How to get a loan from Zenith bank without Collateral
Hello and welcome to Stepzee, in this post I am going to show you how to get a loan from zenith bank without collateral, this is the complete step you need if you are looking to borrow a loan from zenith bank, so it is advisable that you read this article all the way to the end to get the maximum result.
I will also answer a few related questions to help you decide if zenith bank loan is right for you or if you should look somewhere else for a loan, However, if you want to see other loan providers, There will also be links to our previous loan posts so you can decide which one suits you the most.
Getting a loan from zenith bank is very easy, and if your bank account is active in the previous months, then getting a loan will be much easier for you when you choose to borrow from zenith bank.
One thing that makes zenith bank loan stand out from the crowd is that you don't actually need collateral to be able to request a loan, read on to know the process you can take to get a loan from zenith bank.
Zenith bank loan eligibility?
In order to qualify for zenith bank loan, your zenith bank account needs to be active in the past 3 months, and you must have been making transactions worth more than 10,000 Naira a month.
If you are looking to borrow a loan from zenith bank, make sure your account has been active for the past 3 months, this will help you get a quick loan from zenith bank, and if you have been transacting with more than 100,000 Naira monthly with your zenith bank account, you will have more access to bigger loans on the platform.
What is zenith bank loan interest rate?
Before you borrow a loan from zenith bank, it is good to know that their interest rate is 5% of the total amount you borrowed, this means that if you borrow 100,000 Naira, the interest rate on that loan is 5000 Naira.
Zenith bank's loan interest rate is great actually, compared to other loan providers that have interest rates of up to 40%.
How to get a loan from zenith bank without collateral
- Download zenith bank loan app
- In the app, click "More"
- Scroll down to the bottom and select "Zenith bank Loans"
- Enter the amount you want and click "Next"
- Read the terms and conditions of Zenith bank loans and click "Agree"
- Enter your bank account info and click "Done"
- Wait for the loan to be approved
If you follow the above steps carefully, your loan request will be pending and if they approve it, you will receive a text message letting you know that your loan was approved.
How much can you borrow from zenith bank?
The maximum amount you can borrow from zenith bank cannot be more than 60% of your monthly salary, so if your monthly salary is 100,000 Naira, the maximum amount you can borrow is 60,000 Naira or less.
In most cases, you may not be able to get up to the 60% of your salary as your maximum loan amount, this is if your account is sometimes dormant or your spending rate is very low.
How long will it take to receive zenith bank loan?
After you request a loan from zenith bank and finally received an approval message, it may take up to a week for you to actually receive the loan in your bank account, sometimes the verification process may take longer, but it will not exceed a month, so once your loan application is approved, you will receive the loan amount in less than a month.
Some loan providers' loan processing time is much longer than a month, but with zenith bank, you can rest assured that you will receive your loan amount quicker.
Zenith bank USSD code
You can also request a zenith bank loan directly on your mobile phone by using the zenith bank loan USSD code, this is perhaps the easiest way to get a quick loan from Zenith bank, because even if there is no mobile data available on your phone, you can still request for the loan.
Zenith bank loan USSD code is *966#, when you dial this code on your dial pad, you will receive an on-screen prompt that you can follow to actually apply for a loan.
How to get a loan from zenith bank with USSD code
If you don't have access to a smartphone or you just don't want to use a smartphone to request a zenith bank loan with the app, the best option is to use the zenith bank loan USSD code, and the process is very easy.
To request a zenith bank loan using the USSD code, just dial *966# and follow the simple on-screen prompts your loan application will be reviewed and you will receive a text message from zenith bank whether your loan application was approved.
How to repay zenith bank loan on the zenith bank loan app
- Open the zenith bank loan app
- Scroll down and click "More"
- Click "Zenith bank loans"
- Click "Loan repayment"
- Enter your pin and click "Done"
Once you follow the above steps, zenith bank will deduct the loan repayment amount from your zenith bank account and you will receive a confirmation message on your phone.
How to repay zenith bank loan with zenith bank loan USSD code
Dial *966# and follow the on-screen prompts to repay the loan
After following the steps above, your zenith bank loan will be repaid and the money will be deducted from your zenith bank account.
Conclusions
If you have been looking for how to get a loan from zenith bank, I am pretty sure this post has been able to help you out, if you enjoy reading this post, please share it with others on social media.
And if you have any questions regarding this post, leave them in the comments section and I will take out time to reply to your comments, thanks for reading this article and I wish to see you next time around, have a nice day.
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