Union Bank Education Loan for Parents

Union Bank Education Loan for Parents

Lender

Union Bank of Nigeria

Eligibility

For parents who must be earning a minimum monthly salary of N15,000. They must have received a minimum of one month salary with UBN plus 3 months statement from the other bank.
The maximum age is 60 years except for those parastatals whose retirement age is above 60years e.g. Professors, judges, Doctors, Lecturers, Non-teaching staff of Universities, Polytechnics, Colleges, etc.

Loan Limit

Maximum Limit: N15,000,000 (fifteen million naira) depending on the applicant’s assessment score.

Interest Rate

Maximum Interest Rate: 12 – 38% p.a (system advised).
Insurance: 1%
Management Fee: 1%

Max Tenor

The repayment period is a maximum of: 3 to 12 months

Security Required

Salary domiciliation.
Insurance.
Personal Guarantee (N15m and above)

Documents Required

Standard Letter of undertaking.
Duly filled Application form and Offer letter.
Account statement.
Document in Transit.
Retail loan Checklist.
Personal Guarantee (N15m and above).

Approval Time

About two to seven working days from the time you submit all the required documentation

Thinking About Repayment Plan?

Calculate the monthly payment and overpayment for the loan
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