How to Borrow Money from Zenith Bank: If you look at the list of leading banks in Nigeria, you will notice that Zenith Bank is at the top. They have been providing commercial banking services since June 1990, and their efficiency and dedication in this regard are excellent and noteworthy. They have demonstrated this by striving to meet stakeholder demands since becoming a Public Limited Company (Plc) and being listed on the Nigeria Stock Exchange (NSE) in 2004.
Moreover, their unwavering commitment to serving as a catalyst for Nigeria’s economic growth has brought them several accolades and accomplishments. Making loans available to the general public is just one of the numerous ways that this has been made feasible.
What is a Loan?
A loan is a type of financial agreement in which a lender gives money to a borrower, who then promises to pay back the loan over time, usually with interest. Loans can be taken out for a number of things, including property ownership, schooling, business startup or expansion, and unforeseen costs.
There are many different kinds of loans available, such as business, mortgage, auto, personal, and more, each with unique terms and conditions based on the requirements of the lender and the borrower.
How to Borrow Money from Zenith Bank
Before I guide you through How to Borrow Money from Zenith Bank, let us look at the different types of loans available at Zenith Bank.
How to Borrow Money from Zenith Bank Via the Z-woman business package (SME loans)
Z-Woman is our loan product for female owned businesses in all sectors, primarily geared toward growing our SME sub-sector and diversifying our customer base.
| Eligibility | Female owned businesses with a shareholding of 50% or any majority shareholding, provided it’s owned by a woman. |
| Purpose | Business Expansion (Working Capital Requirements, Purchase of Raw Materials, Raw Materials & Infrastructure upgrade) |
| Sectors | Beauty/Style, Confectionery, Fitness, Agriculture & Others |
| Rate | 16% Per annum |
| Maximum Loan Amount | N10M |
| Loan tenor | 12 to 24 months |
| Repayment | Monthly or quarterly repayments in line with the customer’s cash flow from sales/collections into account with Zenith Bank |
| Management Fee | 1% flat |
| Security | Acceptance of the BVN covenant, Personal guarantee of customer, Insurance, Positive Credit Checks, and Company Profile |
| How to Apply | To apply for Z-Woman Business Package, simply visit the nearest Zenith Bank branch. |
How to Borrow Money from Zenith Bank Via MSME Loans
| Purpose | To finance small and medium enterprises |
| Sectors | Beauty/Style, Confectionery and Fitness |
| Minimum & Maximum Loan Amounts | N500,000 & N2,000,000, respectively |
| Rate | 27% per annum. |
| Loan tenor | 12 months |
| Eligibility | 1. Business account with Zenith bank that is not less than 6 months old 2. Businesses must be categorized in any of the approved sectors. 3. Business must have at least one of our electronic connection channels |
| Management Fee | 0.5%–1% flat, subject to a minimum of N10,000 |
| Condition | Exclusivity of all transactions done by the customer to Zenith bank |
| Security | Acceptance of the BVN covenant Personal guarantee of customer Positive Credit Checks |
How to Borrow Money from Zenith Bank Via the SME Sub-KD/Sub-Dealer Finance Scheme
Businesses can obtain working capital under the SME Sub-KD/Sub-Dealer Finance Scheme to buy inventory from key distributors of major FMCGs, boost sales targets, expand their business volume, and meet other expansion demands.
| Eligibility | Sub-KDs of the listed Key Distributors (list attached below) Sub-KDs meeting at least N50 million in average six months’ turnover. |
| Purpose | Business Expansion (Working Capital for Inventory Purchase) |
| Sectors | Food, Bakery & Confectionery Beauty, Style & Fashion Health & Fitness |
| Rate | 19% Per Annum |
| Maximum Loan Amount | N5M |
| Loan Tenor | 12 to 24 months |
| Repayment | Flexible repayments in line with customers’ cash flow from sales/collections into account with Zenith Bank |
| Management Fee | 1% flat |
| Security | Acceptance of the BVN covenant, Personal guarantee of customer, Insurance, Positive Credit Checks and Company Profile |
| How to Apply | To apply for the Zenith SME loan, simply visit the nearest Zenith Bank branch and speak to any of our relationship managers. |
How to Borrow Money from Zenith Bank Via the Education Loan
One tool Zenith Bank is using to help fight the weak economy is the education loan. Parents are able to pay for their children’s tuition thanks to this program. It is also a short-term financial source. A hundred thousand Naira is the lowest facility amount, while five million Naira is the maximum.
