You are currently viewing Union Bank Payroll Loan – Category 3

Union Bank Payroll Loan – Category 3

Lender

Union Bank of Nigeria

Eligibility

For employees of Unempaneled (unregistered) Private Companies who must be earning a minimum monthly salary of N15,000. They must have received a minimum of one month salary with UBN plus 5 months statement from the other bank.
The age range is 21 to 60 years.

Loan Limit

i. Up to N1m (For customers with less than 6 months salary domicilation with Union Bank)

ii. Up to N15m (For customers with more than 6 months salary domicilation with Union Bank)

Interest Rate

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

Max Tenor

i. Up to 24 months (For customers with less than 6 months salary domicilation with Union Bank)

ii. Up to 48months (For customers with more than 6 months salary domicilation with Union Bank)

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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