You are currently viewing Union Bank Senior Citizens Loan

Union Bank Senior Citizens Loan

Lender

Union Bank of Nigeria

Eligibility

For senior citizens. Targeted at Pensioners who must be receiving a minimum monthly pension of N10,000. They must have received a minimum of one month pension with Union Bank plus 2 months statement from the other bank.
The maximum age is 74 years – Loan must expire at least few days to customer’s 75th birthday.

Loan Limit

Maximum Limit: N10,000,000 (ten million naira) depending on the applicant’s assessment score.

Interest Rate

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

Insurance:
i. Up to 67 years- 2.8% (Loan must expire at least few days before customer is 70 years)

ii. 68 years and above- 4% ((Loan must expire at least few days before customer is 75 years)

Max Tenor

The repayment period is a maximum of: 5 years or 60 months

Security Required

Pension domiciliation.
Insurance.
Personal Guarantee (N10m and above)

Documents Required

Duly filled Application form and Offer letter.
Account statement.
Document in Transit.
Retail loan Checklist.
Personal Guarantee (N10m 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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