How to get Union Bank Loan

In pursuing your financial goals access to finance can be a huge hindrance to the success of achieving your financial dreams and goals. Securing a loan often helps to make a difference and serves as a catalyst to help you achieve personal and business financial goals. Union Bank is a renowned financial institution with a long-standing history in Nigeria, and will help you with a wide range of loans to help you achieve your financial goals be it personal or business: “How to get Union Bank Loan.”

In this guide, we’ll discuss Union Bank, how to get a loan from Union Bank, the steps to getting a loan from Union Bank, the benefits of Union Bank loans to customers, the types of loans offered by Union Bank, and the cons of Union Bank loans of any. If you want to get that loan to sort your financial needs from Union Bank then read on to learn how to go about it!

About Union Bank

Union Bank is a very trusted financial institution in Nigeria with a long history of serving the banking public of Nigeria, the bank was established in the year 1917 and has a rich of providing several types of financial and banking services and transactions to generations of Nigerians and for more than ten decades.

Union Bank has continued to develop and innovate throughout its over 100 years of existence to serve the needs of its millions of customers. Union Bank has a mission to deliver simpler, smarter banking solutions that empower its customers to achieve their financial goals, by offering a portfolio of banking services to individuals, SMEs, and commercial and corporate clients.

How to get Union Bank Loan

Does Union Bank Give Loan

Yes, Union Bank provides a variety of loans it is categorised into three main loan groups, payroll Loans, digital loans, and non-payroll loans. These loans are designed according to the purpose they are meant to achieve for the applying customers.

Types of Loans Offered By Union Bank

Union Bank offers a wide variety of loans depending on the needs of the loan applicants. The Union Bank loans are classified into three major broad categories and we’ll look at these loans according to their categorisation by Union Bank. The major categories of loans provided by Union Bank are:

• Payroll Loans
• Digital Loan
• Non-Payroll Loans

Payroll Loans

The payroll loans offered by Union Bank are loans made available to salary earners who have their salary account domiciled with Union Bank. There are amazing bouquets of loan products designed for salary earners under the payroll loan category at Union Bank. These payroll loans offered by Union Bank come with cash-back rewards for customers who take a loan lasting for up to 2-5 years and repay such loans on time. The payroll loans available at Union Bank included:

• Personal Loan: This is a loan designed for personal use for individuals to sort out financial needs. This loan serves as a quick cash option for persons with immediate financial needs, you can get this loan up to a maximum of 15 million Naira, with repayment time of up to 5 years maximum.
• Salary Advance: This salary is designed for salary earners with their salary account domiciled with Union Bank, this loan allows you access to funds up to 50% of your monthly salary. This loan is given to customers as an overdraft and is meant to last for a maximum repayment period of 12 months at competitive rates.
• Back-to-school Finance: This is a loan that is designed to help parents and guardians pay for their ward’s school fees instantly. This loan must be used for school tuition fee payment and nothing else.
• Older Citizen Loan: This loan is designed to help pensioners enjoy a relaxed life during their retirement, this loan helps pensioners pension to work for them. With this loan you can get up to 10 million Naira maximum to finance any personal project you have dreamed of, this loan has a repayment period of 5 years.
• UnionFlexi Loans: This loan is designed for high-annual salary earners to help Union Bank customers meet their financial goals. This loan is available to you if you earn at least 30 million Naira per annum, you can get access to up to 50 million Naira in loan approval with this loan.
• Mortgage Loans: This loan is designed for salary earners who wish to build or buy a home or any other real estate of their choice. This loan provides you with a convenient financing option for purchasing the home of your choice, with a flexible repayment schedule over 15 years. This loan is provided at an interest rate of 16% minimum per annum and 19% maximum per annum. You can get access to up to 150 million Naira with this loan type over 15 years.

Digital Loan

This is a loan provided by Union Bank through its digital banking platforms, it is a loan available to salary earners with a Union Bank account through the Union Bank digital platforms. This loan and its application process saves you stress while providing you the financial needs.  The payday loan is the only digital loan offered by Union Bank currently.

