A loan is a financial arrangement where one party, typically a financial institution like a bank or a lending company, provides a specific amount of money to another party, known as the borrower.
This money is provided with the understanding that the borrower will repay the borrowed amount along with any additional costs, such as interest and fees, over a predetermined period of time.
United Bank of Africa (UBA) happens to be one of those banks that offers not just loans, but diverse loan products such as personal loans, business loans, mortgages, auto loans, and more. Each type of loan has its own purpose and features tailored to the borrower’s specific needs.
When a borrower receives a loan from UBA Bank, they agree to the terms and conditions outlined by the bank, including the interest rate, repayment schedule, and any collateral requirements if applicable.
Repayment typically occurs in regular installments, which can be monthly, quarterly, or according to other agreed-upon intervals.
The interest rate is the cost of borrowing and is added to the principal amount, determining the total amount the borrower will ultimately need to repay.
With that being said, let’s delve into the topic of this article; “How to get loan from UBA bank”. But before we hit the nail on its head, let’s get to understand some intricacies surrounding the UBA loan product.
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Types of UBA Bank Loans
United Bank for Africa (UBA) offers a range of loan products designed to cater to various financial needs of individuals and businesses. Below are the types of loans that UBA Bank provides:
1. Click Credit:
The UBA’s Click Credit loan scheme is opened only to salary account holders in UBA bank with a must condition of cash inflow for at least 6 months.
The Click Credit loan is a seamless and swift way to access up to ₦1 million in loans instantly. Designed with your convenience in mind, Click Credit offers a hassle-free application process, competitive interest rates of about 36% per annum (3% monthly), and a flexible repayment window spanning 3 to 12 months.
The click credit loan can be accessed in one 1 minute using the UBA Bank USSD code; 91928#
2. Personal Loan-Direct:
For salary earners who are not UBA account holders, UBA presents the Personal Loan-Direct—a powerful financial solution that extends up to a substantial ₦10 million to meet diverse financial needs.
This loan offering by UBA bank is designed to provide access to finance for federal and state civil servants, equipping them with the resources required to manage financial challenges during periods of tight cash flow.
UBA’s Personal Loan-Direct provides the convenience of a repayment period extending up to 48 months. Learn how to access this Personal Loan-Direct
3. Personal Loans:
UBA’s Personal Loan product stands as a beacon of financial assistance for all salary earners, offering a pathway to fulfilling lifelong dreams and aspirations.
This versatile product is tailored to provide the necessary funds to cover various needs, from medical expenses to home improvements, boosting side ventures, skill enhancement, and much more.
Borrowers can access funds ranging from a minimum of N200,000 to a maximum of N30 million, allowing them to cater to a broad spectrum of financial needs.
With a longer repayment period that spans up to 60 months compared to the Personal Loan-Direct which is just 48 months maximum.
4. UBA Senior Citizens Loan:
As life transitions into its golden phase, UBA presents the Senior Citizens Loan—an exclusive offering tailored to support pensioners between the ages of 50 and 75.
This financial solution unlocks the potential for pensioners to embark on new journeys, start retirement projects, and explore the world.
With this loan, pensioners have the opportunity to access up to N15 million, empowering them to transform dreams into reality, be it travel, personal projects, or other cherished endeavors. UBA’s Senior Citizens Loan offers a comfortable repayment period of up to 36 months.
5. Asset Finance:
Are you eyeing household appliances, alternative power solutions, or other valuable assets? UBA’s Asset Finance offering is your ticket to acquiring these essentials with ease.
This unique financial solution empowers you to make these purchases and repay conveniently over 24 months.
UBA Asset Finance empowers you to access loans ranging from a minimum of N35,000 to a maximum of N3 million. This range caters to various budget considerations.
Know more about applying for the Asset Finance Loan: How to Get the UBA Bank Asset Finance Loan
6. Auto Loan:
Imagine driving off in your dream car, be it your first or an upgrade, with the assurance of convenient repayment terms.
UBA’s Auto Loan product is your path to making this automotive fantasy a reality. Designed to bring you closer to top-notch vehicle brands, this financial offering ensures you hit the road in style while comfortably managing your repayments.
