Union Bank Loan: Here's everything to know before you apply

Need a loan? Union Bank loan is their for you without collateral and with amazing interest rates. Available in Nigeria, India, Philippines, and in some other countries where they operates.
Union Bank Loan
Union Bank loan offer different kinds of loan packages that suits your taste, which ranges from personal loan, business loan, SMEs loan, student's loan etc. In this article, we will concentrate on how to get a loan from Union Bank of Nigeria, know it's requirements and so on. But before then, let's briefly explain the history of this bank in Nigeria.


Union Bank of Nigeria Plc

Union Bank is a large commercial bank serving individuals, small and medium size companies, as well as large corporations and organizations. It's history dates back to 1917, when the bank commence operation as Colonial bank in Nigeria. In 2009, it was rated as the 14th largest bank in Africa.

Today, it has risen to become one of Nigeria's largest bank and also one of the largest agricultural credit financial institutions and has a low deposit amount for opening an account.

They bank has a loan system that is basically designed for individuals who are either salary earners, business owners or people in SMEs to help take their business to a new dimension or use it for other personal needs or for emergency situations.

Table of Contents
  • Union Bank Loan Eligibility
  • Union Bank Loan Requirements
  • Union Bank Loan Packages
  • Union Bank Loan USSD Code
  • How to get a loan from Union Bank
  • Union Bank Loan Interest Rate
  • Union Bank Loan Limits
  • How to Repay Union Bank Loan
  • Union Bank Contact Details

Union Bank Loan Eligibility

Here is a list of those that are qualified for a loan on union bank:
  • Salary earners who earns a minimum monthly salary of N18,000 per month
  • A pensioner receiving a minimum pension of N10,000 monthly
  • A business owner
  • An individual who has an account with UBN.


Union Bank Loan Requirements

When applying for a loan on Union bank, there are some certain criteria you need to provide based on the loan package you selected. Such as Union Bank account, loan application form, letter of undertaking form employer and so on. These criteria are known as loan requirements.

Union Bank Loan Packages

Union Bank Loan
Here is they list of all the loan products being offered Union Bank plc:

1. Unionplus/Personal Loan

Unionplus loan is also known as Union Bank personal loan. It is a loan product designed by the bank that allows individuals who earns a minimum monthly salary of N18,000 or above.

With this loan package, they can comfortably access for a loan from N50,000 to N15 million without collateral, for a maximum repayment period of 12 to 60 months, and it comes with an affordable interest rates.


Union Bank Personal Loan Requirements

  • Completed Union Bank loan application form
  • Letter of undertaking from employer

2. Union Bank Business Loan

Union Bank business loan is also known as unionflexi loan. It is another loan packages being offered by the bank that allows business owners who earns a minimum monthly salary of N2.5 million.

With this loan package, they can access for a loan from N5 million to N50 million without collateral, for a maximum repayment period of 12 to 60 month with an affordable interest rate.


Union Bank Business Loan Requirements

  • Completed Union Bank loan application form
  • Letter of undertaking form employer.

3. Union Bank Payday/Payadvance Loan

Union Bank Loan
Union Bank payday loan is also known as Payadvance loan. This loan package by Union bank is design for salary earners who earns a minimum monthly salary of N20,000 and are in urgently need of cash to sort out wanted or emergency personal problem.

They can access for a loan from N25,000 to 50% of their monthly salary in advance with a maximum repayment period of 12 months.


Union Bank Payday Loan Requirements

  • Completed loan application form
  • Proforma invoice
  • Letter of undertaking form employer.

4. Union Bank SME Loan

Union Bank SME loan is designed for small and medium-sized enterprises who are in need of capital to take their business to a new height.

They can apply for a loan of up to N10 million with no collateral required and with amazing interest rate to repay at your convenience usually in 2 to 12 months time.

Requirements

  • Invoice for goods to be purchased if applicable
  • Evidence of tenancy/ownership of business location (this includes copies of rent receipts, title documents etc.)
  • Copy of corporate affairs commission (CAC).

