This is a salary based unsecured loan product offered to employees where the employer signs a Contract or Memorandum of Understanding governing the relationship with the Bank. Repayments of the loan are processed through payroll by deducting from your salary.
Interest rate is negotiated for each company (employer).
Competitive floating interest rates linked to the Bank of Zambia Monetary Policy rate.
Credit life insurance with the cost being borne by you.
Loan repayments to be paid through your workplace payroll
BENEFITS
No collateral required
You can access up to K850,000.00 for your personal projects and investments at competitive rates
HOW TO GET IT AND WHAT TO EXPECT
You can apply for a scheme loan using the online loan portal or through any of the Zanaco Branches.
You must have a Zanaco Salary account.
Your employer must have signed an MOU/contract with Zanaco.
You will be required to submit 3 latest payslips.
Evidence of one salary credit on your account is required.
You will be required to have a minimum net pay of K2,000.00.
Clean Credit Reference Bureau report.
Introductory letter from your employer.
You must be a confirmed employee without any pending disciplinary case which might result into dismissal or separation.
You must be aged between 18 years and 60 years if employed on Permanent and Pensionable basis. If employed on contract, the maximum age for you to apply for a scheme loan is 72 years where the loan must be paid off 3 months before expiry of your contract and 3 months before your 72nd birthday.
