United Bank for Africa (UBA) is one of the leading financial institutions in Nigeria, with a presence in 20 other African countries.
As a full-service bank, UBA offers a wide range of financial products and services, including loans. In this article, we will take a closer look at UBA loan, its features, and how to apply.
UBA loan is a credit facility that enables individuals and businesses to access funds for various purposes, such as personal or business investment, asset acquisition, education, and more. UBA offers different types of loans to cater to the diverse needs of its customers. These loans include personal loans, business loans, asset finance, and overdrafts.
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Personal loans are designed to help individuals meet their personal financial needs, such as paying for medical bills, weddings, vacations, or home renovations. UBA personal loan offers amounts ranging from N50,000 to N30,000,000, with a repayment period of up to 36 months. The interest rate on personal loans is competitive, starting from 1.58% per month.
Business loans, on the other hand, are aimed at helping businesses access funds to finance their operations or expand their businesses.
UBA business loan offers amounts ranging from N500,000 to N50,000,000, with a repayment period of up to 60 months. The interest rate on business loans is also competitive, starting from 1.5% per month.
Asset finance is a type of loan that enables individuals and businesses to acquire assets, such as cars, trucks, machinery, or equipment, without paying the full amount upfront. UBA asset finance offers up to 70% financing on the cost of the asset, with a repayment period of up to 48 months. The interest rate on asset finance is also competitive, starting from 1.5% per month.
Overdrafts are a form of credit that allows individuals and businesses to overdraw their accounts up to a certain limit.
UBA overdrafts offer up to 85% of the applicant’s average monthly salary or business income, with a repayment period of up to 12 months. The interest rate on overdrafts is also competitive, starting from 1.58% per month.
To apply for a UBA loan, the applicant must meet certain eligibility criteria, such as being a UBA account holder, having a steady source of income, and having a good credit history. The application process is straightforward and can be done online or in-person at any UBA branch.
To apply online, the applicant needs to visit the UBA website and fill out the loan application form, providing accurate and complete information about their personal or business profile, the purpose of the loan, the amount needed, and the repayment period. The applicant will also be required to upload supporting documents, such as bank statements, pay slips, tax returns, and proof of identity and address.
After submitting the application, UBA will review the application and assess the applicant’s creditworthiness based on their financial profile and credit history. If the application is approved, the loan amount will be disbursed to the applicant’s account within 48 hours.
In conclusion, UBA loan is a reliable and accessible credit facility that can help individuals and businesses meet their financial needs. UBA offers a range of loans with competitive interest rates and flexible repayment terms, making it easier for customers to access funds for personal or business purposes.
To apply for a UBA loan, the applicant needs to meet the eligibility criteria and submit a complete and accurate application online or in-person at any UBA branch