In today’s ever-evolving financial landscape, access to credit is often the key that unlocks opportunities and fulfils dreams. Whether you aspire to start a new business, renovate your home, or address unforeseen financial challenges, securing a loan from a reputable institution such as the United Bank for Africa can be a vital step towards achieving your goals. United Bank for Africa (UBA) has consistently provided financial support to individuals and businesses across Africa throughout its years of operation as a financial institution.
In this guide we’ll walk you through the process of obtaining a UBA bank loan, we will provide you with valuable insights into the types of loans offered by UBA, the eligibility criteria you must meet, and the steps you need to follow to successfully apply for a UBA bank loan.
UBA, with its extensive network and commitment to excellence, offers a range of loan products tailored to various needs. From personal loans for immediate financial requirements to business loans aimed at fueling entrepreneurship and growth, UBA has a solution for you.
About UBA Bank
United Bank for Africa (UBA) is a financial institution that has firmly established itself as a leading player in the African banking industry. With a rich history dating back to 1948, UBA has consistently grown, adapted, and innovated to meet the evolving financial needs of individuals and businesses in Nigeria and across the African continent and beyond. United Bank For Africa is a large financial services group with financial assets valued at ₦8.5 trillion (US$20.1 billion), with shareholders’ equity of ₦724.1 billion (US$1.8 billion), as of December 2021.
Does UBA Bank Give Loan
Yes, the United Bank of Africa gives several types of loans to millions of its eligible customers in Nigeria and across the continent of Africa. With UBA you can get loans for your business and individual needs.
Types of Loans Offered By UBA Bank
There are several types of loans offered to customers by UBA, with each loan product having its own goals and the target audience for the loan. The types of loans offered by UBA Bank include:
- Personal Loan-direct: This loan is targeted at salary earners to help them get by during times of still cash flow, non-UBA bank customers can get this loan up to a maximum of ten million Naira.
- Personal Loan: This is another loan product targeted at UBA Bank customers who are salary earners to help such customers meet their life-long goals and dreams. With this loan, you can settle your medical bills and all other bills while not having your salary handy.
- Click Credit: This is an instant loan offer given to UBA Bank customers to sort out instant emergencies, when you’re low on funds or have no funds you can apply for this loan using the USSD code *919*28#. With this loan product, you can get up to a million Naira loan as a salary earner. You can repay this loan within 12 calendar months with no hidden charges and at your convenience. You do not need paperwork for this loan.
- Senior Citizens Loan: This is the type of loan given to senior citizens between the age of 50-75 years. This loan is targeted at pensioners to help them start a retirement project, travel or do any other things they wish to, you can get up to 15 million Naira in this loan scheme.
- Auto Loan: This loan helps you to get a car without breaking the bank on your savings or take-home pay, with this loan you can get a brand new car or get an upgrade to your existing car. The approved vehicle brands for this loan are Toyota, Honda, Mitsubishi, Hyundai, Mercedes, Nissan, Ford, Suzuki, Kia and Volkswagen.
- Asset Finance: This loan helps you secure funds to finance the purchase of alternative power solutions, house appliances, and several other appliances and gadgets.
- Insurance Premium Financing: This loan helps to pay your insurance to protect your assets against loss, while you pay back conveniently over a year.
- UBA Corporate Loans: This is the type of loan given to businesses, schools, health institutions and organisations that must be duly registered for not less than one year.
UBA Bank Loan Interest Rate
UBA offers loans to customers of the bank using varied interest rates depending on the type of loan you wish to collect from the bank. The interest rate of any of the United Bank for Africa loans you can get ranges from 2.5% per annum to up to 20% per annum or more in special circumstances.
UBA Bank Loan Eligibility
The eligibility requirements for the different types of loans offered by UBA Bank may vary slightly. The eligibility criteria for the different loan types are listed below:
Personal Loan-direct Requirements
- You need to have a duly completed loan application form
- have a valid means of Identification (international passport, national driver’s license, national ID card and voter card
- Have a copy of the applicant’s staff ID
- Pay slips or bank statements of account reflecting salary inflows in the last 6 months
- Customer’s instruction letter
Personal Loan Requirements
- Functional savings or current salary account
- Duly completed loan application form.
- Valid means of Identification (international passport, national driver’s license, national ID card and voter card).
- Employer’s undertaking to domicile salary with UBA.
- Duly accepted offer letter or employee inquiry form (The offer letter should contain the Employee’s Name, Employee Job Description/Position; Nature of Employment (Permanent or Contract); and Employee Job Status (Confirmed or unconfirmed).
- Copy of the obligor’s staff ID
Click Credit Requirements
- You need an active UBA Salary Account with a minimum monthly salary of at least ₦50,000
Senior Citizens Loan Requirements
- A functional UBA account
- A pension Identification number
- 3-months consistent pension remittance through UBA
- The minimum net pension fund should not be less than N100,000 monthly
- The age limit for customers is 50-75 years
- A valid Nigerian ID (Drivers licence, International passport, NIMC, Voters card)
Auto Loan Requirements
- Functional savings or current salary account
- Duly completed loan application form.
- Valid means of Identification (International Passport, National Driver’s License, National ID Card and Voters’ Card).
- Employer’s undertaking to domicile salary with UBA.
- Duly accepted offer letter or employee inquiry form (The offer letter should contain the Employee’s Name, Employee Job Description/Position; Nature of Employment (Permanent or Contract); and Employee Job Status (Confirmed or unconfirmed).
- Copy of the customer’s staff ID
Asset Finance Requirements
- Functional savings or current salary account
- Duly completed loan application form.
- Valid means of Identification (International Passport, National Driver’s License, National ID Card and Voters’ Card).
