Wema bank is yet another commercial banks in Nigeria that offer loan to their prospective customers who are interested in getting either short or long term loan. With wema bank, you can get your loan at a competitive rate and flexible repayment. So in this post I will show you how to get a loan from wema bank in Nigeria as well as the interest rate, the requirements, and other possible things you need to know.
Do you know how Wema bank started?
If no, you may glance through the history below.
Wema Bank Brief History
Wema Bank is a commercial financial institution that was first founded in 1945 as Agbonmagbe Bank Limited before it was later renamed “Wema Bank” in the year 1965.
Since the intuition of Wema bank, it has been providing banking services to Nigerians, and it has gone through several transformations over the years.
However, In the year 2009, the company went through a restructuring purposely to improve its performance, and in 2011 it became the first Nigerian bank to launch a fully digital bank branch, popularly known as ALAT.
Just like other banks, Wema bank offers various types of services including loans which we’re going to discuss here, savings and current accounts, mobile banking, and online banking etc.
Different Types Of Wema Bank Loan
As mentioned earlier, Wema bank offers various banking services and one of them is loan services under this loan, we can see various loan types to meet the financial needs of individuals and help boost businesses and since the purpose of being here is to learn how to get a loan from Wema bank, kindly read on to see the types of loan offer to choose from.
1 Personal Loan- This is most common amongst the banks, the majority, if not all offer personal loans. Wema personal loan is designed to help individuals meet their urgent financial needs, such as paying for home renovations, medical bills, school fees and lot more.
The personal loan amount could range from N100,000 to N5 million, and the repayment period is up to a maximum of 48 months.
- Business Loan: This is yet another loan type that is very common amongst banks in Nigeria, this business loan is designed purposely for small and medium-sized enterprises, and entrepreneurs to help them grow their businesses. However, the amount of loan you can get ranges from the sum of N100,000 to the maximum of N50 million, and the repayment period is up to 48 months.
- Assets Acquisition: Wema Bank Asset Acquisition loan is designed to help individuals and businesses acquire assets such as vehicles, equipment, and machinery. The loan amount is usually up to N50 million, while the repayment period ranges from 1 to 48 months.
- Home Improvement Loan: Getting this loan enables individual borrowers to get a loan to complete or renovate their homes.
The maximum home improvement loan amount is up to N5,000,000 and repays between 1 to 48 months.
- Salary Advance: This loan type is basically for salary earners who need either short or long-term financial assistance.
The amount of loan you can get is up to 50% of your monthly salary.
For instance, if your salary is N200,000 and you want to take a salary advance loan, the maximum amount can be loaned out to you is 50% of the salary which is N100,000 only which has to be repaid within a month.
- Education Loan- This loan type help parents or guardian in financing the education of their children. The loan is meant for the payment of school fees, and other related expenses.
- Mortgage Loan- This is a loan type that repayment bcan last up to 20 years.
It’s a loan bank lend out to their prospective customers to purchase and or build a home.
The mortgage bank borrowable amount is up to the sum of N50 million.
Wema Bank Loan Interest Rates
Before we move on to know how to get a loan from wema Bank in Nigeria, let’s see the interest rate.
Wema bank loan interest rate is usually determined by the amount of loan and its repayment period.
However, below are the interest rate examples of the minimum percentage of each loan types explained earlier.
- Personal Loan: Interest rate starts from 15% per annum.
- Business Loan: Interest rate starts from 15% per annum.
- Salary Advance: Interest rate starts from 5% per month.
- Asset Acquisition: Interest rate starts from 15% per annum.
- Home Improvement Loan: Interest rate starts from 15% per annum.
- Education Loan: Interest rate starts from 15% per annum.
- Mortgage Loan: Interest rate starts from 15% per annum.
The general loan requirements for Wema Bank loan products can be seen below:
- Proof of identity (National ID, Driver’s License or International Passport)
- Proof of address (Utility Bill, Tenancy Agreement or NEPA Bill)
- Proof of income (Bank Statement, Pay Slip, Tax Clearance Certificate or Audited Accounts)
- Two passport photographs
- Post-dated cheques for loan repayment etc.
How To Get A Loan From Wema Bank
- Identify the loan type that best meets your needs and requirements.
- Visit the nearest Wema Bank branch or apply online through the bank’s website or mobile banking app.
- Submit all the required documents and complete the loan application process.
- Wait for the loan to be approved and disbursed.
- If the loan is approved successfully, you get the money disbursed to your wema bank account.
Frequently Asked Questions (FAQs) On How To Get A Loan From Wema Bank In Nigeria
This article shouldn’t go without the inclusion of questions people also ask related to how to get a loan from wema bank in Nigeria.
Below are three common questions related to the topic:
How do I calculate my loan interest rate?
You can make use of a loan calculator online to quickly find the interest rate of a particular amount.
What happens if I don’t meet the wema bank requirements?
It’s simple if you don’t meet all the requirements Wema bank will not lend you a loan.
Must I open an account with Wema before getting a loan?
Yes, this is compulsory for everyone.