Product Description
A consumer loan is a loan that covers any need; it covers education, buying cars, travel, home improvement and hotel payments. This is money lent to a client to purchase fixed or capital assets, repayable by regular monthly reductions over a fixed period of time at an agreed rate of interest. The product can be extended to cover flight an accommodation costs:
- ZB Destinations Loan Facility
ZB Destinations covers air ticket, accommodation, car hire and holiday activities through a registered travel agencies. - ZB Home Improvements Loan Facility
Home improvement covers property acquisition and houses.
Pre-Requisites
The following conditions should be met before the facility is approved by the Branch
Manager/Personal Banker:
- Purpose of the loan
- Amount required and whether it is justified and sufficient
- A detailed cash flow projection - which must be realistic and based on reasonable assumptions (business)
- Period required
- Source of repayment
- Future earning capacity of borrower
- Other outstanding commitments of the borrower
- Future prospects of the industry in which the business operates (business).
- A written agreement (offer letter) covering terms and conditions entered into are concluded before disbursement of the loan and provided these are adhered to, the bank will not call for early repayment.
Charges
An arrangement fee is charged, thereafter interest is charged monthly in arrears to customer’s account.
Calculate how much you qualify for here