The Zenith Bank education loan program is intended to provide parents and guardians with short-term cash so they can pay for their children’s or wards’ tuition. Education is the cornerstone of social and economic progress.
The maximum period is three months for junior level work and nine months for tertiary level work. Once again, upon receipt of a completed application, the funds will be deposited straight into the child’s educational institution account. Additionally, both the parent and the child must have a domiciled salary account with Zenith Bank.
FEATURES
- Minimum facility amount: N100,000
- Maximum facility amount: N5,000,000
- School fees will be paid directly to child/ward’s school.
- Maximum tenor of 3 months (Junior School) , Maximum tenor of 9 months (Tertiary Institution)
REQUIREMENTS
- Completed application form.
- The parent or guardian must have a salary account domiciled with the bank.
- The child /ward must must have an account with the bank.
- Invoice of school or tuition fees,.
How to Borrow Money from Zenith Bank Via Timeless Loan
| Service Offering Name | Timeless Pension Advance Plus | Timeless Pension Advance |
| Loan Type | Pension Advance | Pension Advance |
| Purpose | To provide pension advance to timeless pensioners | To provide Pension Advance to Timeless Pensioners |
| Tenor | 12 – 18 months | 30 – 90 days |
| Maximum Loan Amount | 50% of Annual Pension Receivable sum | 100% of monthly pension value |
| Repayment Amount | Maximum 33% of monthly pension value | Minimum 30% of monthly pension value |
| Repayment Cycle | Monthly | Monthly |
| Interest | 16% P.A | 16% P.A |
| Eligibility | For Timeless Account Holders | For Timeless Account Holders |
| Pensioners who receive consistent monthly pension with the bank | Pensioners who receive consistent monthly pension with the bank | |
| Pensioners who receive monthly pension of N500,000 & Above | Age range 55 – 70 years | |
| Age range 55 – 70 years | ||
| Requirements | Credit Life Insurance policy issued by Prudential Zenith Life Insurance Letter of Introduction from pension company Customer consent to debit account for Insurance policy premium PAM Accepted Offer Letter and completed facility sheet | PAMAccepted Offer Letter and completed facility sheetLetter of Introduction from pension company |
| Management Fee | 1% of loan value | 1% of loan value or maximum of N10,000 |
VEHICLE FINANCING
| Service Offering Name | Vehicle Financing for New Cars |
| Loan Type | Vehicle Loan |
| Purpose | Enable customers acquire new vehicles in a financially convenient manner |
| Tenor | 3 – 5 Years |
| Eligibility | Salaried Income Persons, SMEs & Corporates |
| Car Dealer Offerings | Free vehicle registration. Free car delivery within Nigeria· Free servicing (first 3 services) 5 years warranty· Co-advertisement of the partnership Car insurance with Zenith General Insurance |
| Maximum Repayment Amount | 33.3% of monthly turnover |
| Repayment Cycle | Monthly |
| Interest | 18% P.A |
| Management | 1% |
| Equity Contribution | 10% (Minimum) Salaried Income Persons· Letter of Introduction from Employer, Employee Status Enquiry/Employer confirmation and undertaking. Recent 6-months pay slip/salary bank account. SMEs & Corporates Company Profile, Recent Management/audited accounts, Bank statements. Personal Guarantee of a Director supported by notarized statement of net worth. Board Resolution (For Corporates only). |
How to Borrow Money from Zenith Bank Via Other Loan Services Offer by Zenith Bank
Here, I’m going to explain to you other ways or methods on How to Borrow Money from Zenith Bank:
Retail loans for schemes
This kind of loan takes the form of an advance salary payment system. This is made feasible by offering a flexible funding option that can quickly meet your budgetary requirements. In addition, this type of loan is of three types, namely;
- Personal loans: Also known as consumer loans, these retail loans are intended exclusively to meet an individual’s financial needs.
- Loans for the Acquisition of Assets: The funds obtained here are used to buy real estate, appliances, and even cars.
