How to get a loan from UBA Bank: If you want a loan with a flexible payment plan, longer credit term, and low equity, look no further than a UBA loan. From personal loans to asset financing, a UBA loan will help you meet your immediate financial demands. You can also use the loan opportunity to grow your firm through asset financing.
Why choose UBA Loans?
UBA Loans are designed to match your demands. Some general benefits include:
- Different loans are offered for specific purposes.
- Competitive interest rates.
- Convenient and adaptable payback terms.
What services do UBA Loans offer?
The loan services offered by UBA include:
Personal Overdraft:
This is a short-term financing option available to employees of respected private and public institutions. It allows you to overdraw your current account by 6 months and has a maximum balance of $3 million. When you receive your salary, you receive a refund of 5% interest on the amount borrowed every 30 days. It is further divided into two categories: executive personal overdrafts and revolving personal overdrafts.
Qualification:
- An executive personal overdraft requires an annual income after tax of N5 million, while a revolving personal overdraft requires N2.5 million.
- Your UBA account must be your pay account, from which they have paid you for at least three months. Documents Required: Loan application form.
Asset Finance:
This credit program allows you to purchase assets that you cannot finance instantly.
Qualifications
- You must work for a respectable organization in either the business or public sectors.
- They must have paid your salary via UBA for at least one month.
Required documents include a loan application form and a pro forma invoice.
Personal Loan:
Personal loans provide additional funds to handle immediate emergencies or casual demands, such as paying medical costs or having your automobile repaired.
Qualification:
- This loan is open to everyone with a UBA account.
Documents required:
- Loan application form.
Cooperative Loans:
As the name implies, this business provides loans to trustworthy enterprises’ cooperative societies. It requires a minimum opening and operational balance of N2,000.
Qualification:
- Only cooperatives affiliated with respectable enterprises are eligible.
Documents required:
- A letter of request to your business’s manager, signed by cooperative leaders. This letter should specify the amount and duration of the loan sought.
- The bank has requested that you submit this letter along with additional supporting documents.
Cash Collaterized Loan:
This allows you to obtain credit in Naira, Pounds Sterling, US Dollars, and Euros. This is accomplished through cash deposits, investments, and equivalents with UBA or other UBA-approved financial institutions.
Qualification:
- You must have cash deposits, investments, or equivalents with UBA.
- Your last three months’ salary must have been paid through UBA.
- Employees are discussing or marketing consumer credit products.
Documents required:
- UBA consumer loan application form.
- Letter of Lien, Set-off, or Deposit Hypothecation Agreement in Your Name.
- Letter of confirmation for collateral.
- An original certificate of deposit or savings passbook.
- Charge memo for an investment or cash deposit.
Ensure that all documents include a rollover instruction when applicable.
If the pledged cash deposit is not in your name, you will require the following additional documents:
- Guarantee form.
- Complete the domiciliation of proceeds form.
If the pledged deposit or investment is in the name of an organization or liability limited company, you would require:
- Your Constitution or Memorandum Articles of Association.
- An executed board resolution of the organization allowing the pledge of cash deposits to the bank on behalf of another party.
How to Get a Loan from UBA Bank
- Visit their official website. On the Internet, you can download a copy of the loan application form you are looking for.
- Fill out the form and any other required documents as instructed on the website.
- Submit it to the customer service representative at your nearest branch.
If you are unable to download the loan form, you may obtain one from a customer service representative.
What are the requirements for UBA loans?
The UBA loan requirements vary depending on the type of loan in question. In the section above under “What services do UBA Loans offer?” they list each lending service and its conditions. You can obtain the loan form and documentation required for each loan from their website or at any branch.
Conclusion
UBA provides financial services to meet both your current and long-term demands. Their loan applications are simply available online from the comfort of your own home. If you match the requirements, you can apply for UBA loans today.
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