Private Banking Loans

FEATURES

• 12 months maximum period
• Overdraft can be repaid as a bullet payment at the maturity of the facility or you can make monthly or periodic repayments where the facility is linked to your salary or coupon payments
• Arrangement fees to be collected upfront
• Competitive floating interest rates where interest will only be applied on the utilized amount
• Credit life insurance with the cost being borne by you

BENEFITS

• You can have access to revolving facilities with flexible repayment methods.
• You only pay interest on the utilized portion of the Overdraft.

HOW TO GET IT AND WHAT TO EXPECT

You will be required to have the following as you apply:

• A current account with Zanaco.
• Certified copy of NRC/valid driver’s license or passport.
• Passport size photo.
• A clean Credit Reference Bureau report.

If you are using a salary to repay the overdraft, you can only qualify for 50% of your net monthly income and you will be required to submit the following:

• Letter of undertaking from your employer stating that you will not change pay point from Zanaco until overdraft is paid off.
• Your regular earnings or monthly salary must be paid to your current account held with Zanaco.
• Copy of a valid executed employment contract if you are employed on contract.
• Evidence of three salary credits to your salary account at the point of application.

If you are using cash deposits such as Term Deposits or Government Bonds as a source of repayment, you can qualify for the equivalent of 90% of the kwacha cash deposit or 80% of the foreign currency deposit.

• Maturity of the Overdraft should be aligned to the maturity of the cash deposit for Overdrafts being paid off through a bullet payment.
• You will also be required to have a regular income such as coupons or salary to service the monthly interest.