How To Borrow Money From Zenith Bank Using Bank USSD Code – Zenith Bank is one of the banks in Nigeria that offers quality services ranging from excellent customer support to allowing you to withdraw or deposit easily. One reason most people rush to bank with zenith bank is that the bank always comes to their aid when needed.
The bank offers a variety of loans, including personal loans, business loans, and mortgage loans. Usually, loans come in handy to customers in emergencies, especially since regardless of who you are, as long as you have an active account with the bank, you can access their loan. Additionally, you can obtain a loan from zenith bank using your phone.
In this article, you will learn how to borrow money from zenith bank using the bank USSD code, the eligibility, the amount you can borrow, and how to repay. So let’s get started without further ado.
How To Borrow Money From Zenith Bank Using Bank USSD Code
- The code to use when borrowing money from zenith bank is *966#, it is the general code used for the transaction.
- On your mobile phone, dial *966*00# to start.
- You will be taken to a page where you will be asked to insert the last four digits you will see on the front of your ATM card.
- It will take you to the next page, where you will see your name, and you will be asked to confirm the name and the authenticity of the information.
- You will be asked to create a four-digit pin.
- Now you have to create an account with Zenith Bank Eazy Banking
- Once you finish this step, the next step is to dial the code, which will allow you to borrow money.
- Dial *966*11# to borrow money.
Criteria For Obtaining Loan At zenith bank
- To obtain a loan from zenith bank, you must meet specific criteria set by the bank management. These criteria are
- You must have an active account with the bank.
- The account must be one that you usually receive your allowances
- Your age must not be less than 18, and you mustn’t be more than 60 years old.Your monthly salary must reach at least N10,000.
- You must never have any outstanding loan with the bank or any other bank.
Types Of Zenith Bank loan
Zenith Bank offers three types of loans which are personal loans, small and medium-sized enterprise loans, and mortgage loans.
- Personal loans: This kind of loan is usually given to customers that want to solve personal problems like children’s school fees, house rent, and other domestic needs.
- Business loans: Business loans are usually given to clients that want money to establish a business or sustain an existing business. Zenith Bank offers business loans, including MSME loans, export financial facilities, import financial facilities, and other related schemes.
- Mortgage loans: It’s usually offered to customers that want to start or finish a construction project. You can also use a mortgage to repay your mortgage.
- Also, ensure all the information you provide while filling out the loan is accurate; failure to provide accurate information will lead to disqualification. So ensure you are honest when filling out the form.
Thr amount you can borrow from zenith bank depends on one factor; how much you earn. Generally, zenith bank can lend you up to 60% of your salary.
What’s The Interest Rate For a Zenith Bank loan?
The zenith bank interest rate depends on the type of loan you want and the amount you wish to borrow. The Zenith Bank Eazy Loan interest rate usually starts from 3%.
Can you borrow money from zenith bank without collateral?
Yes, you can borrow money from Zenith Bank without collateral, depending on the type of loan you want to get. Personal loans and business loans can be obtained without any collateral. For a personal loan, you can borrow from N5,000 up the N2,000,000, and for a business loan, you can borrow from N50,000 up to N5,000,000.
How long will it take before they credit you the money
The best aspect of borrowing a loan from a zenith bank is that you can borrow it within a short time; it doesn’t take more than a day for them to approve the money; as long as you have passed all their eligibility criteria, they will disburse it to your account.
What does Zenith Bank check before approving a loan?
Zenith banks usually start by checking your credit history; they will also check your income, net worth, workplace, and many more.
How to repay the zenith bank loan
Repaying a zenith bank loan doesn’t require much process; you don’t need to do anything out of the ordinary. You should fund your account with sufficient money, or the same loan money, including the interest. The bank will deduct the money from your account.
What Will Happen If You Don’t Pay The Zenith Bank Money You Borrowed?
Generally, the penalty for failure to return a loan is written in your agreement. If you include collateral during your loan application, the bank will sell off the collateral, while if there is no collateral, the bank will increase the interest rate.
Therefore, it is vital to repay your loan as promised. Depending on the loan agreement, you can be paying in small percentage monthly till you settle it. Or pay off the loan one-time. Meanwhile, in case you are unable to pay off the loan at the stipulated time, it is best to contact the bank. Thatway, you get other alternatives on how to settle the loan.
The Zenith Calculator
You might want to calculate your loan, the amount you have paid, and the interest rate. To do so, zenith bank has introduced the zenith calculator, which allows customers to evaluate the amount they will be paying monthly, the total principal, and the amount of interest they have paid.
How to use Zenith calculator
You can check the link to use the zenith bank business calculator https://www.zenithbank.com/SME-Calculator/ilc-web/loan/. You will see a page where you can fill out a form, then click on calculate. Or https://www.zenithbank.com/SME-Calculator/ilc-web/mortgage.html/ for a mortgage loan, or click for a personal loan https://www.zenithbank.com/customer-service/bankingtool/
Sometimes, life seems to take turmoil on us, and we find ourselves in a situation where we will need to obtain a loan from a bank. Fortunately, one of the best banks and the top banks in Nigeria where you can borrow money is Zenith Bank. Whenever you are ready to get the loan, all you need to do is to dial the bank USSD code *966# to create a Zenith Bank Eazy Account, then dial *911*11# to borrow the loan. The bank can offer you money depending on the type of loan you applied for.
Frequently Asked Questions
Are there any fees or charges associated with borrowing money using the Zenith Bank USSD code?
Yes, there may be fees or charges associated with borrowing money using the Zenith Bank USSD code. These fees can include processing fees, administrative charges, and interest rates. It is important to review the loan terms and conditions or consult with the bank to understand the applicable fees and charges before borrowing.
How long does it take for the loan to be approved and disbursed?
The approval and disbursement time for loans obtained through the Zenith Bank USSD code can vary. Some loans may be approved and disbursed instantly, while others may require additional verification or processing time. It is best to refer to the loan application process or contact Zenith Bank for specific information on the timeline.
Can I repay the loan obtained through the Zenith Bank USSD code before the specified due date?
Yes, you can often repay the loan obtained through the Zenith Bank USSD code before the specified due date. However, it is important to review the terms and conditions of your loan to understand if there are any penalties or charges associated with early repayment.
What is a USSD code?
USSD (Unstructured Supplementary Service Data) codes are shortcodes used by banks to provide access to various banking services via mobile phones. They allow customers to perform transactions, check account balances, and access banking services conveniently.
Are there any requirements for borrowing money using the Zenith Bank USSD code?
Yes, there are typically certain requirements to be eligible for borrowing money via the Zenith Bank USSD code. These may include having an active Zenith Bank account, meeting specific credit criteria set by the bank, and having a satisfactory banking relationship.
What is the repayment period for loans obtained through the Zenith Bank USSD code?
The repayment period for loans obtained via the Zenith Bank USSD code will depend on the loan product you choose and the terms offered by the bank. Common repayment periods range from a few weeks to several months. Details about repayment periods can usually be found in the loan terms and conditions provided by the bank.
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