- Mortgage Facility: If you have been wanting to own or purchase your ideal home but do not think you have what it takes, you may apply for the Zenith Mortgage Facility, which will help you acquire it stress-free.
Bonds & Guarantee
Bank loans are known as bonds, and a guarantee is a commitment that is attached. They increase your dependability and capacity to fulfill commitments, which benefits the bank by increasing its exposure to you.
Receivable Discounting and Invoice Discounting
Another name for this is invoice discounting. With this kind of loan, a borrower can receive a monetary value on discounts on previous work invoices. This acts as verification.
Import finance facility
One kind of loan that Zenith Bank offers for the importation of equipment, completed items, and raw materials into the nation is called an import finance facility. A variety of types, including Irrevocable LC, Standby LC, Deferred Payment, Unconfirmed LC, and Confirmed LC, may be offered for the import finance facility.
LPO Finance
The LPO finance loan is an additional lending product that Zenith Bank provides. Customers who want to borrow money to support material supply or contract supply to well-known brands can apply for this specific loan.
Lease
Zenith Bank provides a unique lending option called lease to assist with the purchase of assets and other crucial machinery. This loan falls into two groups. Leaseback financing and finance.
Export Finance Facility
Either the pre-shipment or post-shipment phases of the transaction can determine the availability of the export finance facility. This specific credit is intended for the export of goods such as agricultural products.
Term Loan
A term loan, which is available from Zenith Bank for a long, medium, or short period of time, is another credit option for financing a specific company venture or capital growth. The repayment options for this credit include balloon, bullet, or installment.
Creative industry financing initiative (CIFI)
This kind of financing is intended to help young people find employment in the nation. It is a collaborative initiative between the Central Bank of Nigeria and the committee of Zenith Bank. The following industries are eligible for this credit: information technology, fashion, movie and music distribution, and other associated industries.
You can borrow up to thirty million Naira for movie production, fifty million Naira for movie distribution, and other businesses, depending on what the project seeks. The loan duration for this is ten years.
Overdraft
A credit known as an overdraft is available to customers who have current bank accounts. You are able to take out or borrow more money here than what is available in your account balance. Usually, you get a maximum of twelve months to pay this off.
Moreover, there are two types of overdrafts. The Timeless Pension Advance and Timeless Pension Advance Plus will be discussed.
Frequently Asked Questions
How to Block Zenith Bank Account Using USSD Code
The code to block your Zenith Bank account is *966*911#, but there are steps you must follow carefully to block your Zenith Bank account.
- Launch the dialer app on your phone.
- Dial *966*911#.
- Enter your account number.
- Enter the phone number linked to your account.
- Reply 1 (Continue)
- A message will display, “Debit transactions successfully stopped on your account.”
How to Transfer Money from Zenith Bank Via USSD Code
Dial *966*Amount*Account Number# (e.g., *966*300,000*2199904456#) from your phone number, which must be the number you used to open your Zenith Bank account. Authenticate your transaction with your PIN. That’s all.
How to Activate Zenith Bank Transfer Code Via USSD Code
The procedures for activating a Zenith bank transfer code are quite straightforward to comprehend and carry out. To activate the Zenith Bank transfer code, follow these steps:
- Launch the dialer app on your phone.
- Dial *966#.
- Reply 8 (Register).
- Enter the last 4 digits of your debit (ATM) card number.
- Your account name will appear on the next page, and you will be asked to enter a four-digit PIN.
- Confirm the 4-digit PIN.
How to Transfer Money from Zenith Bank Via Mobile App
Another convenient option to quickly and easily check your account balance is using the Zenith Bank mobile app. Using the instructions listed below to accomplish that
- Download the Zenith Bank mobile app. (Android or iOS).
- Launch the app.
- Register if you are a new user with the app, or log in if you are an old user.
- Navigate to the Transfer Funds section.
- Select the transfer type.
- Enter the recipient’s details.
- Verify the recipient’s information. (Very Important)
- Select the account to transfer from.
- Review the transaction details.
- Input your Zenith transfer pin.
- Once the transaction is successful, you’ll receive a message (a debit alert) on your phone notifying you that the transfer has been completed.
