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USD personal loan
Terms and conditions
- The salary must be paid to the account for at least 3 consecutive months before the bank considers a loan application.
- Available loan tenors are 6, 12, 18, 24, and 36 months.
- An arrangement fee of 3% flat and a drawdown fee of 2.5% flat are payable upfront.
- The maximum loan amount is US$25 000 (unsecured) and the minimum loan amount is US$1 000 at an interest rate of 19.5% per annum.
- Loans are based on affordability, and monthly repayments must not exceed 40% of the applicant’s net salary.
- Calculations are as follows:
- Over 36 months: 9.3 times net salary
- Over 24 months: 7.1 times net salary
- Over 18 months: 5.7 times net salary
- Over 12 months: 4.1 times net salary
- Over 6 months: 2.2 times net salary
- A readvance to clients with existing ZWL personal loans can be considered only after the repayment of at least 25% of the existing ZWL loans or alternatively after the retirement of ZWL loans from sources other than additional loans from the bank.
- A readvance on United States dollar (USD) loans can be considered only after the repayment of 25% of the original loan disbursed.
- Personal loans are salary-based.
Loan application requirements
- A copy of your national ID.
- Your current payslip.
- Your proof of residence, which may be any of the following:
- A completed co-habitant form.
- A letter from your employer on company letterhead stipulating your name, ID number, and address.
- A utility bill or a prepaid utility receipt issued in the past 3 months.
- A letter of undertaking from your employer issued on an official company letterhead (see the attached template) and signed by the human resources manager.
- A completed loan application form.
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