Do you need a loan to finance your personal or business needs, you might want to consider Unity Bank as one of your options. Unity Bank is one of Nigeria’s leading retail banks with 213 business offices spread across the 36 states and the federal capital territory. Unity Bank offers various loan products for different purposes, such as home equity loans, auto loans, personal loans, and overdraft protection. In this article, we will discuss the benefits, requirements, and frequently asked questions about getting a loan from Unity Bank.
Table of Contents
- Benefits of Unity Bank Loans
- Requirements for Unity Bank Loans
- Different Kinds of Loans from Unity Bank
- How To Apply For Loans From Unity Bank In Nigeria
- FAQs about Unity Bank Loans
Benefits of Unity Bank Loans
Unity Bank loans have several benefits that make them attractive to borrowers, such as:
– Competitive interest rates: Unity Bank offers low interest rates for its loan products, depending on the type, amount, and term of the loan. For example, the fixed rate home equity loan has an annual percentage rate (APR) of 7.25% for a 5-year term.
– Flexible repayment options: Unity Bank allows borrowers to choose from various repayment options, such as monthly, quarterly, or annually. You can also choose to pay only the interest or both the interest and principal during the loan term.
– Preferred rate reduction: Unity Bank offers a 0.25% preferred rate reduction for borrowers who set up automatic payment from a checking or savings account at Unity Bank.
– No hidden fees: Unity Bank does not charge any application, processing, or prepayment fees for its loan products. However, some loans may have a retirement fee if the credit line is closed within 18 months.
Requirements for Unity Bank Loans
Unity Bank has different requirements for its loan products, depending on the type, amount, and purpose of the loan. However, some general requirements that apply to most loans are:
– You must be at least 18 years old and a Nigerian citizen or resident.
– You must have a valid means of identification, such as a national ID card, driver’s license, passport, or voter’s card.
– You must have a verifiable source of income, such as a salary slip, bank statement, or tax return.
– You must have a good credit history and score, which can be checked by Unity Bank or a credit bureau.
– You must have a collateral or guarantor for some loans, such as home equity loans or auto loans.
Different Kinds of Loans from Unity Bank
Unity bank is a commercial bank in Nigeria that provides various loan options for its customers in the country. Here are some of the loans that Unity bank offers:
Personal Loans
These are loans that you can use for different purposes, such as covering urgent or unplanned expenses, paying off debt, or buying something online or offline.
Business Loans
These are loans that help small and medium-sized business owners to start or expand their businesses. They include term loans, lines of credit, and commercial real estate loans.
Mortgage Loans
These are loans that help you to buy a house or property. They have jumbo loans, mortgage options, adjustable rates, and fixed rate mortgages.
Auto Loans
These are loans that help you to buy a vehicle for personal or business use. You need to have a reliable source of income to qualify for this loan.
Home Equity Loans & Lines Of Credit
These are loans that let you borrow money using the value of your home as collateral. They are also common among other commercial banks.
Read also: Cash Key Loan App, Benefits, Requirements, Apply for Loan
Read also: Can I Go To Jail For Not Paying Online Loans In Nigeria?
How To Apply For Loans From Unity Bank In Nigeria
The easiest way to apply for a loan from Unity bank is through their Mobile Banking App, but not all loans are available there. Some loans require you to visit one of their branches with the necessary documents, fill out a form, and wait for the final decision. The decision can be either approval or rejection.
FAQs about Unity Bank Loans
Here are some frequently asked questions and answers about Unity Bank loans:
Q: How can I apply for loans from Unity Bank?
A: You can apply for a loan from Unity Bank by visiting any of their business offices or by filling out an online application form on their website. You will need to provide your personal and financial information, as well as the details of the loan you want to apply for.
Q: How long does it take to get approved for a loan from Unity Bank?
A: The approval time for a loan from Unity Bank depends on the type and amount of the loan, as well as your credit history and score. Generally, it can take anywhere from a few hours to a few days to get approved for a loan from Unity Bank.
Q: How much can I borrow from Unity Bank?
A: The amount you can borrow from Unity Bank depends on the type and purpose of the loan, as well as your income and repayment capacity. For example, the home equity loan has a minimum amount of N500,000 and a maximum amount of N2,000,000.
Q: What are the interest rates and fees for Unity Bank loans?
A: The interest rates and fees for Unity Bank loans vary depending on the type and term of the loan. For example, the fixed rate home equity loan has an APR of 7.25% for a 5-year term and no application or processing fees. However, some loans may have other fees, such as a retirement fee if the credit line is closed within 18 months.
Q: How do I repay my loan from Unity Bank?
A: You can repay your loan from Unity Bank by making regular payments according to your repayment schedule. You can choose to pay by cash, cheque, direct debit, or online transfer. You can also benefit from a 0.25% preferred rate reduction if you set up automatic payment from a checking or savings account at Unity Bank.
Read also: Cash Key Loan App, Benefits, Requirements, Apply for Loan
Read also: Can I Go To Jail For Not Paying Online Loans In Nigeria?
Conclusion
Unity Bank is one of Nigeria’s leading retail banks that offers various loan products for different purposes. If you are looking for a loans to finance your personal or business needs, you might want to consider Unity Bank as one of your options. However, before you apply for a loan from Unity Bank, make sure you understand the benefits, requirements, and frequently asked questions about their loan products. You can also compare their loan products with other lenders to find the best deal for you.
