Last Updated on November 28, 2023 by admin
This article will teach you how to get Union bank payday loan and salary advance if your salary is paid into your Union Bank account? You can access up to 50% of your salary as an overdraft for a 12-month period at competitive rates.
You also learn other loan package offer by union bank such as Personal Loan, Back-to-school Finance. you also learn on Senior Citizen Loan, UnionFlexi Loans and Mortgage Loans
The bank have various type of loan that suit their customers –lack of credit facilities should not be on the list of frustrations Nigerians face. Everyone – yes, everyone – deserves to have a credit ‘lifeline’.
At Union Bank loans are not limited to salary earners alone; because they truly want to support the grind of everyday Nigerians struggling to keep their heads above water in these tough times.
We are going to discuss various kind of union bank loan ranging from pay day loan, salary advance , Personal Loan, Back-to-school Finance. you also learn on Senior Citizen Loan, UnionFlexi Loans and Mortgage Loans.
1. Union bank Salary Advance
Need quick cash before the next pay day? The Union bank Salary Advanceoffers you credit facility up to 50% of your salary as an overdraft for a 12-month period at competitive rates.
To qualify for this kind of loan you must earn Minimum monthly salary – N15,000 and you get Maximum loan amount – 50% of monthly salary. The loan Maximum loan tenor – 12 months and your Salary must domicile with the bank for period of 1 month
2.Unionplus loan
The Unionplus loan is designed for salaried customers. Customers can access up to 15 million Naira and can pay back for up to 12-60 months
Your Annual income range: N216,000 – N30,000,000
Loans available between N50,000 and N15,000,000
Required Documents
Completed Application Form
Letter of Undertaking from employer
How can I apply for a loan?
For pre-approved customers
(Please note, you will be contacted if you have been pre-approved for a loan)
Simply log onto union bank online banking platform or Mobile App
Dial *826*41#
For all other customers
You can also apply via bank online platform https://www.unionbankng.com/forms/loan-application/
Call us today on 012716816 or send an email to: customerservice@unionbankng.com
Visit any UBN Branch
You can also read:How to check Union Bank Nigeria account balance and Transfer Money
3. Unionflexi
The Unionflexi loan is designed for salaried customers with an annual salary of up to 30 million Naira. Customers can access up to 50 million Naira and can pay back for up to 60 months.
Required Documents
Completed Application Form
Letter of Undertaking from employer
Repayment: 12-60 months
Annual income range: Minimum N30,000,000
Loans available between N5,000,000 and N50,000,000
How to apply for Unionfexi loan
Simply log onto union bank online banking platform or Mobile App
Dial *826*41#
For all other customers
You can also apply via bank online platform https://www.unionbankng.com/forms/loan-application/
4. Payadvance
The Payadvance loan is designed for salaried customers. Customers can access up to 50% of their monthly salary and can pay back for up to 12 months.
Loan Details
Repayment: 12 months
Annual income range: Minimum N300, 000
Loans available between N25, 000 and 50% of monthly salary
Required Documents
Completed Application Form
Letter of Undertaking from employer
Proforma Invoice
Who is eligible for a loan?
1.A salary receiving a minimum salary of N18,000 monthly
2.A pensioner receiving a minimum pension of N10,000 monthly
3.A business owner
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How to Apply for Salary advance loan
1.Log onto union bank online banking platform or Mobile App
2.Dial *826*41#
3.For all other customers
4.You can also apply via bank online platform https://www.unionbankng.com/forms/loan-application/
5. SME Loan
This kind of loan are:
i Cash Flow Lending
Working capital to help meet your short term business needs.
ii School Finance
Short-term bridge finance for private nursery, primary and secondary schools.For reoccurring operating expenses such as school uniforms, stationery etc. against the next term fee collection
iii Local Purchase Order
union bank provide you with short term funding for jobs issued by approved counterparties.
You can also read: How to buy Airtime from Union Bank :Recharge Code
iv Invoice discounting Finance
Quick cash flow for your business needs before your clients pays.
v.Distributor Finance
They support your whole value chain of suppliers and buyers with short term loan for SMEs that are key and sub-distributors.
vi Asset Finance
This product allows customers acquire assets such as operational vehicles, office equipment and generators
vii Term Loan
SME customers can access Long term finance to finance the expansion of a business
viii Short Term Finance
Financing for SMEs for restocking of goods from specific suppliers.
Intervention Funds
Financing working capital needs, asset acquisition and business expansion
ix Overdraft
Manage fluctuations in your cash flow and respond to emergencies. This product provides funding for SME customers to meet their cashflow needs and bridge shortfall of working capital
You can read details from the bank website by copying the following URL to your browser https://www.unionbankng.com/business/sme-banking/sme-loans
6. Back-to-school Finance
Schools are back in session. Let’s help you tick one thing off your list. Get a back-to-school loan to pay for your children’s or wards’ tuition instantly.
Features
1, Maximum loan amount – N15 million
2,Salary domiciliation – 1 month
3,Tenor –
3 months for termly fee payment
12 months for session fee payment
7. Senior Citizen Loan
Are you a retiree? Sit back and relax while your pension works for you! Get a loan of up to N10 million to finance that personal project you’ve been dreaming of and pay back over a period of 5 years.
Features:
Minimum monthly pension – N10,000
Maximum loan amount – N10 million
Maximum loan tenor – 60 months
Pension domiciliation – 1
8. Mortgage Loans
The union bank mortgage enable you to own your dream home! you can Make your dreams a reality with a convenient and flexible mortgage loan from Union Bank. You can access up to 150 million naira over 15 years at a minimum interest rate of 16% per annum.
You must use your Fully completed residential buildings. as collateral for the loan, you can either go for Equity release or Outright Purchase depend on your choice.
i. Union bank Equity release mortgage
You can get a personal loan while the residential property serves as collateral
Features
1.Maximum loan amount of 100 million naira
2.Maximum tenure of 15years
3.Applicant must be between 21 and 65 years
4.Interest rate between 16% – 19% per annum.
5.Applicant must have a minimum monthly salary of N250,000. Your spouse’s salary can also be considered.
Documents required
1. Application form
2.Pictures of the property
3.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
4.Land survey
5.Valuation report (to be conducted by the bank)
6. your 6 months’ account statement (minimum 1 month with Union Bank)
7.Offer for sale of property from a reputable vendor/agent
8.Instruction to debit your account for Legal search, equity contribution, valuation, perfection, comprehensive insurance cost, and management fees
ii.Union bank Outright Purchase mortgage
You can Financing of completed residential properties.
Features
1.Maximum loan amount of 150 million naira
2.Maximum tenure of 15years
3.Applicant must be between 21 and 65 years
4. Interest rate between 16% – 19% per annum.
5.Applicant must have a minimum monthly salary of N250,000. Your spouse’s salary can also be considered*
6. Equity Contribution of 20%
Documents required
1. Letter of undertaking
2. Application form
3. Pictures of the property
4. 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
5. Land survey
6. Valuation report (to be conducted by the bank)
7. your 6 months’ account statement (minimum 1 month with Union Bank)
8. Offer for sale of property from a reputable vendor/agent
9. Instruction to debit your account for Legal search, equity contribution, valuation, perfection, comprehensive insurance cost, and management fees
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