Summary
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.
