Just like people in pretty much every country on earth most Zimbabweans cannot afford to buy a car for cash. In fact, most fixed assets are beyond the reach of many who need a loan to be able to buy them. To further tap into this market BancABC recently launched an online loan application scheme that makes it easier to apply for loans. Instead of putting on a suit and waiting in line for hours before being told no you can now try your luck online instead.
In order to apply for a loan you should only follow these steps:
- Visit the BancABC website at https://www.bancabc.co.zw be careful and make sure you are really on BancABC’s site. Scammers can be sneaky when it comes to replicating real websites
- Click on Apply for a loan https://digitalbanking.bancabc.co.zw/yellowmix/ApplicationForm.aspx
- Click on Apply Now. You will be asked to validate your account number. To do this enter your BancABC account number then click on verify. An OTP will be sent to your phone. Enter the OTP to prove you are the account owner.
- Fill and submit the application form
The issue of collateral still persists
Kudos to BancABC for simplifying the process but that has never been the biggest issue in Zimbabwe. Rather with 70% of the people informally employed collateral has always been the biggest impediment to getting your loan application approved. Unfortunately most of the innovations we see simply fail to solve this issue. Most people cannot afford a mortgage and that means they have no immovable property to use when applying for a loan. Most banks will not entertain such high-risk loans given the number of none-performing loans that had on their books a few years ago.