UBA Insurance Premium Financing

UBA Insurance Premium Financing Loan:benefits, requirement and how to apply

Last Updated on November 28, 2023 by admin

UBA Insurance Premium Financing Loan provides a convenient and flexible solution for individuals and businesses seeking to manage their insurance premiums. This specialized loan product is designed to alleviate the financial burden of paying insurance premiums upfront, allowing customers to spread the cost over a period of time.

With UBA Insurance Premium Financing Loan, policyholders can enjoy immediate coverage without depleting their cash reserves. Whether it is for life, health, property, or any other type of insurance, this financing option ensures that individuals and businesses can access the necessary protection without compromising their financial stability.

The loan offers competitive interest rates and flexible repayment terms tailored to suit the unique needs of each customer. By opting for UBA Insurance Premium Financing Loan, clients can effectively budget their finances while benefiting from comprehensive insurance coverage.

This hassle-free solution allows policyholders to focus on other important aspects of their lives or businesses, knowing that their insurance premiums are being taken care of conveniently and efficiently.

The united bank of Africa has unveiled Insurance Premium Financing. A loan to part-finance a premium paid for insurance policy,which make it easy for you to protect everything you hold dear

The bank will pay to insure your assets against loss and you can repay conveniently over a year. The maximum loan a registered business can apply for on Insurance premium financing is N5,000,000 and minimum loan amount that can be offered individual/corporate is N50,000

The Participating insurance companies are: Leadway Pension Insurance and NSIA Insurance company.

Read: How UBA Click Credit Loan and Instant Bills Pay Works

Features & benefits of UBA insurance premium financing

1. Convenient repayment period of 12 months
2. Competitive interest rate
3. Maximum loan amount of N5million for registered businesses and N1million for individuals
4. Minimum loan amount of N50,000
5. Minimum equity contribution of 2 months’ Installments

What does UBA insurance premium financing  Loan cover?

The insurance financing policy covered the following as adumbrated below:

1. Comprehensive Vehicle Insurance
2. Fire Insurance on Asset
3. Burglary Insurance on Asset
4. Comprehensive Insurance on Property

What is the minimum equity contribution of UBA insurance premium financing Loan

You have to contribute for 2 months’ insurance premium installment before you can access this kind of loan facility. Also you can liquidate your loan before the given tenor, all you need to do is to have your account funded and visit the nearest branch for loan liquidation.


What is the maximum tenor?

The maximum UBA insurance financing policy duration is 12 months

Also read: list of UBA loan: Click Credit, Auto loan,Asset Finance and Person loan & how to apply for UBA loan package

Eligibility Criteria for UBA insurance financing policy


For individuals:

1. Functional account
2. Duly completed loan application form
3. Evidence of ownership of asset to be financed

For SMEs and Corporate Organizations:

1. Functional business account
2. Duly completed loan application form
3. Board Resolution
4. Company and Director(s) Information
5. List of Asset(s) to be financed

Also Read: UBA transactions Magic CODE *919#:How to buy AIrtime, Open Account ,Funds Transfer and Pay bills in Nigeria


Benefits Of Uba Insurance Premium Financing Loan

The UBA Insurance Premium Financing Loan offers a range of benefits that make it an attractive option for individuals seeking to finance their insurance premiums.

Firstly, this loan provides customers with the flexibility to pay their insurance premiums in installments, thereby easing the financial burden of making a lump sum payment upfront. This allows policyholders to enjoy adequate coverage without straining their finances.

Additionally, UBA Insurance Premium Financing Loan enables customers to access competitive interest rates and favorable repayment terms.

This ensures that borrowers can comfortably repay their loan without sacrificing other financial obligations. Moreover, this financing option offers convenience and saves time as it eliminates the need for policyholders to visit insurance offices or banks for premium payments. With UBA Insurance Premium Financing Loan, payments can be made directly from the borrower’s account via standing orders or electronic transfers.

How to apply for UBA insurance premium financing Loan

1. You can apply on UBA loan application portal or visit the nearest branch. Also you can Visit any of the participating insurance bodies to obtain an invoice for premium payment

2. Then, visit a UBA branch to complete a loan application form and also submit required documents.
3. Fund your account with equity contribution of 2 months’ instalments.
4. The loan will then be credited into your account and moved to the insurance’s account along with the equity contribution.
5. Insurance company will send proof of payment to you.

Meet Ogbeide Frank, popularly known as perere, a blogger who loves writing about finance and Tech. He studied Business administration at the Ambrose Alli University Ekpoma and Mobile Communication at Orange College Malaysia .Frank have worked as a banker and consultant in variety of Nigeria agencies

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