Are you a business owner who wonders what it takes to finance your small business in Nigeria? The Union Bank of Nigeria offers a wide range of opportunities to customers trying to access a loan from the bank. They offer loans to salary earners, investors, entrepreneurs, Small Business owners to even pensioners.
Today, we will look at Union Bank loans, as they offer several kinds of loan packages from which you can benefit. Their loans vary from personal loans, business loans, SME loans, student loans, etc.
THE UNION BANK BUSINESS LOAN
This Union Bank business loan is also called the Unionflexi loan. It allows business owners that have a minimum monthly salary of N2.5 million to apply.
However, this loan bundle is for a business owner who wants access to a loan from 5 million to N50 million naira without requesting collateral. Also, the loan is for a maximum repayment duration of 12 to 60 months and has a good interest rate.
Application Requirements
- Completed Union Bank loan application form
- Provide a letter of undertaking from the employer.
The Union Bank SME Loan
This Union Bank SME loan is meant for small and medium-sized businesses that lack the capital to expand their small business.
You can request up to 10 million loans without any collateral which you can pay back in 2 to 12 months.
Application Requirements
- A completed application form
- A company profile
- A Business plan
- Your business cash flow budget
- Business bank statements (12 months)
- Business audited financial accounts
- Business Certificate of Incorporation
- A valid means of identification
- Provide proof of address
HERE ARE OTHER LOANS FROM UNION BANK
Unionplus/Personal Loan
The Unionplus loan is also called the Union Bank personal loan. Note that this loan package allows customers with a minimum salary of N18,000 or above to get a loan.
One of the amazing benefits of this package is that it allows you to happily access a loan from N50,000 to 15 million nairas without collateral. This loan is for a maximum repayment duration of 12 to 60 months and has a low-interest rate.
Application Requirements
- Completed loan application form
- Provide a letter of undertaking from your employer
The Union Bank Student Loan
The Union Bank student loan was made to help parents/guardians with short-term financing which covers existing payments such as school fees, school uniforms, stationery, etc.
With this package, you can request a loan from N200,000 to 5 million nairas, and collateral is not needed. This loan has a low-interest rate and a maximum repayment period of 90 days.
Application Requirements
- A copy of the school CAC registration
- A copy of the newsletter
- A copy of the state Ministry of Education approval
- A postdated cheque from another bank should cover 130% of the loan amount.
HERE IS HOW TO APPLY FOR A UNION BANK LOAN THROUGH THE WEBSITE
- Visit the Bank’s official website at unionbankng.com
- Then scroll down to the Apply for a Loan option
- Read through all the loan conditions and click Apply on your choice of bundle.
- Complete all fields in your Union Bank loan application form
- Then input your loan amount, then the interest rate will display
- You will get the money within 24 hours if the application is accepted
HERE IS HOW TO APPLY FOR A UNION BANK LOAN THROUGH A UNION BANK BRANCH
Getting a loan via this method can be very easy. The only thing you need to do is visit any available Union Bank branch near you, get and fill out a loan application form. But note that you must have all the loan application requirements as stated above. Once done, your Loan disbursement will be within 24 hours.
HERE IS HOW TO APPLY FOR A UNION BANK LOAN THROUGH USSD CODE
Here is one of the easiest and fastest ways to get a loan from Union Bank. This can be done from the comfort of your home without using the internet.
The Union Bank loan has a USSD code which is 82641#. This USSD code can be used to quickly execute all your Union Bank loan packages without using the internet or visiting any bank branch. Once done, a loan application will be granted within 24 hours.
To apply, follow this simple step:
Just dial *82641#. And follow their guide.
THE INTEREST RATE OF UNION BANK LOAN
Note that Union Bank does not offer a fixed interest rate on any loan, but the interest rate will be agreed upon at the time you are applying for the loan.
THE UNION BANK LOAN LIMITS
This financial giant offers a loan of up to 50 million with a good and reasonable interest rate for a conclusive duration of 60 months.
HERE IS HOW TO REPAY A UNION BANK LOAN
All loan applicants are expected to pay back the loan within the agreed date or on its due date. Note that all loan repayment is made via the loan channels that will be on your form during your loan application.
