Zanaco Pre-Approved Personal Overdraft

This is a product available to Private Banking customers offered in Kwacha and United States Dollar.

Maximum tenor of 60 months
Overdraft can be repaid using equal monthly instalments, aligned with coupon repayments or as a bullet payment aligned to the maturity of the deposit
Arrangement fees between 1.5% to 3.5% collected upfront
Floating interest rates subject to the Bank’s prevailing marginal rate and BOZ policy rate. Interest will only be applicable on the utilized amount
Credit life insurance

Copy of NRC
40% debt service ratio for salaries or monthly earnings
Passport size photo
copy of NRC/valid driver’s license or passport
Collateral in the form of:
- 50% of net monthly income for facilities linked to monthly earnings or salaries
- 90% of the kwacha cash deposit or 80% if held in different currency
Letter of undertaking from your employer stating that customer will not change pay point until overdraft is paid off
Remittance of regular earnings or monthly salary to your current account held with the Bank
Copy of valid executed employment contract for salaried applicants employed on contract
Evidence of one salary credit at the point of application
Credit Reference Bureau report