Zenith Bank SME Loan, The Requirement And Repayment Plans

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Right now in Nigeria, Zenith Bank is one of the biggest in the banking sector and they also provide financial assistance to their customers to aid SME investment. This bank also provides structured credit to meet running costs or lump sum funds for all SME’s which will allow them to open or expand their business.

The zenith bank SME loan can be received via an Overdraft which enable the borrower to draw a certain amount in excess of the credit balance in their SME account within a specified tenor which should not exceed 12 months.

There is a new SME loan as explained by the bank, this loan which spans over a period of 10 years is at an interest rate of 9% which is N45million.

If you want to learn more about this product customers can visit the bank’s website, www.zenithbank.com/sme or any of Zenith Bank branches.

What Is SME Financing?

The meaning of SME finance is the funding or financing of small and medium enterprises, which represents a major function of the general business finance market. This capital is given through the business finance market in the form of SME loans and overdrafts, leasing and hire-purchase arrangements, venture capital or private equity, private and government funding in the form of grants or loans.

Currently, the Central Bank of Nigeria (CBN) in partnership with the Bankers’ Committee (Zenith Bank) as part of their efforts to boost job creation in Nigeria, particularly among the youth, has introduced a Creative Industry Financing Initiative (CIFI) fund.

Right now you can get a loan of up to:

  • N3 million for Software Engineering Student
  • N30 million for Movie Production business
  • N500 million for Movie Distribution business.

The Eligible Activities/Businesses

  • Information Technology
  • Fashion
  • Movie Production
  • Music
  • Movie Distribution
  • Software Engineering student Loan

READ ALSO- Zenith Bank Payday Loan Code, The Requirements And Repayment Plans

The Terms And Condition Of The Scheme

For Fashion

  • The Facility Amount: dependent on project requirement
  • The Tenor: Up to 10 years
  • The Pricing: 9% p.a.

For Information Technology

  • The Facility Amount: Dependent on project requirement
  • The Tenor: Up to 10 years
  • The Pricing: 9% p.a.

For Movie Production

  • The Facility Amount: Up to N30million
  • The Tenor: Up to 10 years
  • The Pricing: 9% p.a.

For Movie Distribution

  • The Facility Amount: Up to N500 million
  • The Tenor: Up to 10 years
  • The Pricing: 9% p.a.

For Music

  • The Facility Amount: Dependent on project requirement
  • The Tenor: Up to 10 years
  • The Pricing: 9% p.a.

For The Software Engineering Students

  • The Facility Amount: Up to N3million
  • The Tenor: Up to 3 years
  • The Pricing: 9% p.a.

The Documents Required For Disbursement

  • An Accepted Offer Letter
  • A Business Plan
  • A Board Resolution (if corporate)

Here Is How To Apply Zenith Bank CBN Creative Industry Financing Initiative (CIFI)

In case you are interested in applying for Zenith Bank CIFI loan for SME, you need to have an account with the bank. To get the loan, you can apply by talking to your account officer about this loan or visiting any of Zenith Bank’s branches to request for CIFI loan form, or you visit Zenith Bank website.
To email them: zenithdirect@zenithbank.com, call 234-1-278700.

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