Zenith Bank Salary Advance loan is a loan form designed to finance short-term needs or expenses that may arise before your next monthly salary. It is available to certified payroll holders in selected companies.
What are the requirements for the salary advance loan?
The payroll account (salary account) of the applicants must be opened with Zenith Bank.
Indemnity clause giving the bank Right of Set off in any other bank using BVN. In simple terms, if for any reason, the applicant defaults on payment. Also, Zenith Bank is unable to make repayment deductions as and when due. The bank has the right to cover the debt by accessing funds that the customer may have in other Nigerian Banks, using the BVN.
What is the maximum that can be borrowed under the scheme?
Once the requirements as stated above are met, the applicant can borrow 60% of his monthly salary.
What is the Zenith Bank Salary Advance Loan Interest Rate?
The Interest Rate is 26% per annum, which is 2.16% per month. In addition, the bank also charges a 1% flat Management Fee subject to a minimum of N5,000.
How is the salary advance loan paid back?
It is deducted from the customer’s Zenith Bank Salary Account once the next salary is paid by his employer.
For more information or access to the Salary Advance facility, or any other type of loan, call 012787000 or send an email to [email protected]