However you see it, getting a loan in Nigeria is actually not a very easy task. Meanwhile, we can’t heap all the blames on the banks, as the society and even the loan seekers have their issues. So, in this post we will give a full guide on how to get a loan from Zenith bank. Your Zenith Bank loan is just a step away once you apply these simple tips.
It is understood that one challenge most businesses and even individuals face is finance. You may never understand the situation fully until you have a dire emergency days before payday, or have some business demands requiring immediate financing.
Meanwhile, a lot of ideas die even before they are tried due to lack of funds. Most times, the only available option is an external financial assistance in advance, with a plan to repay in future. Let’s walk you through why you should try Zenith
So, Why Zenith Bank
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Zenith Bank is undoubtedly one of the biggest financial institutions, not just in Nigeria, but the entire Africa. It is arguably the biggest Nigerian bank today (at least before the game-changing Access-Diamond merger).
Indeed Zenith Bank with consistently strong revenues and profit is one of the best banks to run to for loans. Even if you do not like them for any reason, you just must appreciate their service culture. Zenith Bank is always a step ahead in bringing up new ways to serve you.
Disclaimer: Please note, we have NOT been endorsed by Zenith bank or any of its affiliates and/or agents for any sort of promotion. This article is for research and informational purposes only.
This article will presented in various sub categories for easier perusal and better understanding. The subsections will include:
- A Review of Zenith bank:
- Meaning of loans
- Advantages and disadvantages of getting a bank loan
- Types of loans available at Zenith Bank
- Sure Tips on getting a loan
- How to Apply
A Review of Zenith Bank
Zenith Bank plc was incorporated as a limited liability company licensed to provide commercial and other banking services to the Nigerian public in May 1990. The Bank commenced operations in July 1990, and has since then grown to become one of the most respected banks across Africa.
GTB currently operates in about five countries mainly within Sub-saharan Africa and subsidiary offices in the United Kingdom, The united Arab Emirate and representative offices in south Africa and China. It has its Headquarters at zenith Heights, plot 84, Ajose Adeogun Street, Victoria Island Lagos, Nigeria.
Pros and Cons of Getting a Bank Loan
A loan is an agreement for a temporary transfer of cash from the lender to the borrower who promises to return it according to the agreed terms. Loans may look very enticing, but in some situations may not be necessary. It is definitely a great idea to boost your capital base. However, basic accounting calls it a liability. So, here are the immediate pros and cons you should have in mind before applying for a loan.
On the positive side, the gains associated with getting a bank loan are many. Loans actually boost your liquid capital base for investment. They make available funds to settle immediate needs, even before pay-day.
On the other hand, the most common challenge associated with loans is the burdening repayment conditions. By this, you may end up enslaving yourself as some loans carry very strict conditions.
Advice: Avoid seeking loans for ventures whose productive capacity is not assured.
Categories of Loans
For the sake of this post, we will consider loans in two broad categories, namely:
- Personal Loan
- Business Loan
1. Personal Loan
As the name implies, this category focuses on the personal financial needs of customers. Note however that Zenith bank lays preference on employees who have accounts with the bank. Some of the areas the bank cover are listed below:
- Payday advance
- School fees advance / Student loans
- Salary finance
- Home loans (Mortgage)
- Vehicle finance
- Computer advance
2. Business loan
Zenith bank offers loan facilities to a variety of legitimate businesses, from start-ups to existing concerns. Do well to reach out to your account officer to find out how suitable your business is. They have great facilities for SMEs, Fixed Capital expansion, Overdrafts and so on.
Tips To Get A Loan
To avoid a waste of your time, I will summarize, and present this section in very short lines. However, for further explanation or consultation, please do well to CONTACT US HERE
- Maintain an account (preferably salary account) with the bank. If the bank manages your funds, they will definitely know your “threshold”, as well as your financial reputation.
- Have a definite amount and purpose in mind.
- Clearly draw out a credible repayment plan. The bank won’t part with their fortune until they are sure of your capacity and commitment to pay back.
- For start-ups, present a reasonable business plan. No one invests in a line he is not even sure of its realization.
- Start something with the little funds available. Your commitment to your dream could spur the bank to bank on you.
- Maintain a good financial record. Loans to some extent are given on trust. A bad debtor is generally considered unworthy of a loan. He may also not continue in his ‘usual’ ways.
- Get close to your account officer. It is better for you if you have a personal relationship with your Account Officer. He will get to know your status, and recommend the best possible facility to fit your need.
- Ensure you go for not more than a considerable percentage of your annual income.
- Provide every necessary document.
- Offer an appreciating collateral or a dependable guarantor.
How to Apply for Zenith Bank Loan
Zenith Bank has made its loan application process quite easy and stress-free. You could complete the process online, or by walking into any nearby branch. Simply visit the official website for more information.
Finally, please leave any question or contribution in the comment section.
Read Also: How To Get A Loan From First Bank