But there is a T&C that allows approved brands such as; Toyota, Honda, Mitsubishi, Hyundai, Mercedes, Nissan, Ford, Suzuki, Kia, and Volkswagen.
The loan has a repayment period of 48 months max and a loan amount of up to N15 million, allowing you to opt for the vehicle that suits your preferences and lifestyle.
7. FX Cash Backed Loan:
Are you seeking a way to make your foreign exchange deposits work for you? Look no further than the UBA FX Cash Backed Loan—an innovative financial solution designed to leverage your foreign exchange holdings and provide you with funds to meet your financial needs.
The UBA FX Cash Backed Loan is tailored to unlock the value of your foreign exchange deposits. Instead of allowing your FX funds to remain idle, this loan product empowers you to tap into their potential and use them as collateral to access funds for various financial endeavors.
With the UBA FX Cash Backed Loan, you can access up to 85% of the value of your FX savings or deposits, calculated based on the Bank’s prevailing buy rate.
The Good part with the UBA FX Cash Backed Loan is that you are given 36 months max as the repayment period.
8. Insurance Premium Financing:
UBA Bank understands the importance of safeguarding your most valuable assets, and that is why they introduce the Insurance Premium Financing offer.
This innovative financial solution empowers you to secure your possessions and investments against potential loss while providing you with the flexibility to conveniently repay the loan over a 12-month period.
With attractive interest rates and an easy application process, they ensure that you can enjoy peace of mind without compromising your financial well-being.
Whether you’re an individual or a registered business, they offer a maximum loan amount of N5 million for businesses and N1 million for individuals.
9. Working Capital Loan:
Due to the UBA bank’s commitment to fueling the growth and success of businesses, they proudly present the Working Capital Loan.
This dynamic financial solution is designed to provide business owners with the resources they need to address cash flow challenges, enhance operations, and propel their enterprises to new heights.
With loan amounts of up to ₦50 million, a repayment period of 12 months max, flexible collateral options, and specialized terms for women-owned businesses, the UBA Working Capital Loan can become your partner in business expansion. Read more about the UBA working capital loan.
10. UBA School Loans:
The UBA School Loans are strategically crafted to provide educational institutions with the financial resources they require to thrive.
Whether it’s enhancing classroom experiences, acquiring essential assets, or expanding school infrastructure, these loans offer the support needed to cultivate an environment of educational excellence.
The UBA School Loans are offered both as short-term and long-term loans. The short-term loans carry a maximum repayment period of 12 months and it is a ₦5 million max that you can access.
While the long-term has a repayment period of 5 years and a maximum amount of ₦100 million. In addition to the loan products offered under the UBA School Loans, schools have the opportunity to secure an asset finance loan, with a maximum amount of ₦20 million available for a period of 36 months.
11. UBA Health Loan:
The UBA Health Loan is designed to uplift healthcare establishments by providing them with the necessary financial resources to flourish.
Whether it’s enhancing medical facilities, procuring cutting-edge equipment, or bolstering cash flow, this loan offer is geared towards advancing the quality and reach of healthcare services.
Healthcare institutions can access a short-term loan of up to ₦5 million, repayable over a period of 12 months. Or a long-term loan in the form of property expansion and asset acquisition, which is available for a maximum repayment period of 36 months and a maximum sum of ₦50 million.
Incase you expected to see a type of loan that is not among the aforementioned you can visit a UBA branch close to you for more information about their loan products.
UBA Bank Loan Eligibility and Requirements Criteria
Depending on the type of UBA Bank Loan you are trying to secure, it is essential to understand the eligibility criteria and requirements that qualify you for accessing your financial empowerment from UBA Bank.
Whether you’re an individual seeking personal growth or a business aiming for expansion, UBA offers a range of loan options tailored to your unique needs. Below are the common eligibility criteria and requirements for various UBA loan offerings.
Business Loan Requirements:
- The business must have been registered for up to 1 year.
- A banking relationship with UBA for a minimum of 3 months is required.
- The business should possess registration and licensing by relevant regulatory authorities.
- To delve deeper into our business loan requirements, kindly engage with the knowledgeable SME team at your nearest UBA branch.
School Loan Requirements:
- The school must have operated for a minimum of 2 years, evidenced by bank statements.
