Borrowing money from Union Bank is a simple process if you understand the application and processing process. There are different loan products made available by the Union Bank of Nigeria to enable its customers to sort themselves out during their emergencies and pressing needs.
Our research team has carefully evaluated the loan application and processes of Union Bank. In this article, we shall lay everything bare for you, from the different Union Bank loan schemes to how to apply for each. Pay close attention and read on to find out more!
Overview Of Union Bank
The Union Bank of Nigeria (UBN) is one of the trusted and reliable banks in Nigeria. This financial institution was established in 1917 and has stood the test of time since it began operations.
This bank currently has over 293 branches and about 950 ATM cards in circulation. Its portfolio includes many banking services for individuals, SMEs, commercial and even corporate clients.
This fantastic bank is committed to being widely recognized as Nigeria’s most reliable and trusted partner. Their ambition is hinged on successfully delivering against six strategic pillars, including quality of customer experience, client base, talent, banking platform, professional standards, and earnings.
Aggressive strategy execution is underway, leveraging a robust transformation team primarily focused on people, processes, and technology.
To serve their customers better, the Union Bank of Nigeria introduced different loan products to help cater to the needs of its customers. In the subsequent heading, we shall look at these loan products equally. Keep reading!
Types Of Union Bank Loans
Whatever your desire or need for a Union Bank loan, there is a specific loan scheme tailored to your needs and satisfaction.
These loan types are grouped into the following;
- Payroll loans.
- Digital loans.
- Non-payroll loans.
Let’s quickly explain each type of loan.
Payroll Loans
This type of Union Bank loan is specifically designed for those whose salaries are paid into Union Bank with competitive rates.
Also, with this loan scheme, you stand a chance for a cash-back reward, especially if you opt for a loan with 2 to 5 years and repayment time!
There are other loans under this loan scheme. They included the following;
Personal Loans
Under this loan, you can borrow as much as N15M, which will be sent to your Union Bank account while you repay for five years and even more. The features of this loan include;
- Minimum monthly salary of N15,000.
- Maximum loan amount of N15,000,000.
- Maximum tenor of 60 months (5 years).
- Salary domiciliation for one month.
Salary Advance
As the name implies, you can borrow part of your salary in advance. Here, you can borrow 50% of your salary within a 12-month (1-year) period at a competitive rate. The features include the following;
- A salary not less than N15,000 in a month.
- Repayment tenor of 12 months.
- The highest you can borrow is 50% of your monthly salary.
- And a salary domiciliation of one month.
Back-To-School Finance
This loan is made available for parents who have bank accounts with the Union Bank and are ready to tick off their list with a Union Bank loan. The features include;
- You can borrow a maximum of N15,000,000.
- For termly school fees, the tenor is three months, and 12 months for a session fee payment.
- Also, a month’s salary domiciliation is essential.
Senior Citizen Loan
This is another payroll loan. Here, only retirees are eligible for this type of loan. As a retiree, you can finance your personal projects through this loan scheme and repay conveniently in five years. The features include;
- At least N10,000 monthly pension.
- A one-month pension domiciliation.
- A repayment tenor of 60 months.
- And a maximum amount of N10M.
UnionFlexi Loan
This type of loan is exclusively for people who earn at least N30M in a year and have large products to finance. Here are things you need to know about this loan:
- You can borrow a maximum of N50M.
- You must earn not less than N30M in a year.
- The loan tenor is for 60 months.
- And at least a month’s salary domiciliation with Union Bank.
Mortgage Loan
This type of loan is designed for those who want to build or buy their dream home. Make your dreams a reality with a convenient and flexible mortgage loan from Union Bank. You can access up to 150 million naira over 15 years at a minimum interest rate of 16% annually.
Digital Loans
Digital loans are loans offered by Union Bank that one can access comfortably from the comfort of one’s home or office. No collateral or guarantor is needed, and not much paperwork is involved. These loans are also known as payday loans. Here, you can borrow as much as 50% of your monthly salary and repay in a month.
Meanwhile, your salary must not be less than N15,000, and the maximum loan amount is only 50% of your salary (N500,000). You must have your domiciliation wage for up to three months.
Non-Payroll Loans
This type of loan is specifically for those who have businesses. This credit enables business owners to run their day-to-day activities and match toe to toe in terms of competition in the market. It is further grouped into the following;
Self-employed Loan
This loan enables you to access up to N5M for the growth of your business anywhere within the country. This loan features include;
- The average credit turnover is N500,000.
- The maximum amount of loan obtainable is N5M.
- The loan tenure is between 1-6 months.
- A Union Bank account not less than six months.
Self-employed Revolving Overdraft
If you wish to scale up your business, this loan is also available to you from any part of the country. Here are some things to note:
- A monthly net turnover of N10,000.
- The credit turnover should be N50,000 in a month.
- You can only access a loan of N5M.
- And the duration is only six months.
How To Borrow Money From Union Bank
Now that you have known all the loan products made available by Union Bank, here is how to apply for any of the loan products:
Through The Union Bank Website
One of the ways to borrow money from Union Bank is to apply through its official website. Here is how to do that;
- Go to the Union Bank portal.
- Click any of the listed loans that suit your needs.
- Carefully read through the loan and its features.
- Next, click “Loan application guide.”
- After reading and understanding the guide, proceed to tap on the “apply for a loan” feature to start your application properly.
- If you are eligible for the loan, your account will be credited after review by the management team.
Through the Union Bank Mobile App
You can also apply for a loan through the Union Mobile app. Here is how;
- Download the Union Mobile app from your app store.
- Sign up with your personal and bank details.
- Once logged in, go to the dashboard and search for “loans” in the menu bar.
- Then, carefully follow the on-screen instructions to complete the application.
This method is specifically for digital loans.
Through USSD Code
The Union Bank of Nigeria Plc also has its USSD code. This code enables its customers to apply for loans conveniently, even without an internet connection.
The USSD code to obtain loans from Union Bank is *826*41#. Once you dial this code, choose from the listed options the best that suits your financial want.
Through Physical Meeting
To avoid issues, you can visit any Union Bank branch in your area to inquire about your desired loan and how to apply.
The customer attendant will guide you on applying and if collateral is needed.
Interest Rate And Repayment Period
The interest rate and repayment period for a Union Bank loan depend heavily on the type of loan.
Generally, the interest rate ranges from 1-3.75% while the tenor is between 1 month to 60 months.
How To Contact Union Bank
You can contact Union Bank through any of the following means;
- Phone Number: +234-1-2716816
- Customer feedback and support.
You can also visit the nearest Union Bank branch in your area.
Conclusion
Borrowing loans from Union Bank is a simple process. By following the guide in this article, we believe that you will be able to access your dream loans easily.