How to Borrow Money from Zenith Bank Using USSD Code | A Step-by-Step Guide

In today’s fast world, one needs to have quick access to money anywhere and anytime. For Zenith Bank customers, knowledge of how to borrow from Zenith Bank using USSD code could be a saver.

Whether you have an unexpected expense or just a bit extra to get you through to payday, Zenith Bank’s USSD loan service makes it easy and direct to access funds from the comfort of your phone.

For anyone asking, “What code can I use to borrow money from Zenith Bank?” or “What is the code to borrow money from Zenith Bank?”, you are just in the right place. We will show the code but also break down the steps for you to follow.

Whether you are using this service for the first time or simply want to refresh your memory, in this comprehensive guide, we will show everything that you need to know concerning the USSD code to borrow money from Zenith Bank.

Thus, if you’re out of money and just happen to be an account holder with Zenith Bank, then read on to find out how to borrow money from Zenith Bank using USSD code.

1Overview of Zenith Bank Loan

2Which Loan Types Are Available from Zenith Bank?

3What is the USSD Code to Borrow Money from Zenith Bank?

4What are the Eligibility Requirements for Borrowing Money from Zenith Bank Using USSD Code?

5How to Borrow Money from Zenith Bank Using USSD Code: Step-by-Step

6What are the Interest Rate and Repayment Terms for Zenith Bank Loans?

7How to Repay Money Borrowed from Zenith Bank

8Troubleshooting Issues While Borrowing Money From Zenith Bank Using USSD Code

9Final Thoughts

10Frequently Asked Questions

11Reference

12Recommendations

Overview of Zenith Bank Loan

USSD Code to Borrow Money from Zenith Bank

Zenith Bank offers a comprehensive portfolio of loans, addressing individual and business banking needs. These loans may be used in various ways, from managing unexpected expenses to funding your dream car or business.

Although each of the loan products is different, they share several common elements. Generally, loan products at Zenith Bank are used and repaid within a stipulated period with an added interest rate.

The application generally is relatively easy, you can choose to personally apply at a branch, make use of a USSD code to borrow money from Zenith Bank, or easily be done online through the Internet banking platform.

Examine the agreement before accepting a loan from Zenith Bank in the end. This will help spell out the interest rate, the structure for payment, and all other fees that go with the loan. That way, you’ll be better placed to make a proper decision concerning your long-term goals.

You can visit Zenith Bank’s website or discuss with your banker for more enlightenment about their loan packages, and you may then do a rundown of the types of loans they have and select one that best fits your needs.

Which Loan Types Are Available from Zenith Bank?

One of the leading financial institutions in Nigeria is Zenith Bank, and most of the borrowing needs are catered to with its various loan products.

Individual Loans:

Term Loan: That is a flexible kind of loan taken to financially support diverse personal objectives—one could be starting up a business or funding that dream vacation. You may go for whichever method of settlement will work in your budget. From short-term to long-term arrangements, the choice is yours.

Salary Advance: This is the lifesaver loan for salaried persons by accessing a share of up to 60% of their monthly salary to help bridge uneventful gaps in finances.

Business Loans:

SME Loan: This loan is tailor-made for small and medium-sized enterprises to provide them with flexible repayment options and low competitive interest rates. This will apply in very many sectors, but the main sectors shall be beauty, fashion, confectionery, and those relating to fitness and wellness.

Overdraft: Allows an entity to avail of funds over and above the current account balance, subject to a limit predetermined by the bank. It is a short-term measure at the maximum and, at optimum, is carried out for only 12 months to meet some emergency needs.

Zenith Bank Trade Finance Solutions: A comprehensive package of trade finance solutions at Zenith Bank simplifies business operations with Receivables Discounting, LPO Financing, and Import/Export Financing to ensure free cash flow and expansion. Years of expert banking support in navigating trade complexities make Zenith Bank the partner for your enterprise in growth and success.

