Is zakat obligatory on savings that have reached the nisab, while their owner is still paying off a loan?

The majority of scholars hold that debt exempts hidden wealth (such as cash and trade goods) from zakat (definition). If a person has debts, they should deduct the amount of these debts from their total wealth. If the remaining amount reaches the nisab (definition) (minimum threshold) and a full year passes, then zakat becomes obligatory on it. However, if a person has other wealth that is not subject to zakat and is not needed for essential necessities, they should use it to offset the debt, so that the wealth subject to zakat remains intact and its zakat can be paid. The nisab for current banknotes is approximately equal to 85 grams of gold, and the obligatory amount to be paid is one-quarter of one-tenth (2.5%).