creative Industry Financial Initiative and was set up by the Central Bank of Nigeria (CBN) for individuals and businesses within the creative market.

For instance, movies, music, fashion, and ICT, if your business is within those areas, you can get a Zenith bank CIFI loan. It was initiated to appreciate our growing entertainment industry and to add more young talents.

So, if you are good in any of these areas, whether you are a student, head over to any Zenith bank now and inquire about the loan.

4: Zenith Bank Overdraft: As a customer, you can borrow more than what is left in your account. Good right? You also have a 1-year repayment plan, allowing you to finance urgent expenses or invest in appreciating assets.

5: Zenith Bank Invoice Discounting: With this loan, businesses, can borrow against their invoices. The money involved will be discounted, meaning you will get a discount on the invoice’s total value.

6: Zenith Local Purchase Order: The LPO finance is for companies who want to borrow against confirmed purchase orders to meet a financial need. For instance, a business that just secure a contract can get access to this finance to be able to supply the order.

7: Zenith Bank Import Facility: Is your business expecting an order? This loan product allows the business to secure funds to finalize the importation of goods and services. You can use the funds to import goods, however, supporting documents are necessary.

8: Zenith Bank Export Facility: Just like the import facility, this particular product gives you access to funds to export goods and services anywhere around the world. The loan is available at both pre and post-shipment levels.

9: Term Loan: With Zenith Bank term loan, businesses can borrow for a specific reason and pay back within the framework they select.

Selection is based on a short-term and long term and they can pay in installments.

10: Zenith Bank Syndicated Loans: Zenith Bank collaborates with other firms to provide large business loans to companies and organizations for a long-term period.

Zenith Bank Loan Requirements

You must be a business owner either having your company or financing a project or business.
You must be a salary earner with a private company or a government worker.
You are required to fill out an application form online or offline. Although going offline will be an added advantage and that’s what I will recommend.
You need a Zenith Bank personal or business account. Don’t worry if you don’t have one. The first stage of the loan start from having an account number.
Your credit score must be evaluated, and you must not have outstanding debts with other banks.
You must be at least 18 years of age and not older than 60 years.

Note: In whatever loan offer or product you choose, always know more about the expense ratios or management fees. This will allow you to strategize whether to accept the loan or not.

If you meet these requirements, you can get a loan from Zenith Bank without any issues.

Zenith Bank Loan Interest Rates

The interest rates start from 1.20% and increase according to the loan facility.

Loan Duration

Some loans have 30 days duration while others can be more than 1 year. Depending on the type of loan, the duration is very important in deciding a loan offer that best suits your financial goals.

Application Duration

The application shouldn’t be more than 1-3 business days depending on how qualified you are. The process can take longer if your request requires additional checks or paperwork.

Zenith Bank Salary Advance Loan

The advance loan is another Zenith bank loan facility that is suitable for salary earners and comes with a very low-interest rate.

Borrowers get 60% of their earnings at a relatively low-interest rate and longer repayment options. It is part of the bank’s loan products that don’t require collateral as it provides financial help to people who cannot afford to secure standard loans for many reasons.

The interest rate is below 5% and you can borrow up to 60% of your monthly income with the plan.

How to Get a Loan from Zenith Bank

To get a loan, you can either use the Zenith mobile app, USSD code or by visiting any branch closest to you.

The easiest way is to use the USSD code and it is mostly for customers who have a working account with the Bank.

In this case, you will have to activate the USSD code service with your phone number and register for the Zenith Bank Eazy loan using USSD.

To activate the service, and register for the Zenith Bank loan using the USSD code, follow these steps:

1: Dial *966*00# from the number linked to the account.

2: After that, enter the last 4 digits of your ATM card number. Make sure you don’t commit a mistake.

3: To confirm that you added the right information, a summary of what you have added will appear on the screen.

4: Next, create a 4-digit PIN that can be remembered easily only by you.

5: Finally, read the terms and conditions and click on “Confirm” to complete.

If it is confirmed successful, you can now embark on the process of getting a loan with Zenith Bank Eazy Banking loan. Follow these steps to begin:

Step 1: Dial *966*11# from the phone number linked to the Zenith bank account

Step 2: If you qualify for a loan, the stipulated amount will be displayed on the screen.

Step 3: Click “Next” to proceed to apply for the same amount as you cannot change or apply for more than that.

Step 4: Accept the loan offer and proceed immediately to the next screen.

Step 5: Expect the money in your account after about some hours. It can even take longer depending on network.

That’s how to get the Zenith Bank Eazy loan using the USSD code. If you want a business loan or salary advance, walk into any branch to complete the process.

How to Payback Zenith Bank Loan

Since you have an account, the loan will be removed from there. Just make sure you have a sufficient amount in the account before the loan tenor elapsed.

The bank will handle every aspect of loan repayment and nothing else is required from your side.

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That’s A Wrap!

You can also check other great resources about Zenith Bank on this blog. We hope to educate our readers on various aspects of finance and money-related issues so that, they can make the right choice for their financial goals.