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UBA Asset Finance Loan

Lender

United Bank for Africa – UBA

Eligibility

To enjoy any of our loan facilities, you would need to open a UBA current account. You could follow the easy steps provided by any of our e-channels which include:

  • USSD Short Code [*919#]
  • UBA Mobile Banking Application or
  • You could also walk into any of our Business Offices nearest to you.

To be eligible to obtain a loan facility, the following criteria are to be met:

  • You must be a confirmed/permanent staff
  • Your employer must be on the approved list of organizations for Personal Loans

Net monthly salary should not be less than N12,000 (Twelve thousand Naira).

If you work for a private firm, to be eligible to apply for the UBA Personal Loan Product, you must have been confirmed as a staff by your organisation.

Question: I have had just one returned cheque in the last six months, am I still eligible?

Answer: The Bank may grant exception to disburse personal loan to customers with returned cheques provided the occurrence is not more than once in the last 3 months.

So, who are eligible for UBA Personal loans?

ANSWER:

All federal government civil servants.

Staff of private companies on UBA Counterparty list.

Staff of state government on UBA Counterparty list.

Staff of local government on UBA counterparty list.

Loan Limit

  1. What is the maximum loan amount I can apply for?

ANSWER:

  • If you are an employee of the private sector, the maximum loan amount you can apply for is N30,000,000.00 (Thirty million naira)
  • If you are an employee of the civil service, the maximum loan amount you can apply for is N20,000,000.00 (Twenty million naira)

N.B: Maximum loan amount is subject to applicant’s net monthly/annual salary.

 

  1. What is the minimum loan amount I can apply for?

ANSWER:

  • If you are an employee of a private firm, the minimum loan amount you can apply for is N100,000.00 (One hundred thousand Naira only)

If you are an employee of a civil organisation, the minimum loan amount you can apply for is N50, 000.00 (Fifty thousand Naira only).

Interest Rate

The interest rate 18% -22%  p.a (determined by employee tier grade)
AMC: N1.00/mille  Mgt. fee: 1% flat. Interest rates & fees are subject to change based on market realities

Max Tenor

  • A customer in the private sector can enjoy loans for a tenor of up to 60 months.
  • As a customer in the civil service, you can get loans for a tenor of up to 48 months.

Standard tenor is 0 to 36 months.
If you receive periodic bulk payments from your employer, you can repay loan principal in equal instalment in a year with the periodic bulk payments from your employer.

Security Required

Lien on asset involved. Comprehensive Insurance on asset assigned to UBA, & Credit Insurance Cover. As a loan applicant, you are required to pay for a credit insurance cover in the case where you have insufficient/no terminal benefits.

Documents Required

To obtain the UBA Personal Loan, you would need to provide the following documents:

  • A duly completed Loan Application Form.
  • A letter of awareness/introduction from your current employer.
  • Valid staff Id card

A copy of your pay slip and bank statement of account indicating salary inflows in the last 3-6 months.

Approval Time

3 to 7 working days from the day you submit all required document and meet the required conditions

Thinking About Repayment Plan?

Calculate the monthly payment and overpayment for the loan
10 00010 000 000
160
050
 
 
 

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