- Employer’s undertaking to domicile salary with UBA
- Duly accepted offer letter or employee inquiry form (The offer letter should contain the Employee’s Name, Employee Job Description/Position; Nature of Employment (Permanent or Contract); and Employee Job Status (Confirmed or unconfirmed).
- Copy of the customer’s staff ID
Insurance Premium Financing Requirements
For Individuals
- Functional account
- Duly completed loan application form
- Evidence of ownership of an asset to be financed
For SMEs and Corporate Organizations
- Functional business account
- Duly completed loan application form
- Board Resolution
- Company and Director(s) Information
- List of Asset(s) to be financed
UBA Corporate Loans
- The business must have been registered for up to 1 year, 2 years if your organisation is a school with evidence of bank statement showing two years of existence of the school
- The business must have a banking relationship with UBA for a minimum period of 3 months.
- The business must be registered and licensed by the relevant regulatory authorities.
UBA Bank Loan Application Process
The application process for the different types of loans offered by UBA Bank differs slightly depending on the loan type. The loan application steps for the various loan types are listed below:
Personal Loan-direct
- Visit a UBA branch to complete a loan application form.
- Submit a completed loan application form with supporting documents at any branch
- Execute an offer letter detailing the loan terms and requirements, following loan approval
- The loan will be disbursed into a salary account domiciled with the Bank
Personal Loan
- Submit a completed loan application form with supporting documents at any branch
- Execute an offer letter detailing the loan terms and requirements, following loan approval
- The loan will be disbursed into a salary account domiciled with the Bank
Click Credit
- Just dial *919*28# and follow the prompts thereafter
- Send “Loan” to Leo on Instagram, WhatsApp, Apple messages, Facebook Messenger or Google Business Chat
- Select the Click Credit feature on the UBA Mobile App
Senior Citizens Loan
- Submit a completed loan application form along with other required documents at any UBA branch nationwide.
- Sign an offer letter detailing the loan terms and Conditions
- The loan amount will be disbursed into the customer’s UBA account.
Auto Loan
- Visit any of the approved auto vendor stores to obtain pro-forma invoice (PFI) for preferred items.
- Visit a UBA branch to complete a loan application form.
- Execute an offer letter detailing the loan terms and requirements, following approval of the loan.
- Pick up your preferred automobile from the auto vendor
Asset Finance
- Get pro-forma invoice (PFI) for preferred items from any approved vendor
- Then visit a UBA branch to complete a loan application form
- Execute an offer letter detailing the loan terms and requirements, following approval
- Pick up preferred items from the vendor
Insurance Premium Financing
- Visit any of the participating insurance bodies to obtain an invoice for premium payment
- Then, visit a UBA branch to complete a loan application form and also submit the required documents.
- Fund your account with an equity contribution of 2 months’ instalments.
- The loan will then be credited into your account and moved to the insurance’s account along with the equity contribution.
- The insurance company will send proof of payment to you
Corporate Loans
- To apply for this type of loan kindly ask to speak with the SME Team at any UBA branch closest to you.
Benefits of UBA Bank Loan
There are several pros to getting a UBA Bank loan depending on the type of loan you’re applying for, some of the benefits based on the loan type include:
Personal Loan-direct Pros
- Convenient repayment period of up to 48 months
- Attractive interest rate (the interest rate will be on floating terms subject to changes in money market conditions, for the period of the loan)
- One-off management fee of 1%
- Maximum loan amount of N10million
- Access up to 50% of your debt service ratio(DSR)
Personal Loan Pros
- Convenient repayment period of 60 months
- Attractive interest rate (the interest rate will be on floating terms subject to changes in money market conditions, for the period of the loan)
- One-off management fee of 1%
- Maximum loan amount of N30million
- Minimum loan amount of N200,000
- Access up to 60% of your debt service ratio(DSR)
Click Credit Pros
- Borrow up to N1 million
- Get your loan in one minute
- Convenient repayment option between 3- 12 months
- Low-interest rate
Senior Citizens Loan
- Convenient repayment period of 36 months
- Attractive interest rate (the interest rate will be on floating terms subject to changes in money market conditions, for the period of the loan)
- The maximum loan amount is N15 million
- One-off management fee of 1%
- Credit Life Insurance – 1.6% covering Death, Permanent disability and Critical
Auto Loan
- Access to reputable auto dealers/retailers
- Convenient repayment terms; up to 48 months
- Attractive interest rate (the interest rate will be on floating terms subject to changes in money market conditions, for the period of the loan)
- Minimum equity contribution of 30%
- Mandatory comprehensive insurance and vehicle tracking
Asset Finance
- Access to a wide array of reputable dealers/retailers
- Convenient repayment period of 24 months
- Attractive interest rate (the interest rate will be on floating terms subject to changes in money market conditions, for the period of the loan)
- Minimum equity contribution of 30%
Insurance Premium Financing
- Convenient repayment period of 12 months
- Attractive interest rate (the interest rate will be on floating terms subject to changes in money market conditions, for the period of the loan)
- Maximum loan amount of N5million for registered businesses and N1million for individuals
- Minimum equity contribution of 2 months’ Instalments
Corporate Loans
- With this kind of loan, your business will have funds to expand grow and thrive
Cons of UBA Bank Loan
UBA Bank loan has some downsides to it some of which include:
- Non-UBA bank customers have a limit of ten million they can borrow with more stringent requirements for the personal loan-direct loan product
- Some loans are offered only to UBA customers of not less than 3 months. Such loans are the UBA corporate loans
Conclusion
United Bank for Africa has been in existence for more than seven decades and has served millions of people in its years of existence, helping individuals and businesses to meet their financial goals and dreams through access to needed funds by providing affordable and low-interest loans to them. Visit any UBA bank branch today and apply for a loan to implement and achieve that your dream, ensure you meet the requirements for loans with UBA Bank before applying for a loan with the bank.
