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