• Payday Loans: The payday loan is designed to provide salary earners with much-needed finances to attend to their financial needs and pay back the loan within a month. This loan can provide you with up.to 50% maximum of your monthly salary without the need for collaterals. You can apply for this loan through the UnionMobile App or by dialling the USSD code *826*41# after which you will be required to follow the other prompts.

Non-Payroll Loans

This is a type of loan that is given to businesses and business owners who are not on a salaried income. This loan is provided to all sorts of businesses regardless of your business size. This loan is designed to help businesses expand and upscale.

• Self-Employed Loans: This loan is designed to provide access to funding up to ₦5 million to help run the daily operations of large-scale businesses in any location across Nigeria. This loan has a clean-up cycle of 90 days.
• Self-Employed Revolving Overdraft: This loan provides access of up to ₦5 million to large-scale businesses to facilitate the day-to-day operations of the business in any location across Nigeria. This loan has a clean-up cycle of 60 days. This loan has a tenor of six months.
• Cash-backed Loans: This loan is designed for customers with an investment portfolio with Union Bank, this loan can be used to attend to your personal financial obligations or business expansion and upscaling needs. This loan is backed by your investment with the bank.

Union Bank Loan Interest Rate

Union Bank offers loans at interest rates that are competitive with the market rates. Customers wishing to request a loan from Union Bank should expect interest rates ranging from 1% to 19% per annum or more depending on the loan type.

Union Bank Loan Eligibility

The different types of loans provided by Union Bank have their eligibility requirements without which you will not be allowed to get a loan approval from the bank. The various Union Bank loans and their eligibility requirements are listed below:

Personal Loan

• You need to have your salary account domiciled with Union Bank
• You need to earn a minimum monthly salary of ₦15,000
• Your salary account must have been domiciliated with Union Bank for at least 1 month

Salary Advance

• Your salary account must be domiciled with Union Bank
• You have to earn a minimum monthly salary of ₦15,000
• Your salary account must have been domiciliated for at least one month with Union Bank
• You can only get a maximum loan amount of 50% of your salary

Back-to-School Finance

• You must show evidence of school fee bill to the bank
• The loan can be 3 monthly tenured for termly fees payment or 12 monthly for session school fees payment
• Your salary account must be domiciled with Union Bank
• Your salary account must have been domiciled with Union Bank for more than one month

Older Citizen Loan

• Your pension account must be domiciled with Union Bank
• Your pension account must have been domiciled with Union Bank for at least one month
• Your minimum monthly pension must be at least ₦10,000

UnionFlexi Loans

• You must earn at least 30 million Naira per annum to be eligible for this loan
• Your salary account must be domiciled with Union Bank
• Your salary account must have been domiciled with Union Bank for more than one month

Mortgage Loans

• You must be between 21 and 65 years
• You must have a minimum monthly salary of N250,000. Your spouse’s salary can also be considered if you are married
• Pictures of the property
• Receipt of copy of the registered title (C of O, deed of assignment, deed of conveyance, or right of occupancy) to property backed by power of attorney or duly attested court affidavit
• Land survey
• Valuation report (to be conducted by the bank)
• 6 months’ account statement (minimum 1 month with Union Bank)
• Offer for sale of property from a reputable vendor/agent
• Instruction to debit your account for Legal search, equity contribution, valuation, perfection, comprehensive insurance cost, and management fees

Payday Loans

• You need to have an account with Union Bank
• Your salary account must be domiciled with Union Bank
• Your salary account must have been domiciled with Union Bank for at least three months

Self-Employed Loans

• You must have an average credit turnover of ₦500,000 per month
• You must have been with the bank as a customer for at least six months
• You need to be a working large-scale business

Self-Employed Revolving Overdraft

• You must have an average credit turnover of ₦50,000 per month
• You need to have an average net turnover of ₦10,000 per month

Cash-Backed Loan

• You must have an investment portfolio with Union Bank
• You need to have target savings accounts with the bank (e.g UnionKorrect, UnionFlex etc) CASH BACKED APPLICATION FORM – TSPs
• You need to have cash-backed investments with the bank

Union Bank Loan Application Process

The application for any of the Union Bank loans is done through the use of the Union Bank loan application form portal at Union Bank loan application. This loan application form is meant for the loan applicants to fill out accordingly depending on the type of loan the applicant is requesting.