- Government approval and relevant regulatory authorizations are essential.
- The school must have been registered as a business for up to 1 year.
- A banking relationship with UBA for at least 3 months is required.
- Connect with the dedicated SME team at UBA branches to gain comprehensive insights into school loan requirements.
Health Loan Requirements:
- The business must have been registered for up to 1 year.
- A banking relationship with UBA for a minimum of 3 months is mandatory.
- Registration and licensing by relevant regulatory authorities are crucial.
- To gain a deeper understanding of health loan requirements, engage with the knowledgeable SME team at UBA branches.
Personal Loan Eligibility Criteria:
- A functional savings or current salary account is required.
- A duly completed loan application form is necessary.
- Valid means of identification, such as an International Passport, National Driver’s License, National ID Card, or Voters’ Card, is essential.
- An employer’s undertaking to domicile salary with UBA is needed.
- A duly accepted offer letter or employee inquiry form, containing relevant employment details, is required.
- A copy of the customer’s staff ID is essential.
How to Apply for UBA Bank Loan
Applying for a UBA Bank Loan is a straightforward process no matter the type of loan products you want to secure from UBA.
Whether you’re seeking funds for personal growth, business expansion, educational excellence, or any other range of loans tailored to your needs.
Below is the application process to secure a UBA bank loan;
Step 1: Identify Your Loan Type
Before applying, determine the type of UBA Bank Loan that aligns with your specific financial needs. As you already know, UBA offers a variety of loan options, including Personal Loans, Business Loans, School Loans, Health Loans, and more. Each loan type caters to different requirements and objectives.
Step 2: Gather Required Documents
Depending on the loan type you’re applying for, gather the necessary documents to support your application. These may include:
- Duly completed loan application form
- Valid means of identification (such as International Passport, National Driver’s License, National ID Card, or Voters’ Card)
- Proof of ownership of assets (for certain loan types)
- Bank statements reflecting salary inflows (for personal loans)
- Business registration documents (for business loans)
- Government approvals and authorizations (for school and health loans)
Step 3: Visit Your Nearest UBA Branch
Once you’ve collected the required documents and identified the loan type, visit your nearest UBA branch. Engage with the knowledgeable and supportive SME (Small and Medium Enterprises) team available at the branch. They will guide you through the application process, answer your questions, and ensure you have a clear understanding of the loan terms and requirements.
Step 4: Complete the Application Form
Fill out the loan application form with accurate and relevant information. This form provides essential details about your financial needs, the loan amount you’re seeking, and the purpose of the loan. The SME team at the branch will assist you in completing the form correctly.
Step 5: Submission and Verification
Submit the completed loan application form along with the required supporting documents to the SME team. They will review your application to ensure that all necessary information is provided and that you meet the eligibility criteria for the chosen loan type.
Step 6: Offer Letter and Approval
If your application meets the necessary criteria and is approved, you will receive an offer letter outlining the terms and conditions of the loan. Take the time to review the offer letter carefully and seek clarification on any terms you may not understand. Read how to easily get your loan request approved easily
Step 7: Disbursement of Funds
Upon acceptance of the offer letter, the approved loan amount will be disbursed to your designated account. For certain loan types, such as School and Health Loans, the funds may also be transferred to specific beneficiaries, such as educational institutions or healthcare providers.
Step 8: Repayment
Ensure that you understand the repayment terms and schedule outlined in the offer letter. Timely repayment is crucial to maintaining a positive financial relationship with UBA and ensuring future access to financial assistance.
Step 9: Further Assistance
Throughout the application process and beyond, UBA’s dedicated SME team is available to assist you with any inquiries, concerns, or additional support you may need. So feel free to always get in touch with them when necessary.
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Final Thoughts on Securing UBA Bank Loan
As you embark on this journey of how to get a loan from UBA Bank, be rest assured that UBA is a reliable partner that values your aspirations.
Whether you’re aiming to expand your business, enhance your education, elevate healthcare services, or embark on personal growth, UBA Bank Loans offer a reliable and accessible avenue for turning your dreams into reality.
As you take this transformative step toward your financial goals, remember that the UBA’s committed SME team is readily available at your nearest branch to offer guidance, answer questions, and ensure a seamless application process.