Zenith Bank Salary Advance OR SME Loan – Review | Types Of Loan.
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Zenith provides structured credit to meet running costs or lump sum funds for you
Zenith Bank is one of the biggest banks in Nigeria and they also provide financial assistance to aid SME investment.
Zenith provides structured credit to meet running costs or lump sum funds for your SME which will enable you open or expand your business.
The loan can be received through an Overdraft which allows the borrower to draw a certain amount in excess of the credit balance in their current account within a specified tenor usually not exceeding 12 months and it comes with an interest rate of about (23% – 34.5%).
Types Of Loan
Zenith bank has various types of loan which is available to an individual to obtain, and the loans are as listed below:
Overdraft is a type of loan which allows the borrower/obligor to draw a certain amount in excess of the credit balance in their current account within a specified tenor usually not exceeding Twelve months.
2. Receivable Discounting/Invoice Discounting
Receivable Discounting/Invoice Discounting is a loan that allows the borrower/obligor to obtain the monetary value (usually discounted) against confirmed invoices for jobs already executed.
3. LPO Finance
LPO Finance is a loan made available to borrowing customers to finance the supply of materials or execution of specific supply contracts to reputable organizations.
4. Import Finance Facility
Import Finance Facility is a type of credit availed specifically for the importation of raw materials, finished goods, and equipment. This can be made available as Unconfirmed LC, Confirmed LC, Deferred Payment LC, Standby LC and Irrevocable LC.
5. Export Finance Facility
Export Finance Facility is a credit availed specifically for the export of agricultural produce or other commodities. This credit can either be availed at the pre-shipment or post-shipment stage of the transaction.
6. Term Loan
Term Loan is a credit (short term, medium or long term) availed to finance specific capital projects expansion or lines of business for a specified tenor. Repayment can be a bullet, balloon or installment.
The lease is specifically financed or sale and leaseback financing to support the acquisition of asset or equipment.
8. Bonds and Guarantee
These create contingent exposure for the bank. They take the form of instruments issued on behalf of customers to support contracts for supply, construction, and performance.
For more inquiries about Zenith, bank loan services click HERE.