How to Borrow Money from Zenith Bank in Nigeria | A Step-by-Step Guide

Have you ever tried to borrow money from friends?

While good friends are always willing to assist, it may inconvenience them.

This is where banks and other financial institutions come in. 

Most commercial and Microfinance banks in Nigeria offer different loan options to customers. 

Today, we will discuss how to borrow money from Zenith Bank in Nigeria. 

So get rid of your financial worries—let’s discuss how to solve them. 

About Zenith Bank Plc

Zenith Bank Plc was established in May 1990 by Jim Ovia CFR. 

It has over 300 branches across Nigeria, with subsidiaries in Gambia, Ghana, and Sierra Leone. 

Zenith Bank ranks as the 10th biggest bank in Africa, serving the financial needs of Africans excellently. 

Zenith Bank provides several loan offerings to customers, such as term loans, educational loans, MSME loans, etc. 

Also read: Zenith Bank, First Bank, and UBA Join Zone’s Decentralized Payment Network

Features of Zenith Bank Loans

Some common features that make Zenith loans are: 

• Zenith Bank loans come with long repayment terms.
• Zenith Bank has several options to meet diverse financial needs of customers.
• Customers can apply for Zenith Bank loans only in a Zenith Bank branch. 

Comprehensive List of Zenith Bank Loan Types 

Zenith Bank has different loan options for customers to choose from.

Each loan type is designed to meet specific financial needs. 

Below are the loan options available to Zenith Bank customers: 

Loan Type	Max Loan Amount	Advantages
Z Woman Loan	₦10 Million	For female entrepreneurs with at least 50% shareholding, up to 24 months repayment term
MSME Loans	₦2 Million	Up to 12 months repayment term
Education loan	₦5 Million	Up to 9 months repayment term

Some other Zenith Bank loans include: 

• Receivable Discounting/Invoice Discounting
• Export Finance Facility
• Import Finance Facility
• Timeless Loan
• LPO Finance
• Overdraft
• Term Loan 

Also read: Zenith Bank USSD Code for Airtime, Transfer, & Mobile Banking

How to Borrow Money From Zenith Bank in Nigeria

This section will explore how to borrow money from Zenith Bank in Nigeria. 

Although Zenith Bank has no digital loan options, borrowing money from the bank is still a walk-through. 

Follow the steps below to borrow money from Zenith Bank in Nigeria: 

1. Visit the Zenith loans page.
2. Choose the loan most suitable for your financial need.
3. Read the eligibility criteria.
4. Read the loan terms.
5. Visit a Zenith Bank branch to collect and fill the loan application form.
6. For better chances of securing your loan, liaise with your relationship manager.
7. Wait for the loan review and approval.
8. Sign the loan agreement.
9. Enjoy your loan!

Would you like to know how to borrow money from Zenith Bank with a strong loan application? Then keep reading. 

The following section will explore the details that strengthen your loan application. 

A strong loan application is crucial because it increases the chances of your loan being approved. So let’s discuss. 

The Complete Process—How to Borrow Money From Zenith Bank

Taking a loan goes beyond filling the application form; it is important to understand the entire process.

Preparing well and understanding how to respond to the application questions will greatly boost your chances of securing the loan. 

In the previous section, we revealed how to borrow money from Zenith Bank in Nigeria. Those were just the simple steps. 

Now, let’s dive into the main step-by-step guide. We will fully explore how to borrow money from Zenith Bank—from preparation to submission.

Also read: Zenith Bank’s Fintech Subsidiary Zenpay Partners AfCFTA on Innovative Trade Portal

Step #1: Choose the Most Suitable Loan Option 

The first step is to understand your financial need and the best loan service to meet that need. 

It is better to apply for a loan targeted to your need, than gambling with different loan types. 

The good thing about Zenith Bank is that they have a loan to meet almost every need. 

If you’re looking to fund your Education, Zenith Bank has a loan. If you’re an entrepreneur, Zenith Bank has a loan for you. And even if you’re a senior citizen, Zenith Bank didn’t forget you. 

Click here to see all the available Zenith Bank loans. Read about them to determine how to frame a strong application. 

Step #2: Check Your Eligibility 

It is important to check your eligibility before you begin the loan application process. 

The eligibility for Zenith Bank loans depend on the loan type. 

However, the general requirements include: 

• You must be a citizen of Nigeria or a resident
• You must have a valid means of identification
• You must have an active Zenith Bank Account
• You must have an active phone number linked to your Zenith account 
• You must have a Bank Verification Number (BVN).
• You must be at least 18 years of age.

To get the specific criteria for each loan type, visit the Zenith loans page and check the eligibility. 

