This is short term solution for retail banking customers meant for bridge financing. It is meant to offer financing to customers looking for finances to cover emergencies before their next pay day.
Facility amounts ranging from K1,000.00 to K50,000.00.
Three (3) months maximum tenure.
Arrangement Fees.
Competitive floating interest rate linked to the Bank of Zambia policy rate.
Currently offered in Kwacha (ZMW) only.
Credit life insurance and the cost is covered by you.
You can apply for a top up on your existing salary advance and you can apply for a salary advance even with an existing loan running.
BENEFITS
Customers have easy and efficient access to funds to cover arising expenses between pay days.
HOW TO GET IT AND WHAT TO EXPECT
Application of the advance can only be done using the Online loan portal from the Zanaco website.
Salary account must be held with the Bank with at least three (3) salary credits.
You can apply for an advance equivalent to 40% of your net with a multiplier of three (3).
3 latest payslips.
Letter of confirmation for GRZ employees.
For non-GRZ employees, employment confirmation will be done by the employer via email once you submit the application.
Clean Credit Reference Bureau report.
Employer should have been onboarded on the product with Zanaco through our Workforce Banking.
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 salary advance is 72 years where the advance must be paid off 3 months before expiry of your contract and 3 months before your 72nd birthday
Valid identification – certified copy of NRC, valid driver’s license or valid passport.
All your existing loans will be included when assessing how much you qualify for.