Lease Financing: The procurement of equipment or assets with a lease agreement that amortize the cost over a fixed term. This will allow companies to retain working capital while obtaining much-needed equipment.

The above is but a partial list of the loan products represented by Zenith Bank. They may have others or variations based on your needs and qualifications.

What is the USSD Code to Borrow Money from Zenith Bank?

One of the easiest ways Zenith Bank customers can get loan services is by using the USSD code *966*11#. This code will grant the customer a personal loan and small business loans, crediting them directly to one’s account.

This is a 24/7 service that avails quick access to funds, which is quite beneficial to the customer in times of emergency. Customers who hold qualified Zenith Bank accounts and have a clean credit history are eligible to apply for this service. Additional information or documentation may be required from the bank while processing the loan application.

The *966*11# USSD code offers a personal loan, small business loan, and other loan services from the bank. All of these attributes of its ease of use, speed to access funds, security technology, and overall hassle-free experience that this service gives make it such a unique value proposition for Zenith Bank customers.

Also Read – How to Borrow Money from First Bank App in Nigeria | A Step-by-Step Guide

What are the Eligibility Requirements for Borrowing Money from Zenith Bank Using USSD Code?

Before using the USSD code to borrow money from Zenith Bank, certain eligibility requirements must be met. These include:

You must be a Zenith Bank account holder, into which you are paid your salaries and allowances.

The applicant must be at least 18 years old and at most 60 years old at the time of application.

The applicant must show a valid means of identification, such as the NIN, driver’s license, or international passport.

You need to earn at least a monthly income of ₦10,000 before you can be granted a Zenith Bank loan.

You cannot have any outstanding loan debt with Zenith Bank or any other bank and expect to borrow money from Zenith Bank.

Have a linked BVN, Bank Verification Number, to your Zenith Bank account.

You have to be a resident in Nigeria—for Nigerian citizens and residents.

These may, however, vary from one loan product to the other and always change depending on whatever changes the bank makes to its lending policies at times. It’s best to check with Zenith Bank on your particular case.

How to Borrow Money from Zenith Bank Using USSD Code: Step-by-Step

Borrowing from Zenith Bank using the USSD code is quite easy. Here is a step-by-step guide on how to borrow money from Zenith Bank using USSD code:

1: Dial the USSD Code

To access your Zenith Bank account, you must dial *966# from the registered phone number you have on file.
Verify that your internet connection is reliable.
The next step is waiting for the menu to display on your screen.
Select the appropriate option that says Loan or related to loan services.

2: Select Loan Option

On the menu displayed on your screen, choose the loan option.
Next, decide which loan categories to apply for, such as business or personal loans.
Read the terms and conditions carefully.
Note the interest rate and the payback period.

3: Enter Amount

Enter the loan amount that you would like to borrow.
Make sure that it is within the eligible limit.
Again check the entered amount for accuracy.
Replay the capacity of the amount to be repaid before entering the amount.

4: Confirm Details

Confirm the details of your loan, such as loan amount, interest rate, and repayment tenure.
The loan terms and conditions.
Understand the details of the repayment.
Additional fees or other charges.

5: Authenticate Transaction

Authenticate using your Zenith Bank PIN or password.
Ensure that your PIN/password is correct.
Please wait while this transaction is processed.
You’ll get a confirmation message after your authentication is successful.

6: Receive Funds

The loan amount will be disbursed directly to your Zenith Bank account.
First, confirm the account balance to ascertain if the money is available. Second, use the money for whatever purpose you so desire. To prevent paying late penalties, think about making a repayment plan.

Using these steps, you can easily use the Zenith Bank code to borrow money from your Zenith Bank account.

What are the Interest Rate and Repayment Terms for Zenith Bank Loans?

The interest rates, coupled with the periods of repayment, differ across various Zenith Bank loans, based also on a borrower’s creditworthiness. Generally, Zenith Bank offers very competitive interest rates and flexible repayment terms to suit any financial need or goal under the sun.

