Union Bank Loan: The Requirements, Repayment Plans With Interest And All You Must Know

So many businesses and individual in Nigeria have sound, great and promising business ideas that has the ability to create employments, but the problem is that they are not capable of turning their ideas into realities. One of the reason that kills the dream of entrepreneurs in Nigeria is the inability to provide the basic requirements needed to obtain loans from banks.

It is very true that banks are in business to make money and preserving their capital is one of the way to ensure they still remain in business. So bank use high loan requirement to scare some business owners and individual to make sure that they are not wasting their capital on unserious businesses. However, few banks in Nigeria have realize the potentials in some ideas from smart business minded Nigerians and have decided to offer soft loans to well-meaning Nigerians.

Union bank Nigeria has provided a non-collateral loans for individuals, small and medium enterprises as part of the banks growth initiative to empower Nigerians to success. The union bank loans are given to SMEs in every sector of Nigerian economy, meaning there is no ‘’man know man.’’

 

 

Different Classes Of Union Bank Loans

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

  • Unionplus
  • Unionflexi
  • Payadvance

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

 

For The Unionplus Loan

This 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.

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 

Loan Repayment Plan

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

 

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For The Unionflexi Loan

This 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 Unionflexi Loan

  • You must 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

Loan Repayment Plan

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

 

 

For The Payadvance Loan

This 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

Requirement For Payadvance Loan:

  • You must 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

Loan Repayment Plan

The loan repayment plan that is available for the Payadvance loan is 12 month.

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