UBA is a financial institution and commercial bank that offer loan to their prospective customers in Nigeria. With UBA bank, you can get varieties of loan and while there are some you can only get with collateral and other documents, the company still provides a kind of loan that requires no collateral or any paperwork. If you’re able to meet the basic requirements, then you should expect to get a loan from them successfully. In this same article, I have shared tips on how to get a loan from UBA bank successfully in Nigeria in 2023, with other important things you need to know before you make up your mind to get the loan.
UBA Bank Loan Benefits
1. UBA bank offer competitive interest rate
- They offer flexible repayment options
UBA Loan Types
Before going directly into knowing how to get a loan from UBA, let’s quickly look into the UBA loan types.
UBA offers varieties of loan types and customers can decide on which offer they want to go for.
1. Personal Overdraft
Personal Overdraft is a short term loan option that enables staff of either private or public organizations to get a quick loan. In short, personal Overdraft loan types are meant for private and public organizations employees alone.
With this type of loan, customers are allowed to overdraw their current account by at least 6 months and have a maximum of three million naira. However, every 30 days, you must repay at least 5% interest on the borrowed amount every 30 days after you’ve received your salary.
Overdraft Loan Requirements
Your UBA account must be the one to receive your salary.
Your UBA account must be a minimum of 3 months old and others not mentioned here.
How To Get UBA Bank Overdraft Loan
This loan type cannot be gotten online or through the UBA mobile banking app, instead, you need to visit the nearest UBA bank and ask for an overdraft loan.
Going there directly will help you in getting more information needed and an agent will walk you through how you will successfully get the loan.
Note: Don’t forget this loan type is meant for only employees working in private or public organizations only.
2. Asset Finance
In this article- how to get a loan from UBA bank I would like you to know about “Asset Finance”. This loan type is a credit programme which gives customers like you who are working in a reputable private or public company the opportunity to buy assets that cannot be financed immediately. This means it’s the bank that will finance it for you.
Requirements To Get Asset Finance Loan From UBA Bank
1. Anyone who is interested in this loan must be working in not just any private company but a reputable or working in any governmental organization.
- You must have an active UBA account that has received at least one of your salaries.
This means if you’re going to apply for this loan, your salary must always be received into this account, this will enable the bank to easily and automatically deduct their money.
3. Personal Loan
This loan type is very common amongst banks and available to every customer.
Majority of the banks are willing to lend you money to cover your expenses e.g, children’s school fees, medical bills, and any emergency occurrence.
This loan is always flexible with loan interest rates and faster to get.
Related Article: How To Get A Loan From Zenith Bank In Nigeria
Personal Loan Requirements
1 You must have an active UBA account
- Means of identification e.g National Identity Card (NIN), Voter’s Card, NEPA Bill etc.
- Must be at least 18 years of age
- You mustn’t have an outstanding loan with the bank or other banks.
4. Corporate Loan
Corporate loan is a loan offer for cooperative societies of Companies.
Corporate Loan From UBA Bank Requirements
1 You need a minimum opening and operating balance of two thousand naira (N2000) only.
- You must be in cooperation with a reputable company.
5. Cash Collateralized Loan
Cash Collateralized Loan allow customers to get credit in either Naira, USD, Europe or Pound Sterling.
To qualify for this, it’s essential you have cash deposits, or investments with UBA.
You must have a UBA account that have received at least 3 months of your salary.
6. UBA Students Loan
If you’re a student, parent or guardian in need of a student loan, to pay or balance up school fees, UBA bank offers you a medium to long term loan which ranges between 4 – 3 years.
How To Apply For UBA Bank Student Loan
To get this loan kindly visit any UBA bank around you for information, and eligibility criteria to successfully get the loan.
7. UBA Senior Citizens Loan
This is a loan type specially designed to support pensioners who are within the age of 55 to 70 years.
With this loan offer, you can get up to the sum of 10 million naira.
8. UBA Health Loan
This loan type is primarily designed to provide for individuals who need fast loans to take care of their health.
This loan can be used to support patient cash flow needs in the hospital.
You May Like: How To Get A Loan From Stanbic IBTC Bank In Nigeria
The UBA Health Loan can be up to N10,000,000 and has to be paid within 12 months.
Frequently Asked Questions (FAQs) How To Get A Loan From UBA Bank
Below are some questions related to how to get a loan from UBA bank:
Must I visit any UBA bank before getting a loan from them?
Yes, anyone interested in getting a loan from the bank needs to visit the bank branches and follow the given procedure by the bank officer.
Must I open an account with UBA before getting access to the loan I need?
This is compulsory for whoever is interested in getting a loan from this bank.