5. Union Bank Student Loan

Union Bank student's loan is designed to provide parents/guardians with short-term financing to cover reoccurring operating expenses such as tuition fees, school uniforms, stationery etc. for their children/wards against the next term fee collection.

In this loan package, they can apply for a loan without collateral from N200,000 to N5 million with an affordable interest rate, and it comes with a maximum repayment tenor of 90 days (with full repayment within 5 weeks of school resumption).


Union Bank Student Loan Requirements

  • Copy of CAC registration
  • Newsletter
  • State ministry of education approval
  • Posted dated cheque from another bank covering 130% of loan amount.

6. Union Bank Distributor Finance Loan

This loan package support your whole value chain of suppliers and buyers with short term loan for SMEs that are key and sub-distributors.

They can apply for a loan of up to N5 million with no collateral needed with an amazing interest rate, and a maximum repayment tenor of 6 months.


Requirements

  • Copy of invoice for goods to be purchased
  • Evidence of tenancy/ownership of business location (this includes copies of rent receipt, title documents etc.)
  • Account statement for the past 2 years-mom and pop only
  • Letter of introduction of the sub distributor by the key distributor-sub distributor only
  • Executive board resolution to borrow and detailing who will operate the account/loan (for limited liability companies only)
  • Letter of appointment as a key distributor by the anchor-key distributor only
  • Copy of corporate affairs commission (CAC) registration certificate-enterprise and limited liability company only.

Union Bank Loan USSD Code

Union Bank loan USSD code is *826*41#. Which can be used to perform all your UBN loan activities easily without the use of data connection, or by paying visit to the bank branch.

How to get a loan from Union Bank

There are three quick ways you can get a union bank loan namely: through the website (online), through union bank loan USSD and through the branch.


1. Through Union Bank of Nigeria Loan Website

To get a loan through this method, quickly follow these steps:
  • Login to Union Bank of Nigeria website at unionbankng.com
  • Scroll down and click on "learn more" under Apply for a loan
  • Browse through all the loan packages and select the one that suits your needs by clicking "Apply for a loan"
  • Now, fill in your Union Bank loan application form
  • Select your loan amount and know your interest rate
  • Receive your money within 24 hours if being accepted
  • Repay on, or before your loans due date.

2. Through Union Bank USSD Code

This should be considered as the best and easiest way to get a loan from Union Bank because you don't need to have a data connection before you apply, or paying visit to the bank branch, to proceed follow these steps:

Dial union bank loan code *826*41# and quickly follow up the on-screen command to get your loan within 24 hours.


3. Through Union Bank Branch

To get a loan through this method, you need to walk in any of the available Union Bank branch near you, collect and fill in your loan application form. Loan disbursement takes place within 24 hours.


Union Bank Loan Interest Rate

Union Bank does not offer a fixed interest rate on loans, however, your interest rate will be decided at the time of your loan application.


Union Bank Loan Limits

Union Bank offers a loan of up to N50 million with an affordable interest rate for a maximum period of 60 months.


Union Bank Loan Application

A loan application is used by borrowers to apply for a loan. Through the loan application, borrowers reveal key details about their finances to the lender. The loan application is crucial to determining whether the lender will grant the request for funds or credit. However, you can fill in your Union Bank loan application form here.


How to Repay Union Bank Loan

It's your Union Bank loan at when due? Or approaching it's due date?. Quickly follow any of the loan repayment channels that was given to you at the time of your loan application form.


Union Bank of Nigeria Contact Details

Union Bank Loan
For complain or any other issues, contact UBN on +234-1-2716816 and 07007007000 or WhatsApp at 09070070001. You can also send them a mail at customerservice@unionbankng.com


Head Office

Stallion Plaza 36,
Marina P.M.B 2027 Lagos, Nigeria.


Union Bank Loan Review

Union Bank loan gives you quick fund's within 24 hours directly to your account. You are eligible for up to 3 months installment refund when you repay your loans on time (term's and conditions apply).

If you have any issues meeting up with your loan repayment, you can reschedule your loan to make your repayment more easier or you can get in touch with them via their contact details.

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