BANKING

How To Get Wema Bank Loan

Published

1 year ago

How To Get Wema Bank Loan

In the ever-evolving world of personal and business financing, the need for affordable, accessible and flexible loans has continued to increase. Wema Bank as a trusted financial institution in Nigeria offers a range of loan products designed to help individuals and businesses achieve their financial goals and dreams: “How To Get Wema Bank Loan.”

In this guide, we will guide you through the steps to follow in securing a Wema Bank loan, the types of loans available at Wema Bank, the benefits of Wema Bank loans, and the eligibility requirements for obtaining a Wema Bank loan. Read on to learn how to get a desired loan from Wema Bank today!

About Wema Bank

Wema Bank is a financial institution of repute in Nigeria, the bank is celebrated for its innovative step as the first major commercial bank to move its full banking operations online. The bank offers a broad range of financial services including loans to individuals and business entities. Wema Bank has a long history of operations in Nigeria since its establishment in the year 1945.

Since its establishment, Wema Bank has thrived in serving its customers through the different arrays of financial services and solutions to financial needs. Wema Bank offers loans according to the needs of its prospective loan beneficiaries, the loans are classified broadly into personal and business loans.

How To Get Wema Bank Loan

Does Wema Bank Give Loan

Yes, Wema Bank makes available loans to millions of its customers who are willing to get a loan and are eligible for any of the loans offered by the bank. The Wema Bank loans are given at competitive interest rates in tandem with the market lending rate obtainable in the banking and lending industry in the economy. The Wema Bank loans are provided through the ALAT product of the bank.

Types of Loans Offered By Wema Bank

Wema Bank offers two major categories of loans to its customers. These loans are meant to help these customers to meet their financial goals and dreams. The two major categories of loans offered by Wema Bank on its ALAT website are:

Personal Loans

Personal loans are loans given to individuals who are customers of Wema Bank to help the loan beneficiaries meet their personal financial goals and dreams. There are several types of personal loan products available at Wema Bank they include:

Goal Based Loan: This is a loan designed by Wema Bank and offered through its digital bank platform ALAT by Wema. This loan is targeted at individuals who want to start a new business, want to save money on their loan, have an existing loan facility that they are repaying, want to expand their business, want to acquire an additional certification, want to add extra feature or facility to your business or project, etc.
Salary Based Loan: The salary based loan product is made available by Wema Bank to its customers that are salary earners and have a need for urgent cash before their salary is paid. This loan is designed to help beneficiaries to borrow up to ₦200,000 with a fast approval process. This loan is designed with a flexible repayment timeframe and a low interest rate of 2% per month.
Device Loan: This loan is designed to help the loan beneficiaries acquire mobile devices and several other electronic gadgets. This loan allows beneficiaries to buy devices on credit and pay later, you can select the device of your choice from the ALAT app and have the device delivered to your location or you go and collect the device yourself from the vendor.
Payday Loan: This is a loan designed to help salary earners sort time-bound financial issues before the arrival of their salary. The payday loan is also known as a salary advance or cash advance”, the payday loan is a short-term loan that constitutes part of the loan beneficiary’s salary provided to the beneficiary while they wait for their salary. The payday loan is provided at a 2% per month interest rate.
Instant Loan: This is a loan that is designed to to provide instant access to funds to the loan applicants without the use of collaterals, or paperwork, and the applicant does not have to visit any physical bank branch of Wema Bank. This loan is disbursed to the loan applicants within minutes of approval by the bank. This loan provides borrowers access to up to a maximum of ₦2,000,000 at an interest rate of 2% per month on a reducing balance basis.

Business Loans

The business loan is the type of loan that Wema Bank provides to businesses of different sizes and types. The business loan is made available to businesses according to the financial standing of the business. The business loan has a main sub category which is the SME loan.
SME Loan: This loan is designed and targeted to help small and medium-sized enterprises meet their financial needs. This loan is drafted to be offered at a low-interest rate, unlike business loans that have much higher interest rates and longer repayment time frames. The SME loan is a short-term type of business loan that is suitable for start-up businesses.

Wema Bank Loan Interest Rate

Wema Bank loans are competitive with their interest rate offering to the prospective loan applicants. Broadly the business and personal loans offered by Wema Bank are offered at interest rates ranging from 2% to 30% or more depending on the type of loan you’re applying for from Wema Bank.

Wema Bank Loan Eligibility

All the categories and subcategories of loans offered by Wema Bank have similar eligibility requirements but with few specific requirements for each type of loan. The eligibility requirements for the different types of loans available at Wema Bank are listed below:

Goal Based Loan

You need to be a Wema Bank account holder
You need to have an individual goal savings account with Wema Bank

Salary Based Loan

You need to have an individual goal savings account with Wema Bank on the ALAT platform
You must operate an active account with Wema Bank
Your salary account must be domiciled with Wema Bank

Device Loan

You must have an active Wema Bank account
You must have at least 20% of the cost of the device you wish to purchase

Payday Loan

You must have an ALAT account
You must have a paying job
Your salary account must be domiciled with ALAT