This step should not be taken lightly. Customers who do not meet the eligibility requirements for a Zenith Bank loan are instantly disqualified. 

If you wish to apply for the Z Woman loan for instance, you should note that you need to have up to 50% shareholding in an active company to qualify. 

Don’t feel bad if you do not qualify for the loan you have in mind—there are usually alternatives. 

For instance, instead of the Z Woman loan, you can apply for an MSME loan if you do not have a 50% shareholding in any company as required for Z Woman.

Step #3: Gather Relevant Documents to Borrow Money From Zenith Bank 

Customers often ask how to borrow money from Zenith Bank in Nigeria without paperwork. 

Paperwork is a great deal for Zenith Bank loans and thus should be attended to meticulously.

The paperwork for Zenith Bank loans also depends on the loan type. However, the general requirements are: 

• Proof of monthly income 
• Proof of Nigerian citizenship or residency (Valid ID)
• Bank Verification Number 

You should also have an active phone number and email address linked to your Zenith Bank account. 

Also read: Zenith Bank Loan for Salary Earners

Step #4: Visit a Zenith Bank Branch to Borrow Money From Zenith Bank 

Next, visit a Zenith Bank branch close to you and:

• Request to speak with your relationship manager or
• Request for the Zenith loan application form.

Complete the loan application, filling in each detail confidently. State the details of what you need the loan for. 

If you speak with your relationship manager, he/she will adequately explain how to borrow money from Zenith Bank.

Submit the loan application form and wait for your loan to be reviewed. This should take a few working days.

If your loan is approved, you will need to sign the offer letter from Zenith, which contains the terms and obligations of the loan.

The money will then be transferred to your account. However, if the loan is for a specific purpose, such as education or asset acquisition, the loan amount will be transferred to the third party. 

If you encounter challenges during your loan application, call Zenith customer care at 234-1-2787000. You can also email them at agentbanking@zenithbank.com.

How to Borrow Money From Zenith Bank Through Mobile App

Customers often ask how to borrow money from Zenith Bank through the mobile app.

Currently, Zenith Bank does not offer loans through mobile app. 

The Zenith Bank mobile App can be used for other transactions—transfers, airtime and data top-ups, bill payments, and more. 

The mobile app is available on Android and IOS, on the Google Play and Apple AppStore. 

To borrow money from Zenith Bank, you must visit a Zenith Bank branch. 

Advantages of Zenith Bank Loans 

Some of the advantages of the Zenith Bank loans include: 

• Different loan types to suit different purposes 
• Direct contact with your relationship manager for guidance 
• Flexible repayment terms 
• Long repayment tenors 

Common Issues and Solutions on How to Borrow Money From Zenith Bank

Here are solutions to some common challenges that Nigerians usually face while trying to borrow money from Zenith Bank:

How to Borrow Money From Zenith Bank through Phone 

You may be wondering why we have not discussed how to borrow money from Zenith Bank by phone.

There is currently no way to borrow money from Zenith Bank through phone. 

Zenith Bank loans are inaccessible through USSD or mobile app. 

You can apply for a Zenith Bank loan at any Zenith Bank branch close to you. 

How Can I Borrow Money From Zenith Bank Salary Account? 

You can borrow money from Zenith bank if your salary account is domiciled with the bank.

There are various loan options available to Zenith Bank salary account holders. 

Some of the loans you can apply for include: 

• MSME Loan
• Education Loan 
• Term Loan 
• Lease Loan 
• Z Woman, and more. 

For the complete list of loans available to Zenith Bank salary account holders, visit here.

The loan requirements for each of these loans differ. However, the general requirements include: 

• You must be a citizen of Nigeria or a resident
• You must have a valid means of identification
• You must have an active Zenith Bank Account
• You must have an active phone number linked to your Zenith account 
• You must have a proof of monthly income, or a proof of business if you are applying for an entrepreneurship loan.
• You must have a Bank Verification Number (BVN).
• You must be at least 18 years of age.

The repayment term for Zenith Bank loans can be up to 48 months. It is determined by the loan amount and type. 

Also read: Update on Zenith Bank Virtual Card: How to Get Yours, Features and Requirements

Frequently Asked Questions

Conclusion: Borrow Money to Sort Out Financial Inconveniences

So there you have it. 

Now you can confidently say you know how to borrow money from Zenith Bank in Nigeria. 

You can also respond confidently when your friends ask; “How can I borrow money from Zenith Bank with a strong application?” 

So go sort out all your financial inconveniences with Zenith Bank loans. 

Follow us on X or Twitter, @SiliconAFriTech for more informative reads.

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Reference 

www.zenithbank.com – Loans