This is a secured loan product that has been uniquely designed for individuals who are in need of funds for their personal expenditure. For you to access this product, you should be able to provide security in the form of landed property or cash deposits in Term Deposits, Treasury Bills or Government Bonds
Maximum amount should be in line with the value of the security submitted and the risk attached to the customer. If you are borrowing against your kwacha deposit, you can borrow up to 90% of your deposit; and 80% if you are borrowing in a currency different from the currency of the deposit.
Arrangement fee.
Competitive floating interest rate linked to the Bank of Zambia policy rate.
Loan can be repaid through:
Equal monthly instalments
Coupon payments aligned to loan repayments
Bullet payment.
BENEFITS
Competitive loan amounts and interest rates
You can access financing while earning interest on the cash in the Fixed Deposit, Treasury Bills or Government Bonds
HOW TO GET IT AND WHAT TO EXPECT
You must have an existing Zanaco account where the loan will be paid into and loan repayments paid from
You must be able to provide Bank acceptable security
If security submitted is landed property, interest of the Bank will have to be registered over the property through a registered mortgage
Insurance cover must be submitted over the property with the Bank noted as loss payee
If the facility is covered by cash as collateral, you must execute a letter of lien and set off over the Fixed Deposit, Treasury Bills or Government Bonds