Benefits of Union Bank Loan

Union Bank loans come with several benefits depending on the category of Union Bank loan you’re applying for. Some of the main benefits of the Union Bank loans are:

Personal Loan

• The loan tenor is long and gives space for repayment without strain, especially for low-income salary earners
• The maximum loan amount is reasonable at 15 million Naira given the maximum repayment tenor attached to the loan

Salary Advance

• With this loan, you will have access touch needed funds to sort your financial needs while waiting for your salary to be paid
• With a minimum salary of ₦15,000, you can access the Union Bank salary advance loan
• This loan is given as an overdraft to customers at an interest rate that is competitive

Back-to-School Finance

• You will get access to much-needed funds to help you offset school fees for your wards
• This loan ensures you do not strain on the payment of school fee obligations

Older Citizen Loans

• This loan helps older citizens achieve their post-retirement financial dreams and goals
• The loan repayment period is spread out to up to 60 months (5 years)

UnionFlexi Loans

• This loan is suited for executing large projects by large corporations and individuals with very high annual salary earning
• This loan has a competitive repayment period of 60 months repayment period
• You can get up to a maximum of 50 million Naira with this loan

Mortgage Loans

• You get access to a substantial amount of funds to get the home of your dream
• With this loan, you can get access to other personal loans while using the residential property as collateral
• The repayment time for this loan is long and affords customers time to be able to repay the loan without defaulting

Payday Loans

• This loan provides you access to quick cash to settle your financial problems
• Payday loan helps you get access to up to ₦500,000 subject to 50% of your monthly salary from Union Bank without any collateral

Self-Employed Loans

• This loan provides your business with daily operations financing funds up to a maximum of 5 million Naira
• With this loan, your business will not suffer from a shortage of daily operational funds

Self-Employed Revolving Overdraft

• This loan helps provide small-scale businesses with daily operational funds to run their business provided the business meets the eligibility requirements of the loan
• You can get up to a maximum loan amount of 5 million Naira

Cash-Backed Loan

• You can access up to 80% of your investment with Union Bank in loans through cash-backed loans

Cons of Union Bank Loan

Union Bank provides affordable loans to customers with plenty of benefits, the Union Bank loans also have a few downsides some of which include:

• You can only get a loan tenor of 12 months with the Union Bank salary advance loan
• You cannot get more than 50% of your salary as a loan for the Union Bank salary advance loan
• You cannot get the salary advance loan if your salary account is not domiciled with Union Bank
• The self-employed loan has a very short loan tenor and clean-up cycle that may put businesses in jeopardy of defaulting on loans

Conclusion

Getting a loan from Union Bank guarantees you good rates and a substantial loan amount even if you’re a low-income earner. This is because the personal loan offered by Union Bank has a maximum repayment term of up to 5 years and you can access the personal loan if you earn up to ₦15,000 minimum as your monthly salary. If you wish to request a loan, Union Bank is the bank to go to, because you are assured of affordable interest rates, favourable repayment time, and reasonable loan amount consideration. See

The Importance And Locations of BVN Enrollment

The necessity for secure financial transactions and identification grows more critical as technology develops. The Bank Verification Number (BVN) has become a crucial instrument in Nigeria for advancing financial inclusion, decreasing fraud, and improving the effectiveness of banking operations. This article seeks to give a thorough and in-depth understanding of the significance of BVN enrollment, step by step guide on how to enroll and the sites where people can do so: “THE IMPORTANCE AND LOCATIONS OF BVN ENROLLMENT: PROMOTING ACCESS TO FINANCIAL SERVICES IN NIGERIA“

Understanding Bank Verification Number (BVN)

The Bank Verification Number (BVN) is an exclusive 11-digit identifying code that connects every person’s bank accounts at different Nigerian financial institutions. In order to improve financial security, encourage financial inclusion, and permit simpler access to credit facilities, the Central Bank of Nigeria (CBN) created it in 2014.

It is connected to the person’s biometric information, which is recorded during the BVN enrollment procedure and includes fingerprints and facial recognition.

