No matter what your problem is, money can always solve it, at least to a reasonable extent. Taking loan is sometimes the only option left. So in this post, I will take you through all you should know about UBA Loan. Now let’s move it!
Table of Contents
Requirements
To understand the requirements for UBA loan, I believe you should understand first that there are different categories of loans offered by UBA. These different loans bears different requirements and eligibility options. So now what are those loan categories offered by UBA?
Personal Overdraft: This is a short-term credit facility that allows you to overdraw your current account for 6 months, up to a maximum amount of N3 million. It has two sub categories: Revolving Personal Overdraft for individuals who earn up to N2. 5 million per annum and Executive Personal Overdraft for individuals who earn up to N5 million per annum. If you do not fall into any of these categories, this loan isn’t for you.
Asset Finance: If you want to acquire an asset, maybe a house or an equipment for your industry, you can get the UBA’s Asset Finance. You must be an employee working with a reputable organisation and whose salary has been paid through UBA for at least 3 months.
Personal Loan: Personal issues are solved with personal loan. So you can’t take care of your bills by getting a personal loan. To be eligible, you have to be a worker whose salary account is domiciled in UBA or a self-employed person who has good monthly income.
Co-operative Loan: This loan is offered to Cooperative societies of blue-chip companies. The cooperative society must have a minimum Opening & operating balance of N2,000.
Cash Collaterised Loan: This is a consumer loan which makes it possible for customers to obtain credit in Naira, the US dollar, Pound sterling and the Euro using their cash deposits, investments and their equivalents with UBA, UBA Capital & Trust and any other financial institution acceptable to UBA.
This loan targets individuals who have cash deposits, investments and their equivalents and those whose salaries must have been paid through UBA for at least 3 months. Employees who will be discussing or selling consumer credit products are also the target of this loan.
Following your application form are these supporting documents:
- Letter of recommendation from your employer bearing your employer’s letterhead.
- Means of identification of the applicant(s)
- Employment letter or confirmation letter statinh your grade or position.
- You must have a current or savings account with UBA. The Savings will be converted to Current account.
How to apply
The application process of the UBA loan can be done at any UBA branch.
You can download the loan application form here. Fill it and submit it at any UBA branch closest to you.
You can also obtain the form from the customer service personnel at any UBA branch. If you meet the criteria, they will definitely offer you the loan.
The application process of Cooperative loan is somehow different.
- Write a letter of request to the Manager of your business office (your UBA branch), duly signed by the authorised signatories of the cooperative. The letter should state the amount & tenor of the facility required.
- Now, submit the letter and the supporting documents to the Customer Service Officer in your UBA branch.
Interest Rate
The UBA loans comes with varying interest rates.
It ranges from 5% to 20% depending on the type of loan and the tenor.
Other Popular Banks That Gives Loans In Nigeria:
- One-fi
- Uba Loan
- Trader Moni Loan
- Federal Government Empowerment Loan For Entrepreneur
- Federal Government Loan Scheme For Youth
- Union Bank Loan
- Geep Loan
- Ab Microfinance Bank Loan
- Fint Loan
- Federal Mortgage Bank Loan
Repayment
You do not have to go through the rigours of complex repayment methods. At the end of every month, on dye dates of payment the supposed amount will be deducted from your bank account.
You could also pay via internet banking or using the ATM.
On any account you couldn’t pay when supposed, extra charge will be incurred and your collateral will be confiscated.
Pros & Cons
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Mobile App
UBA Mobile banking app is available on both iTunes and Google Playstore.
Customer Care
If you need any help, UBA customer service personnel are just a call or mail away from you:
+234012808822, +2347002255822, +234016319822
| Official Website | www.ubagroup.com |
|---|---|
| Contact Number | +234012808822 |
Branches & Head Office
UBA Head Office: UBA House, 57, Marina, Lagos State.
The UBA branches are dispersed around the country. Simply locate which is closest to you Via this Link
Here are More Banks offering Loans in Nigeria: Ferratum Loan,Payconnect Loan,Alat Loan