Zenith Bank plc is a reputable and prominent bank in Nigeria that has bagged several awards over the years due to its outstanding performance. Basically, the bank offers reliable banking services to its customers. One of the best parts of banking with Zenith bank is its wide range of juice loan offers. In the subsequent paragraphs, you will learn about the various types of Zenith bank loans and how to access them.
An Overview of Zenith Bank
Zenith Bank Plc is a Nigerian financial institution that offers corporate, retail, and investment banking products and services to Nigerians.
Over the years, the bank has built its reputation and currently boasts over 1.6 million customers and 500 branches nationwide. Also, they have a shareholder base of over 500,000. Hence, Zenith Bank Plc is said to be one of the prominent banks in Nigeria.
What are Zenith Bank Loans Products?
Although the majority of Zenith Bank loans are for organisations and businesses, they also offer loan services to individuals.
Here’s a comprehensive list of Zenith bank loan offers:
1. Z-woman SME loan
The Z-Woman SME loan is a loan product that Zenith offers to businesses that are owned by females. Basically, this product aims to grow the SME sector and promote gender inclusion in the sector.
Who is eligible to obtain the Z-woman SME loan?
Every Female-owned business is eligible for this loan. However, a woman must be the major shareholder of the business – at least 50%.
What is the interest rate on the Zenith bank Z- woman SME loan?
The Z-woman SME loan has an interest rate of 12% per annum with a maximum loan amount of 10 Million Naira. Also, the loan tenor for this kind of loan is 12 to 24 months
How can I apply for a Z-woman SME loan from Zenith bank?
To apply for the Z-Woman loan package for your business, do this:
- Visit the closest Zenith Bank branch.
- Next, tell them that you would like to apply for a Z-woman SME loan package and you will be given a form to fill out.
- Thereafter, you can fill out and submit the form and wait for Zenith to process your loan application.
For more enquiries or questions, you can simply send an email to agentbanking@zenithbank.com to get an answer as soon as possible.
2. MSME Loans
MSME loans aim to finance small and medium enterprises. Zenith offers you this loan at an interest rate of 9% p.a cor a moan tenor of 12 months
Who is eligible to obtain an MSME?
Any Zenith bank business account that is at least 6 months old is eligible to obtain an MSME loan from Zenith.
3. SME Sub-KD/Sub-Dealer Finance Scheme
The Loan allows businesses to access fast and working capital for the purchase of their inventory. Basically, SME Sub-KD aims to finance the growth of a business by funding its machines to boost productivity.
Who is eligible for the SME Sub-Dealer Finance Scheme?
The Sub-KDs loan is available to Key Distributors of prominent FMCGs and helps to finance the expansion of a business. This loan has an interest rate of 19% per annum and a loan tenor of 12 to 24 months. The maximum amount of loan you can access is N5M. For more details about this loan, just send a short email to sme@zenithbank.com or zenithdirect@zenithbank.com
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4. Retail Loans For Schemes
This kind of loan caters to the needs of individuals who have an active Zenith account. It is further divided into the Salary Advance loan, car loans, personal loans, and mortgage facilities.
Let’s take a look at what each entails:
- Salary Advance is one of Zenith bank’s loans that offers you up to 60% of your total monthly salary. Basically, this solution aims to help you to settle your urgent short-term financial needs.
- Personal/Consumer loans that help to finance your personal needs.
- Car Loans/ Assets Acquisition that helps to fund the purchase of your vehicles or any household assets.
- Mortgage Facility that was designed to make your dream of owning a house come through. Basically, you take out this loan to buy a house.
For more details on this kind of loan, just call Zenith bank on m 012787000 or send a short mail to zenithdirect@zenithbank.com
How can I apply for the Zenith Bank retail loan?
If you would like to obtain a Zenith bank retail loan for individuals, follow these simple instructions:
- Go to their website, click on the menu and tap “Corporate”.
- Next, touch “Loans and Investment” then scroll down and you will find “Retail Loans For Schemes”.
- Once you find it click on “Apply”, fill out the application form correctly then submit it.
Alternatively, you can visit the nearest Zenith bank branch near you to request a salary advance loan application form.
What documents do I need to apply for a Zenith Bank Salary Advance Loan?
- Your basic details, such as your name, phone number, address, and a valid means of identification
- BVN
- Details of your next of kin
- Your financial information
5. Education Loan
Education is the foundation of a country’s social and economic development. Zenith’s education loan scheme is one of the major Zenith bank loans that was made to offer short-term financial support to parents or guardians who want to pay their kid’s school fees. As a parent, you can obtain a minimum loan amount of N100,000 and a maximum loan amount of N5,000,000. The loan tenor is between 3-9 months depending on the level of education of your children.
What are the requirements to obtain Zenith Bank’s Education Loan?
Here’s what you require to take out an education loan from Zenith bank:
- Completed Application Form
- You need an active salary account with Zenith bank as the Parent/guardian
- Your Child/ward must have a Zenith bank account.
- The invoice for your kid’s school /tuition fees
6. Creative Industry Financing Initiative (CIFI)
The CIFI is a scheme made by the Central Bank of Nigeria (CBN) and the Bankers’ Committee. Basically, this scheme aims to boost job creation and employment rates in Nigeria, especially among the youth. The businesses listed under this scheme include:
- Fashion
- Movie Production
- Information Technology
- Music
- Movie Distribution
- Software Engineering student Loan
The CIFI loan tenor is 10 years with an interest rate of 9% per annum.
