In Zimbabwe many people are looking for loans but they don’t know what types of loans they can get. Different individuals and businesses may get different loans depending with the size of the business and the financial stability of an individual. We have however managed to compile a list of loans you can get in Zimbabwe below
Different types of available loans in Zimbabwe
1. Commercial Bank Loans: Commercial banks are one of the most common sources of loan financing in Zimbabwe. These loans in Zimbabwe are available from a number of banks, including CBZ Bank, CABS, NMB Bank, and Stanbic Bank. These loans are typically used for business expansion, working capital, and other business-related needs. The process for applying for a loan typically involves filling out an application form, providing supporting documents such as financial statements, and submitting a business plan. Interest rates vary depending on the loan amount and term, but generally range from 17-25%.
2. Microfinance Loans: Microfinance loans are small, short–term loans that are typically provided to small business owners and individuals. These loans are often provided with the goal of helping individuals achieve financial independence and are usually unsecured. They can be used to finance a variety of needs, such as capital investments, working capital, and more.
3. Development Bank Loans: Development banks are government–backed institutions that provide long–term loans to businesses and individuals for the purpose of economic development. These loans are usually provided at a lower interest rate than commercial banks and require collateral.
4. Merchant Cash Advance: Merchant cash advances are short–term loans that are provided to businesses in exchange for a percentage of their future sales. The repayment of these loans is usually done through a percentage of daily credit card sales, making them a convenient and flexible financing option.
5. Personal Loans: Personal loans are loans that are provided to individuals for the purpose of meeting their personal financial needs. These loans can be used for a variety of purposes, such as home improvements, debt consolidation, and more.
6. Government Loans: Government loans are loans that are provided by the government to individuals and businesses for a variety of purposes. These loans are typically provided at a low–interest rate and require collateral.
7. Peer-to-Peer Loans: Peer–to–peer loans are loans that are provided by individuals and organizations to other individuals or businesses. These loans are usually provided at a lower interest rate than commercial banks and can be used for a variety of purposes.