Instant Loan

You are required to have an active account with ALAT
You must agree to the terms and conditions of the loan before you can proceed with the loan application
Your salary account needs to be domiciled with Wema Bank

SME Loan

The loan applicant must have an ALAT account
Your business must be CAC-registered
You must have a business account with Wema Bank to receive and make payments

Wema Bank Loan Application Process

The application process for the different types of loans available at Wema Bank is similar with many of the loan products having specific process requirements depending on the design of the loan. The steps for applying for the different types of Wema Bank loans are:

Goal Based Loan

To apply for the goal based loan follow these steps:

Download or log in to the ALAT app, or sign up if you do not have an account
Navigate to the loans section of the app
Click on “Take a loan”
Select goal-based loan
The loan amount you’re eligible for will display if you’re eligible
Enter your desired loan amount
Then select the account your approved loan will be credited
Then input your transaction PIN
Accept the loan terms and conditions
Then submit and wait for the approved loan amount to be credited to your account immediately

Salary Based Loan

To apply for the salary based loan follow these steps:

Download or log in to your ALAT app, or sign up if you do not have an account
Click on the loans section of the app
Click on “Take a loan”
Select salary-based loan
The loan amount you’re eligible for will display if you’re eligible
Enter your desired loan amount
Then select the account your approved loan will be disbursed into
Then enter your transaction PIN
Accept the loan terms and conditions
Then submit and wait for the approved loan amount to be disbursed into your account immediately

Device Loan

Download and log in to your ALAT or sign up if you do not have an ALAT account
Click on loans from the icons on the menu of the ALAT platform
Select “Device Loan” from the loan options available
Select your preferred device vendor and provide your debit card details to be debited
Select your preferred device from the options available
State how much money you have from your end for the device purchase (note this amount cannot be less than 20% of the device cost)
Select how many months you wish to use to pay the balance
Select the loan repayment account for repayment debiting of the loan
Your loan request will be approved if you qualify for the loan

Payday Loan

Download and log in to the ALAT app, or sign up if you do not have an account
Navigate to the loans tab
Click on “Take a loan”
Click and select Payday loan
The loan amount you are eligible for will display on the app platform ( your eligible amount is up to 80% of your total individual goal savings)
Input the data loan amount, select an account to credit and enter the transaction PIN
Click and accept the terms and conditions of the loan
Your account will be credited immediately on approval of your loan request

Instant Loan

Download and log in to your ALAT app or sign up if you’ve not registered before
Navigate to the Loans section of the app
Select and Click on “Take a loan”
Carefully review your loan offer (amount, due date, amount to be repaid)
Accept the loan offer and the terms and conditions
Setup a collection account for the loan. In a situation where the loan collection account is in a different bank account, a remita mandate will be set on the account
Your account setup account will be credited with the approved loan amount immediately

SME Loan

Download and log in to your ALAT app or sign up if you have not signed up for an ALAT account
Click on loans from the icons on the menu
Select “SME Loan” from the loan options available on the menu
Fill in the necessary information and details about your SME and submit your application

Benefits of Wema Bank Loan

Wema Bank loans provide several benefits to the loan beneficiaries in several different ways depending on the type of loan. Some of the benefits of the different Wema Bank loans are:

Goal Based Loan

This loan helps you to achieve your goals while leveraging your goal savings account with Wema Bank
If you have substantial individual goals savings then you can get a very high loan amount with the goal based loan

Salary Based Loan

This loan helps salary earners to have access to funds when they run out of funds before their next salary is paid
This loan provides a financing lifeline to the loan beneficiaries

Device Loan

The device loan provides you with the opportunity to pay for your device purchase in installment and spread across several months
With this loan, you can also purchase several other electronic devices a d gadgets and not just mobile phones

Payday Loan

This loan does not require any sort of paperwork to be approved
You can get this loan without any collateral
This loan has a seemingly low monthly interest rate

Instant Loan

You do not need to do any paperwork to apply for this loan
This loan application, processing and disbursement to the applicant’s account takes less than 10 minutes
You do not need collateral for this loan and you can get up to a maximum of ₦2,000,000 with this loan

SME Loan

This loan will help SMEs to grow and expand with the availability of funds
This loan guarantees the availability of funds to a wide range of businesses regardless of their size

Cons of Wema Bank Loan

Wema Bank loans offer several benefits and rewards to the loan beneficiaries, but there are also downsides to Wema Bank loans, some of which include:

The goal based loan amount you can get is tied to your goal savings amount meaning that if you have a low goals savings account balance then you cannot get a high loan amount
The salary based loan maximum loan amount is low at ₦200,000 and can be increased by the bank to

Conclusion

Wema Bank’s variety of loan portfolio shows the commitment of the bank to providing financial solutions that meet the needs of the bank’s individual customers and business entities. The bank meets these financial demands of individuals and businesses by providing loans that are designed to solve the financial needs of the business entities banking with the bank and the individual account holders of the bank.

The bank’s loans are offered at competitive interest rates and flexible repayment tenures. Why not head to any Wema Bank branch nearest to you to request a loan that suits your financial needs, and be assured that your loan request will be approved provided you meet the eligibility requirements for the loan type you request? See

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