The interest rates charged by Zenith Bank on its loan range from 9% to 19% per annum, based on the type of loan and credit history of the borrower. The repayment span ranges from a few months to several years. Some loan products have flexible options for repayment.

Please note that interest rates and terms of payment may change accordingly, and other fees may apply. Borrowers must carefully go through the loan terms and conditions before accepting a loan offer.

How to Repay Money Borrowed from Zenith Bank

To pay money borrowed from Zenith Bank using the USSD code, do the following:

Dial *966# from the phone number you registered.
Choose “Repay Loan” from the menu.
Enter the amount for which you want to repay the loan.
Confirm the amount repaid.
Authenticate with either your Zenith Bank PIN or password.
Wait a second while the transaction is being processed.
You will receive a confirmation message on your successful repayment.

You can also repay your loan through:

Zenith Bank Mobile App: Enter the app, select “Loans,” and finally “Repay Loan.”
Zenith Bank Internet Banking: Login, select “Loans,” and then “Repay Loan.”
Bank Branch: Visit any branch of Zenith Bank to make inquiries on repaying your loan.
Automated Teller Machine: You can repay your loan at any Zenith Bank ATM using your Zenith Bank debit card.

Make sure to pay your loans on time; otherwise, late payment fees and penalties shall be accrued. You can contact Zenith Bank customer support in case of any issues or questions.

Also Read – How To Borrow Money From Access Bank With USSD Code | A Step-by-Step Guide

Troubleshooting Issues While Borrowing Money From Zenith Bank Using USSD Code

The convenience of accessing borrowed money from Zenith Bank through USSD could only be convenient but limited by a few problems. These are troubleshoots to common problems while getting your loan without any form of hassle.

1. Confirm the USSD Code

Reconfirm the code in use.
You wouldn’t want to make typing mistakes and, of course, ensure you are using the registered phone number linked to your Zenith bank account.

2. Network Connectivity

A USSD transaction can fail because of a poor network connection. Try again in an area with a more reliable network connection.
If you are currently on Wi-Fi, consider switching to your mobile data service.

3. Account Status

Some account types at Zenith Bank are not eligible for USSD loans.
To find out what kind of account you have, visit the bank’s website or mobile application. Is it part of the accounts that are eligible to get a USSD loan?

4. Account.

Your account might be inactive, frozen, or with an insufficient balance.
Reach out to Zenith Bank to inquire about the status of your account.

5. Loan limit suspended/stopped

There might be limits to the minimum and maximum amount that can be borrowed using USSD to apply for a loan.
Verify your current limits with Zenith Bank and the limits available to you using the website.

If you take the aforementioned steps, you’ll be able to identify and correct the situation that is preventing you from borrowing money with your Zenith Bank USSD code.

Final Thoughts

You can easily borrow from Zenith Bank with this USSD code. By dialing the correct code, you will have access to funds directly charged to your Zenith Bank account. Note that the USSD code to borrow money from Zenith Bank is readily available for quick financial needs.

If you have ever found yourself wondering, “What is the code to borrow from Zenith Bank?” or “What code can I use to borrow from Zenith Bank?” This guide has provided all the answers.

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Frequently Asked Questions

What is the USSD code for a loan at Zenith Bank?

The USSD code for the Zenith Bank loan is *966*11#. Dial and follow the on-screen instructions to complete your request for a loan.

Is there any USSD code specially for checking one’s loan eligibility?

There isn’t any specific USSD code to check a person’s eligibility. You will know whether your loan has been approved or not after following the steps for requesting a loan via the USSD code *966*11#.

Can one borrow over N100,000 from the USSD code?

No, at the moment, you can only borrow a maximum of N100,000 from the USSD. You may want to visit any branch of Zenith Bank if you would like a higher loan sum or use their facility on internet banking.

What if I am not comfortable using USSD banking?

There are several ways to apply for a loan from Zenith Bank. You could get to their branch, use their mobile app, or even look into their internet banking. Each has its requirements and procedures.