People must visit any bank branch in Nigeria to fill out the BVN enrollment form in order to get a BVN. The person’s biometric information, such as fingerprints and a facial image, will be taken during the enrolling process. A BVN will be given to the person after enrollment; they must give it to all other banks where they have accounts.

In order to avoid unauthorized access to or abuse of a person’s bank accounts, it is crucial to highlight that the BVN is a private, sensitive, and confidential personal identifying number.

The Importance And Locations of BVN Enrollment

Steps By Step Process on Creation of BVN

1. Visit Any Bank Branch: Choose any bank branch that offers BVN enrollment services. It doesn’t have to be the bank where you currently have an account.
2. Request A BVN Registration Form: Request a BVN registration form from a bank representative. They’ll provide you the required paperwork and walk you through the procedure.
3. Complete The Form: Complete the BVN registration form with all the necessary information. This includes your full name, date of birth, address, phone number, and, if you already have a bank account, account information.
4. Provide Supporting Documents: Attach the necessary supporting documents, which typically include a valid identification document such as your national ID card, international passport, driver’s license, or voter’s card. Some banks may also require proof of address, such as a utility bill or bank statement.
5. Submit The Form: Give the bank representative the completed registration form and any supporting documentation. They will check the supplied data and papers.
6. Take Biometrics: Following the verification of your documents and information, you will be prompted to take biometrics. Your photos and fingerprints will be taken as part of this, and they will be saved in the BVN system.
7. Obtain Your BVN: The bank will give you a BVN acknowledgment slip following successful biometric capture. This slip acts as evidence that you have finished the registration process and contains your particular BVN. Keep it in a secure location at all times.
8. Link Your BVN To Your Existing Accounts: If you have multiple bank accounts, inform the bank that you would like to link your BVN to all these accounts. This ensures that the BVN is connected to all your accounts across different banks.
9. Wait For BVN Activation: The bank will process and validate your BVN registration details. Once they receive confirmation and approval from the Central Bank of Nigeria, your BVN will be activated.
10. Update Any Other Accounts You Have With Your BVN: Inform any other financial institutions or businesses where you have accounts, including insurance or investment firms, of your new BVN. This will make sure that your BVN is updated in all of your financial accounts.

Importance of BVN Enrollment

The BVN enrollment in Nigeria carries significant importance for individuals, banks, and the overall banking system. Here are some key reasons why BVN enrollment is important:

1. Identity Verification: BVN enrollment helps verify the identity of bank customers accurately. It prevents individuals from opening multiple bank accounts using different identities, reducing cases of identity theft and fraudulent activities.
2. Fraud Prevention: The BVN system improves the security of banking transactions by using biometric data, such as fingerprints and facial recognition. It reduces incidences of financial fraud and ensures the security of clients’ funds by making it challenging for criminals to gain unauthorized access to bank accounts.
3. Quick And Safe Account Access: Customers can easily and conveniently access their accounts at several banks with the BVN. Having just one BVN reduces the need for various forms of identification. utilized to access all associated accounts, making banking activities quicker and more effective.
4. Improved Credit Risk Evaluation: Enrollment in the BVN gives banks access to detailed consumer data, including credit history and behavior. This helps banks assess borrowers’ creditworthiness more precisely, enabling them to make well-informed judgments on loan approvals and lowering credit risks.
5. Financial Inclusion: In Nigeria, BVN registration is essential for advancing financial inclusion. By offering a standardized identity system, it enables people without traditional means of identification to access banking services. This makes it possible for more people to access different financial goods and services and take part in the formal financial system.
6. Adherence To Regulatory Requirements: The BVN system aids banks and the banking sector in adhering to Nigeria’s central bank. It assists the battle against money laundering, terrorist financing, and other illegal acts while increasing transparency and keeping an eye on transactions.
7. Customer Confidence And Trust: When BVN enrollment is implemented, customers have more faith in the banking system. By enrolling in BVNs, users can conduct their financial activities in a setting that is more secure and reliable thanks to the increased security measures and decreased fraud risk.

