Many individuals and businesses in Nigeria have good and promising business ideas that has the ability to provide lots of employments, but the challenge is that they are not capable of turning their ideas into realities. And one of the reason that kills the dream of entrepreneurs in the country is the inability to provide the basic requirements that are needed to obtain loans from banks.

You should also be aware that banks are in business to make money and preserving their capital is one of the way to ensure they still remain in business. They decide to use high loan requirement to scare some business owners and individual to ensure that they are not wasting their capital on unserious people and businesses. Though, few banks in Nigeria have realize the potentials in some ideas from smart business minded Nigerians and have decided to offer soft loans without collateral.

The Union bank Nigeria has provided a non-collateral loans for small and medium enterprises and individuals as part of the banks growth initiative to empower Nigerians to success. You should also know that the union bank loans are given to SMEs in every sector of Nigerian economy.

Please note that the Union bank Nigeria has three different class of loans which are given to both individuals and business owners. And for the individuals, they have what they call the ‘’personal loan’’ which is meant for individuals and has three different class which are listed below as:

  • Unionflexi
  • Payadvance
  • Unionplus

Today we will talk about them and their requirement to obtain a soft loan.

For The Unionflexi: here is a soft personal loan which is meant for individuals who need urgent loan to solve a problem and you can obtain loan between N5, 000, 000 to as much as N50, 000, 000.

Requirement For The Unionflexi Loan

  • You need to have a minimum annual income of N30, 000, 000
  • The document needed for the loan is a completed application form
  • A letter of undertaking from your employer

The Loan Repayment Plan

The loan repayment plan that is available for the Unionflexi loan is between 12 to 60 months

For The Payadvance: here is a soft personal loan which is meant for individuals who need urgent loan to solve a problem and you can obtain loan between N25, 000 to as much as 50% of your monthly salary.

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The Requirement For The Payadvance Loan

  • You need to have a minimum annual income of N300, 000
  • The document needed for the loan is a completed application form
  • A letter of undertaking from your employer
  • You will need a proforma invoice

The Loan Repayment Plan

The loan repayment plan that is available for the Payadvance loan is 12 months

And for The Unionplus: here is a soft personal loan which is meant for individuals who need urgent loan to solve a problem and you can obtain loan between N50, 000 to as much as N15, 000, 000.

The Requirement For Unionplus Loan

  • You must have an annual income between N216, 000 to N30, 000, 000
  • The document needed for the loan is a completed application form
  • A letter of undertaking from your employer

The Loan Repayment Plan

The loan repayment plan that is available for the unionplus loan is between 12 to 60 months

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