United Bank for Africa (UBA) Personal Loan is designed to support all salaried individuals in achieving their life dreams. Whether it is to cover medical expenses, improve your home, boost a side business, finance training or much more, this product offers a solution tailored to your financial needs.
Features and Benefits of Personal Loan
UBA Personal Loan is distinguished by several advantageous features:
Flexible Repayment Period: The loan can be repaid over a period of up to 60 months, thus offering great flexibility.
Attractive Interest Rate: The interest rate is adjusted according to the conditions of the money market, which allows you to benefit from competitive terms.
One-time Management Fee: A one-time management fee of 1% is applied at the time of loan approval.
Loan Amount: Borrowers can access amounts ranging from N200,000 to N30 million, depending on their repayment capacity.
Debt Service Ratio (DSR): The loan allows access to up to 60% of your DSR, making it easier to manage your financial obligations.
Requirements to Obtain the Loan
To qualify for this loan, several criteria and documents are required:
Active Salary Account: You must have a savings or current account where your salary is domiciled.
Completed Loan Application Form: This form must be accurately completed and submitted with the required supporting documents.
Valid ID: An international passport, national driving license, national identity card or voters card is required.
Employer Certification: A letter from your employer confirming that your salary is domiciled with UBA is mandatory.
Accepted Offer Letter or Survey Form: This document should include the employee’s name, job description, nature of employment (permanent or contractual), and employment status (confirmed or unconfirmed).
Copy of Staff ID: A copy of your work ID is also required.
How to Apply for a UBA Personal Loan
The process of applying for a personal loan at UBA is simple and straightforward:
Submission of Application Form: Fill and submit the loan application form with all the necessary documents at any UBA branch.
Signing the Offer Letter: After the loan is approved, an offer letter detailing the terms and conditions of the loan will be signed.
Disbursement of Funds: Once the formalities are completed, the funds will be deposited into your salary account domiciled with UBA.
Eligibility Requirements
To be eligible for this loan:
UBA Salary Account: You must have an active UBA Salary Account.
Confirmed Employee Status: Only confirmed employees are eligible for this loan.
Approved Employer: Your employer must be on the list of organizations approved by UBA for personal loans.
Frequently Asked Questions (FAQs)
How do I apply for a personal loan?
You can visit any of our branches or contact your Relationship Manager for advice and application.
What is the maximum amount I can borrow?
You can borrow up to N30 million, depending on your salary and terms.
What is the maximum loan tenure?
The loan can be repaid over a flexible term of up to 60 months.
How do I know if I am eligible for a loan?
To be eligible, you must be a confirmed employee, have a salary account with UBA, and your employer must be on the approved list.
How long does it take to process a loan application?
The UBA personal loan application takes about 48 hours after receiving all the required documents.
Conclusion
The United Bank for Africa personal loan offers a flexible and tailored solution to the needs of employees to achieve their projects. Whether for urgent needs or long-term projects, this loan is designed to provide you with efficient and accessible financial support.