The Disadvantages of A BVN Enrollment

The Nigerian financial system and its citizens may be negatively impacted by BVN enrollment in a number of ways. To name a few:

1. Identity Theft And Fraudulent Activities: In the Nigerian banking system, each person is assigned a unique identification number (BVN). Those without BVN enrollment run a higher risk. fraud and identity theft are prevalent. Scammers and thieves will find it simpler to pose as people and conduct bank transactions in their names.
2. Accessibility Issues: In recent years, BVN has been made a prerequisite for a number of banking services in Nigeria. People could have trouble opening bank accounts, getting loans, using electronic transactions, and using many other financial services if they are not enrolled in the BVN. This may restrict their access to financial services and make it difficult for them to engage in the formal economy.
3. Restrictions On Access To Government Services And Programs: BVN is also necessary for a number of government services and programs, including tax refunds, pension payments, and social welfare programs. People may encounter difficulties getting these benefits and services if they do not join in BVN.
4. Inability To Comply With Regulatory Requirements: The Central Bank of Nigeria requires BVN enrollment as part of its mission to bolster the banking sector and combat financial crime. Banks and other financial organizations may experience compliance problems as a result of BVN enrollment concerns. For both people and financial institutions, this may mean fines and legal repercussions.
5. Weakening Of The Banking System: The BVN is a mechanism for strengthening the integrity of the Nigerian banking sector overall, enhancing transparency, and preventing money laundering. These goals are undercut by the absence of BVN enrolment, which can also make anti-money laundering policies and other regulatory frameworks less effective.

BVN Enrollment Locations

To enroll for a BVN, individuals can visit any designated BVN enrollment center at various locations across Nigeria. These include:

1. Commercial Banks: Commercial banks, including major Nigerian banks such as Access Bank, First Bank, Guaranty Trust Bank, Zenith Bank, and United Bank for Africa (UBA), have designated BVN enrollment centers within their branches nationwide. These centers are equipped with the necessary facilities and staff to facilitate the registration process.
2. Mobile Money Service Providers: Some mobile money service providers, like Paga, offer BVN enrollment services to their clients. As a result, users of mobile payment systems can link their accounts to their BVNs for increased security and smoother transactions.
3. Centers Run By The National Identity Management Commission (Nimc): The NIMC, which is in charge of creating the national identity card (NIN), also makes it easier to register for BVNs. Some NIMC locations have been designated as BVN enrollment sites, giving people the opportunity to convenience of simultaneously registering for their BVN and NIN.
4. Online BVN Enrolment: The CBN has made a platform available online that allows users to pre-enroll for their BVNs and make appointments for in-person enrolment at designated locations. This shortens waiting times and simplifies the registration procedure.
5. Microfinance Banks: A few of these institutions provide BVN enrollment services. LAPO Microfinance Bank, AB Microfinance Bank, and other institutions are examples.
6. More Financial Institutions: Enrollment centers can also be available in more financial organizations, including credit unions, cooperative societies, and savings and loan associations.
7. Enrollment Facilities: Specialized BVN enrollment facilities are located all around the nation in addition to banks. These facilities are dedicated solely to the registration of BVNs. You can locate these facilities in significant towns and cities.
8. Mobile Bvn Enrollment Vans: For convenience, several banks and government organizations provide mobile BVN enrollment vans that travel to various sites. Watch for any announcements or marketing about these mobile vans in your neighborhood.

The exact sites for BVN enrollment may change over time, thus it is advised to check with your favorite bank or financial institution for the location of the closest enrollment facilities or mobile services. Additionally, some banks provide online BVN enrollment options so that you can finish the registration procedure remotely using your computer or mobile device if you are unable to physically attend an enrollment location. To find out if this service is offered, get in touch with your bank.

Conclusion

The Bank Verification Number (BVN) has undeniably played a pivotal role in enhancing financial security, promoting financial inclusion, and facilitating easier access to financial services in Nigeria. By enrolling for a BVN, individuals can protect their accounts from fraudulent activities, enjoy seamless banking operations, and participate in the formal economy. With BVN enrollment centers located within commercial banks, mobile money operators, NIMC centers, and the option of online pre-enrollment, individuals have multiple avenues to ensure they possess a BVN. Embracing the BVN system not only benefits individuals but also strengthens the overall integrity and stability of Nigeria’s financial sector.