Do you wish to get a loan from zenith bank? Or have you been using zenith bank and unable to apply for a loan? Worry no more, we have compiled comprehensive details about how to get a loan from zenith bank in simple ways. Let’s quickly get started.
What you need to know about Zenith bank
Zenith Bank Plc is a leading financial services provider in Nigeria, providing banking and financial services to millions of Nigerians. Founded in 1990, it has since become the largest bank in the country by asset base, boasting over 500 branches nationwide and an expanding international presence in the United Kingdom, the United Arab Emirates, Ghana, The Gambia, Sierra Leone, Liberia and Zambia.
Does Zenith bank offer loans?
Yes, Zenith Bank Plc offers different types of loans for customers.
What are the type of loans offered by zenith bank?
- Personal Loans: These are short-term loans that offer fast access to funds for personal and household expenses. These loans are designed for individuals who need money for anything from buying a car, paying for an emergency expense or consolidating debt.
- Business Loans: These are designed for business owners and entrepreneurs looking for funding to start or grow their businesses. Loan amounts can range from N100,000 up to N10 million.
- Mortgage Loans: These are long-term loan solutions for individuals and families looking to purchase or refinance a home. Zenith Bank offers competitive rates and flexible repayment plans tailored to the needs of customers.
- Car Loans: These are loans specifically tailored to cover the cost of purchasing a new or used car. Repayment terms can be tailored to fit the needs of individual customers.
- Education Loans: These are special loans offered by Zenith Bank to finance tertiary education in Nigerian universities, polytechnics, and colleges of education. The loan covers the tuition fee and other school related costs such as accommodation and book fees.
- Consolidation Loans: These are loan products that help borrowers with multiple loans consolidate them into one payment with a lower interest rate. This helps make loan repayments easier and more manageable.
- Renovation/Home Improvement Loans: These are loans specifically designed to finance any renovations or home improvements that you may need for your home or property.
- Equipment Loans: These are loan products specifically designed to finance the purchase of equipment or machinery for business purposes.
Criteria for getting a loan from zenith bank
They are some criteria or requirements that you must meet in other to apply for a Zenith bank loan. They include:
- You must be a citizen of Nigeria or a foreign national residing in Nigeria.
- You must be 18 years old or older and have a valid government-issued ID.
- You must have a verifiable source of income, such as a salary, pension, investment income, or other steady source of money that allows you to pay back the loan on time.
- You must provide proof of address, bank statement, and tax identification number (TIN).
- You must have an existing bank account with Zenith Bank that is in good standing.
- You must have an active phone number and email address for communication.
- You must provide a guarantor who is willing to vouch for your loan repayment. The guarantor must meet all the same criteria as you do, as well as having an existing bank account with Zenith Bank that is in good standing.
- If you are requesting a loan amount greater than N500,000, then you will also need to provide documents such as financial statements, business plans, and other evidence of your ability to repay the loan.
What are zenith bank interest rates?
The interest rate for Zenith bank loans is between 3% to 28%, with some exceptions such as mortgage loans that have a lower interest rate.
How to apply for a zenith bank loan
- Visit your local Zenith Bank branch: If you are already an existing customer of Zenith Bank, you can visit the nearest branch to discuss your loan needs with customer service representatives.
- Fill out the loan application form: You will need to fill out a loan application form, which is usually available in branches and online. The form will ask for details about your income, expenses, credit history, and other financial information.
- Submit supporting documents: Depending on your loan requirement, you may be asked to submit documents such as proof of income, collateral documents, etc. These documents will help the bank assess your credit worthiness.
- Wait for the approval process: After submitting all the necessary documents, you will have to wait for the approval process. Once your loan has been approved, you will be notified and asked to sign the loan agreement.
- Repayment: Once you have signed the loan agreement, you will have to start making regular payments towards the loan principal amount and interest. Make sure that you make all the payments on time to avoid any penalties or default on the loan.
What is the code to borrow money in Zenith bank?
The code to borrow money from Zenith Bank is *966*11#. This is a USSD code that can be used for different banking transactions, such as transferring funds, paying bills, checking your account balance, and more. To use the code, simply dial *966# from your registered mobile number and follow the on-screen instructions.
Does zenith bank give payday loan?
Yes, Zenith Bank offers payday loans as part of their loan products. Payday loans are short-term, unsecured loans that are used to cover immediate expenses.
They are generally repaid in full within a few weeks or on the borrower’s next payday. Customers can apply for these loans online and may receive funds quickly depending on their creditworthiness.