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An overdraft facility allows Corporates to draw funds from their current account up to the overdraft limit approved.

It is a short-term, usually up to 12 months standby working capital credit facility which is usually renewable on an annual basis.

Provided by the bank for the sole purpose of financing the everyday operations of the company, working capital solutions are not used to buy long-term assets or investments but are used to finance daily operational needs such as accounts payable and wages.

Working capital finance is ideal for companies that have high cyclical sales to help with periods of reduced business activity and periods when revenue generation is unpredictable.

WHO CAN APPLY
  • Registered Corporates with Zanaco Current Accounts
FEATURES
  • Maximum tenor of 12 months
  • Applicable arrangement fee
  • Offered in Zambian Kwacha or US dollar
  • Effective interest rate is Bank of Zambia policy rate plus the applicable margin for Kwacha denominated facilities
  • Effective interest rate is the Bank USD base rate plus the applicable margin for US dollar denominated facilities.
  • Interest is calculated on the daily debit or overdrawn value dated balance and is payable monthly in arrears by debit to the operating account.
  • Customer must have a current account with the Bank.
BENEFITS
  • You will have access to affordable financing 
  • You only pay for what you consume
  • You can re-access the limit after it is paid off on condition that is still valid
REQUIREMENT
  • You will be required to have a Current account
  • Adequate security/collateral to cover the amount sought
  • Board resolution to Borrow (for Limited companies)
  • Certificate of incorporation/registration
  • Articles of Association of the Company (for Limited companies)
  • Application letter detailing the amount sought, purpose of borrowing and duration of the facility sought
  • Company profile
  • Audited accounts for the previous 3 financial years and/or latest management accounts.
  • Projected cash flows for the tenor of the facility with supporting assumptions
  • Full details of security offered as collateral
  • Latest valuation report for landed property offered as collateral to be commissioned by the Bank
  • Insurance of property offered as security
  • Charges to be created over the property offered as collateral to cover the Bank’s exposure.

A term loan is a loan from the bank for a specific amount that has a specified repayment schedule and interest rate.

The loan requires collateral and is appropriate for established businesses with sound financial statements. A term loan is ideal for the purchase of fixed assets such as business equipment to enhance the company’s production process.

WHO CAN APPLY?
  • Registered Corporates with Zanaco Current Accounts
FEATURES
  • Maximum allowed period of 60 months
  • Offered both in Zambian Kwacha and US dollar
  • Effective interest rate is Bank of Zambia policy rate plus the applicable margin for Kwacha denominated facilities
  • Effective interest rate is the Bank base rate plus the applicable margin for US dollar denominated facilities.
  • Applicable arrangement fee
  • Loan management Fee where applicable
  • Repayments can be equated, periodic or bullet depending on the cash flow projections of the Customer
REQUIREMENTS
  • You will be required to have a Current account
  • Adequate security/collateral to cover the amount sought
  • Board resolution to Borrow (for Limited companies)
  • Certificate of incorporation/registration
  • Articles of Association of the Company (for Limited companies)
  • Application letter detailing the amount sought, purpose of borrowing and duration of the facility sought
  • Company profile
  • Audited accounts for the previous 3 financial years and/or latest management accounts.
  • Projected cash flows for the tenor of the facility with supporting assumptions
  • Full details of security offered as collateral
  • Latest valuation report for landed property offered as collateral to be commissioned by the Bank
  • Insurance of property offered as security
  • Charges to be created over the property offered as collateral to cover the Bank’s exposure.