Union Bank offers wide opportunities for customers who want to get loans from the bank. The bank provides loans to salaried employees, entrepreneurs and owners of small businesses to even pensioners.
Union Bank loan offers several kinds of loan options that will suit your preferences, and differs from a personal loan or business loan SMEs loan and student’s loan.
Table of Contents
Union Bank Loan Eligibility
To be eligible to receive to be eligible for a Union Bank Loan, one must meet the following need to meet the following criteria:
- A minimum monthly wage of N18,000 per month is required for salary-earners
- A minimum of N10,000 a month for pensioners
- Business owner
- A Union Bank Customer
Here is a list of Loans from Union Bank.
If you are looking to obtain a loan from Union bank, here are the criteria you must meet in relation to the loan bundle that you choose. This includes having an Union Bank account, loan application form, a letter of commitment from your employer or employer, and the list goes on.
1. Unionplus/Personal Loan
Unionplus loan can also be referred to in the form of Union Bank personal loan, The loan package permits individuals who earn N18,000 or higher to qualify in this particular loan.
The best part about this program is that it permits the user to get an amount of loan ranging from N50,000 up to 15 million naira , without any collateral, with a maximum time of repayment between 12 and 60 months, with a reasonable rate of interest with a salary domiciliation time of one month.
Union Bank Personal Loan Requirements
- Form filled in Union Bank loan application form
- Letter of commitment from the employer
2. Union Bank Business Loan
Union Bank business loan is sometimes referred to as a unionflexi loan. This loan bundle permits those with a minimum monthly income that is N2.5 million to take advantage of the.
With this bundle of loans an entrepreneur can avail loans ranging between 5 million and N50 million naira with no collateral. This loan is available for a maximum repayment time of between 12 and 60 months at a reasonable interest rate.
Union Bank Business Loan Requirements
- Forms that have been finalized Union Bank loan application form
- Letter of commitment by the company.
3. Union Bank Payday/Pay advance Loan
Union Bank payday loan is also known as a pay advance loan. This loan bundle from Union bank is designed to suit salaried workers who earn an average of N20,000 per month. These individuals require urgent cash to cover urgent business issues.
Businesses can get the loan of N25,000 up to 50 percent of their salary in advance, with a maximum repayment period of 12 months. monthly salary domiciliation time of one month.
Union Bank Payday Loan Requirements
- Application for loan approval to be finalized
- Proforma invoice
- A letter of undertaking of the employee.
4. Union Banke SME Loan
Union Bank SME loan is an option that is designed for small and medium-sized companies who lack capital to grow their business to a greater length.
They can apply for an up-to-10 million in loans without collateral and at a remarkably low interest rate that will be repaid according to your preferences, typically within between 2 and 12 months.
After submitting, all applications are subject to Union Bank lending guidelines. All loan eligibility and the reason for the loan will be assessed.
An acceptance letter is given upon successful loan applications. The letter will contain a variety of conditions and terms which you must meet prior to when you can use the funds.
A list of documents that are essential commonly requested comprises:
- The completed application form
- Company profile
- Business plan
- Budget for cash flow
- Statements from banks (12 months)
- Audited financial statements
- Certificate of Incorporation
- A valid means of identification (driving license or passport, voter’s card, etc.)
- Address proof
Note. The credit facility you are seekingis a factor that influences the specific document required.
4. Union Bank Student Loan
Union Bank student loan has been designed to provide parents and guardians with financing for short-term needs to pay the current costs like school uniforms, tuition fees and stationery. for their children or wards while they prepare for the next fees.
To avail this loan bundle applicants can apply for an amount ranging from N200,000 to 5 million Nigerians without collateral, with an affordable interest rate and a maximum repayment time that is 90 days ( the loan is expected to be paid within five months after the date of commencement).
The document required to apply for a Union Bank Student Loans includes:
- Copy of registration for CAC
- The state department of education received approbation
- Post-dated, dated check from a different institution that covers 130 percent of the loan.
There are three easy methods Union Bank customers can request and sign up for a loan at any Union Bank branch. It is also possible to refer to this ” Request for an Agent” online service support. Additionally you can apply for loans via mobile devices with the assistance of an USSD code.
How to apply for a Union Bank Loans through the website
To request a loan through this method, you must comply with these steps:
- Log in to the Bank site at unionbankng.com
- Scroll to the Apply option for a loan and then click “learn more”
- Go through the various bundles of loans and click to apply for the bundle.
- Complete all the required fields on the Union Bank loan application form
- The loan amount and interest rate will be displayed
- The money will be received within 24 hours, if your application is accepted.
- The payment must occur within the timeframe
What is the procedure to apply for a Bank Loans using USSD Code
This is thought to be the most efficient option, most convenient and speediest way to obtain a loan from Union Bank. At the convenience of own home with no internet connection, you are able to request a loan. for more information, follow these steps:
Union Bank loan USSD code is *82641#. It can be used to complete all of you Union Bank loan packages effortlessly without the need for the internet, or visiting any branch of the bank. The loan application will be approved within 24 hours.
How to Apply for Union Bank Loan Through Union Bank Branch
A loan application using this process is straightforward. All you need to do is go to any branch of Union Bank branch near you then fill out your loan application. The loan will be disbursed made within 24hrs.
Interest Rate of Union Bank Loan
Union Bank does not offer the option of a fixed rate for loans, however your interest rate will be determined when you submit the loan request.
Union Bank Loan Limits
Union Bank offers a loan that can be as much as 50,000,000 at a an affordable interest rate for 60 months.
Union Bank Loan Application
The loan form is used by clients to request an advance. Important information regarding your financial situation are required when making a loan application. The loan application is crucial to determine if the lender will accept the application for credit or funds.
How to Repay Union Bank Loan
You must repay the loan by the deadline or by the date it is due. The repayment of loans is done through the loan channels , which appear on the form when you apply for a loan.