Zenith bank salary advance – If you are a salary earner with account domiciled with Zenith bank Plc, you can access a term loan against salary to address your short term financial demands.
What is Zenith Bank Salary Advance?
This is a revolving credit that affords you up to 60% of your net monthly salary to address your short term financial obligations.
Available to confirmed and professional salary account holders of a number of companies, etc.
It comes with an interest rate of 26% per annum, 2.16% monthly, management fee of 1% with a minimum borrowing amount of N5,000.
Who can access this loan?
Salary earners, professional account holders with Zenith bank.
- Your salary account must be domiciled with Zenith bank
- You will sign an indemnity clause for right of set-off in any bank using BVN.
By implication, if by any means you defaulted on repayment at the appropriate time, or Zenith bank is unable to complete deductions at the right time, the bank can go ahead to recover the debt by accessing funds you may have in other Nigerian banks using your BVN.
- You can borrow a maximum of 60 percent of your monthly salary.
Other loan types by Zenith bank
Z-Woman business package (SME loans)
The Z-woman is a single digit loan product for women who run businesses in all sectors geared toward growing the SME sub-sector.
Eligible to only female owned businesses with shareholding of 50%.
- Beauty style
- Agriculture, etc.
The rate for the Z-woman is 9% per annum, with a tenor of 12 to 24 months, management fee of 1% flat.
This loan can be repaid quarterly in line with the customer’s cash-flow from sales collections into Zenith bank account
Read also: How to access Wema bank salary advance loan
To apply for this loan kindly reach out to: firstname.lastname@example.org
The Zenith bank MSME loans are meant to finance Small and Medium Enterprise.
Targeting the beauty/style, confectionary and fitness sector, with a maximum loan amount of N500,000 and N2,000,000 respectively at the rate of 9%, 0.5%-1% flat management fee
This aspect consists of
- Personal loan
- Asset acquisition/car loans
- Mortgage facilities
To apply kindly reach out to: email@example.com
Here’s a loan designed to provide short term funding to enable parents/guardians pay tuition fees for their children/wards.
- It has a minimum loanable amount of N100,000
- Maximum of N5,000,000
- The school fees is paid directly to the school
- It has a maximum tenor of 3 months for junior school, 9 months for tertiary institution.
- A completed application form
- The parent/guardian is expected to have salary account with Zenith bank
- The child/ward must have an account with the bank
- Invoice of the said school must be provided for the tuition fees payment.
Creative industry financing initiative (CIFI)
The Central bank of Nigeria in a bid to boost job creation in Nigeria in collaboration with Bankers’ committee has developed a Creative Industry Financing Initiative (CIFI) fund.
- Information and Technology
- Movie production
- Movie distribution
- Software Engineering student loan
Overdraft is a loan which gives the obligor/drawer the opportunity to draw certain amounts from his account in excess of the credit balance in his current account, within a tenor not more than twelve months.
- Timeless loan
- Receivable discounting/invoice discounting
- LPO finance
- Import finance facility
- Export finance facility
- Term loan
- Lease and
- Bonds & Guarantee.
Read also: How to access First bank salary advance
Zenith bank loan code is denoted by *966#
Zenith bank salary advance can mediate in between to provide short term financing to see out your financial challenges, then repay the loan subsequently from your salary.