Wema bank is among the banks that offer loans instantaneously in Nigeria without collateral or paper work , though the majority of these loans are less than $1,000,000, but at that , the large loans are also easy to obtain.
They’re not like the other banks that make you go through various processes before you can obtain the loan. Wema bank is able to serve every segments of the population regardless of whether you’re a business person or need a loan to meet personal needs, You can always be sure of their services.
The issue is how do you get an advance from them, right? This is precisely the aim of this article , and it’s not just that you’ll know the criteria for the loan, but also other things that you must be aware of about the wema bank loan.
Table of Contents
Different types of loan offers offered by Wema bank
Below are the various types of loans offered by wema bank.
Wema personal loan from a bank
The personal loan service offered by Wema is simple to obtain You don’t have to visit their bank to get the loan. Just one click on your phone, your account will be funded within the end of 48 hours.
It’s targeted towards those who have a salary account as well as a non salary accounts.
The repayment period for the loan can be up to 36 months. The maximum amount you can avail here is contingent on your income. Wema bank will grant you 70 percent of your income for instance, if you’re receiving up to $100,000 per month, the maximum the loan you could get would be $70,000.Check also
Requirements required for Wema Personal Loan
There are requirements that you need to fulfill before you can be able to get the loan. They are
- You should have an account at Wema Bank
- You must possess BVN
- You will require a government issued ID card.
- A letter of introduction to your boss
A loan to pay for school fees
This loan from Wema branch locations, not via your mobile.
It’s targeted towards parents who are looking to pay the school fees of their children whether primary, nursery and the tertiary. This loan product can avail up to 3 million in naira. However, the repayment period for primary and nursery is only 3 months while the tertiary period can be as long as 9 months.
Before you can avail this type of loan from wema , you have to submit the required information.
- School invoice
- Identity of the school
- Adrees
- Utility bill
Wema Bank Asset Acquisition Scheme (WASS)
WASS is a loan product offered by Wema bank that is targeted towards those who wish to purchase an asset but the only drawback is that asset needs to be brand new.
The maximum loan you are able to receive is $500,000 and the repayment period can last up to 36 month. Here are the conditions you must meet before you are able to get the loan.
- Statement of account from a bank that spans three months
- Utility bill
Small business loan (SME)
Another loan offered by Wema Bank is an SME loan that is targeted towards those who run a business
How do you take out a loan through Wema bank
After you are aware of the various types of loan offered from Wema bank, the next step is to find out how you can get a loans from them.
There are two ways to obtain a loan from Wema bank. They are
- Visit their branch at their bank
For loans that exceed than 1 million naira, you have to visit their branch near your the branch’s location
2. Online
If the amount is less than #1m like a personal loan, you can fill out the from the Wema Alat app or website
How can I repay Wema bank loan
It depends on the type of loan you get for small loans you do not have to visit the bank. Wema bank will take the cash directly from your bank account.
If it’s a big loans like school fees or an advance loans, you’ll need to go to the Wema bank branch at your area
Conclusion
Wema bank is among the banks that provide loans immediately and quickly in Nigeria however that doesn’t mean that you must take more loans than you are able to repay. The loan can be a boon on your journey through life, get a loan you know you will be able to repay.