What documents do I need to obtain a CIFI loan from Zenith bank?
To obtain the CIFI loan from Zenith bank, you need:
- Business Plan
- Accepted Offer Letter
- Board Resolution (if its a corporation)
7. Overdraft
is one of the types of Zenith bank loans which enables you (the borrower) to take out a specific amount that is more than the balance in your current account. Basically, overdrafts are given for a tenor of 12 months.
8. Timeless loans
The timeless loan is just like a pension advance that caters to pensioners in need. Basically, to get a timeless loan from Zenith bank, you need:
- A letter of Introduction from your pension company
- The credit Life Insurance policy that was issued by Prudential Zenith Life Insurance0
- A customer consent form to debit your pension account for the Insurance policy premium
9. Receivable Discounting/ Invoice Discounting
This is a type of Zenith loan that enables you to take out monetary value at a discounted rate. You take out this loan against already confirmed invoices for jobs that you have executed.
10. LPO Finance
LPO Finance is one of Zenith Bank’s loans that is designed to help customers to fund the supply of materials for a job or to finance the execution of a specific contract with reputable companies.
11. Import Finance Facility
Import Finance Facility is a kind of Zenith credit designed to finance the importation of raw materials, equipment, as well as finished goods. This loan can be given as Unconfirmed LC, Deferred Payment LC, Confirmed LC, Standby LC and Irrevocable LC.
12. Export Finance Facility
An Export Finance Facility is a loan designed to fund the exportation of agricultural produce and other commodities. Companies can obtain this loan either at the pre-shipment transaction stage or the post-shipment transaction stage.
13. Term Loan
A term Loan is a kind of credit (it could either be short-term, medium-term, or long-term) that is available to fund certain capital project growth or businesses for a specific tenor.
14. Lease
A lease is a kind of loan that helps to support the buying of assets or equipment for businesses. Basically, you can obtain a lease to acquire a property for your business.
15. Bonds and Guarantee
These are instruments issued by banks on behalf of their customers to provide support for contracts that involve supply or construction. Basically, bonds and guarantees help to create contingent exposure for Zenith bank.
What is the maximum or minimum loan amount I can borrow from Zenith Bank?
The maximum or minimum loan amount you can borrow from Zenith bank depends on the loan category. However, generally, Zenith bank offers you a minimum loan amount of N10, 000 to N100, 000. On the other hand, they offer a maximum loan amount of N50 million to N500 million. You can also access loans through the Zenith Bank Loan Code.
Zenith Bank App Customer Reviews (August 2023)
Positive Reviews
Dotun lambo – “I must confess that the app is very good, a friendly interface and easy to use. It is not a brain cracking one, though. Nonetheless the only issue i have with it is ‘THE STATEMENT OF ACCOUNT GENERATION’ I wouldn’t know if one could generate statement of account without visiting any of branches. Lest i forget, i can’t login my details on the ZB mobile app that is newly installed on my device because of the hardware token is requesting for. I believed changing of my device could have caused this.”
Jane Chidimma Imelda Amasiobi – “The app works pretty fine. I’ve been using it for two years now and aside from the once in a while technical glitches associated with apps, this app is fantastic. However, I’ve been finding it pretty difficult to check my transaction history, this is a new development, please fix it asap!”
Olakunle Abiodun – “I love this app but still need a little work, for example, if i generate a receipt and a message come in to my phone at the same time, the receipt will just go away without saving it, another thing is that there’s no way to generate a new receipt if mistakenly delete it from phone and need it later. Please fix this. But over all, i love thia app. Thanks for the reply appreciate, but i can only do this on my 1st account and not on the 2nd account which are tied together on my card. Pls fix.”
Negative Reviews
Adegbenro agoro – “This is highly disappointing. The user interface is so UNFRIENDLY 😡. We’re now in 2023 !. The SHARE transaction receipt option no longer works. Unless saved immediately retrieving the receipt is cumbersome. The app itself is so sluggish. To login one often has to re-enter already saved passwords. There’s no DARK MODE option. ONE STAR RATING.”
Unyime Ajah – “What could the problem be? It could be so frustrating most times especially when you want money for an emergency. The app keeps saying “sorry an error occurred.” You can’t log in. Next, if you eventually get in, the service stops abruptly and you can’t complete your transaction. This has been going on for a week now. What exactly is the problem?”
Kizito Peterson – This app has lots of bugs and very poor UX. After downloading this app, I can’t log in because it keeps requesting a hardware token. Meanwhile, there is an option to input card details but it doesn’t work. Even the soft token doesn’t work and Zenith’s Customer care unit has no solution. Very annoying.
How can I contact Zenith Bank?
Contact Zenith Bank today through the following ways:
Email: zenithdirect@zenithbank.com
Phone number: 234-1-2787000, 0700ZENITHBANK or you can just visit any Zenith Bank branch close to you.
Website: www.zenithbank.com
Bottom Line
Zenith Bank loans aim to provide its customers with instant credit to help settle pressing needs. The bank provides a wide range of loans to both individuals and companies. However, to access any of these loans, you need to open an active salary account with Zenith bank so that they can build their trust in you.
