Do you need a union bank quick loan via ussd code, mobile app, internet banking, or by going to any of their branches in Nigeria?
Quick loans have been known to be an escape for salary income earners and self-employed who need instant funds.
Everyone at one point in time will need some money to meet emergency needs. It could therefore come at a time when we are less prepared, commercial banks like Union bank could be the way out since part of their services is to provide personal and business loans to all qualified individuals and small and medium enterprises (SMEs).
Meanwhile, to obtain loans from any bank, the bank will mostly be interested on if you have a regular source of income. It does not matter whether you are a salaried worker or self-employed, you will be assessed before you are given the loans.
To make it easier for you, we will be providing you with important info on any shared loan products in this article.
UNION BANK LOANS AND HOW TO APPLY
1. Payroll Loans
Union bank understands that sometimes you will need money to take care of things at times and since your payday is not arriving anytime soon, the bank has some wonderful loan packages you can use.
To access payroll loans, you must be earning a minimum monthly income of N18,000 if you are a salaried worker. A pensioner must be receiving a minimum pension of N10,000 monthly and business owners a regular and reasonable income.
Union Bank offers a wide range of loans to make your vision a reality. Union bank has got a bouquet of incredible loan products that you can access, below are the payroll loans available for all:
1. Union Bank Personal Loan
If you have your salary account with Union Bank for a minimum of one month and you need a quick loan to settle some stuff. It could be for home improvement, children’s school fees, house rents, start a new business, or any emergency needs, you could apply for Union bank personal loan.
This union bank loan was designed to give you the space needed to pay back the huge money you might want to borrow without much stress. Customers can take up to N15 million naira with their Union Bank salary account with a repayment period of up to 60 months.
To enjoy this loan, you must also be earning at least N15,000 monthly. However, do note that the amount you can obtain from union bank will depend on your monthly intake.
2. Salary Advance
With Union Bank Salary Advance, there is no longer a need to wait till the next payday before you attend to things that demand attention. This facility allows you to get 50% of your salary as an overdraft with up to 12 months of repayment plan at competitive rates.
To get a salary advance from Union Bank, your salary account must be domiciled with the bank and with a minimum salary of N15,000. The interest rate on the loan is quite affordable.
3. Back-To-School Finance
Maybe there is an urgency for your wards or children to pay their school fees, but you are currently short of funds needed to pay their tuition. Union bank also borrow parents and guardians loans to help in these trying times. To access Back-To-School Finance, your salary account must be domiciled with Union Bank.
With the union bank, the maximum loan amount is N15,000,000. However, what you get from the bank will depend on how much you earn.
The tenor is 3 months for termly fee payment and 12 months for session fee payment.
4. Senior Citizen Loan
Are you a pensioner or retiree who needs some finance to start a business while enjoying a regular inflow of pension?
You can sit back and relax while your pension turns around things for you. As a retiree, you will be able to get ten million naira from Union Bank and you can now finance that lucrative business idea you have in mind and then pay back over 5 years.
To access this loan, your pension account must be domiciled with Union bank and a minimum monthly pension of N10,000.
5. UnionFlexi Loans
UnionFlexi Loans is for huge income earners with a minimum of N30 million per annum. Therefore, if you are in such bracket, you can get up to N50 million to meet your financial needs. The maximum tenor for loan repayment is 60 months (5 years) when you access this facility.
Also, to be qualified for the Union Flexi Loans, you must have your salary account with Union Bank.
Your financial needs might be to get your dream home, buy or upgrade your car, start a business, or improve the existing one. Whatever you want to do, the loan should be enough to ease things.
How To Apply For Union Bank Payroll Loans
If you need to apply for any of the packages under Union Bank Payroll Loans which are UnionFlexi Loans, Senior Citizen Loan, Back-To-School Finance, Personal Loan, and Salary Advance, simply click www.unionbankng.com/forms/loan-application/ to begin your loan application.
Customers and non-customers who want a loan can reach out to union bank customer care by calling 012716816 or send an e-mail to [email protected] alternatively, visit any union bank branch for the type of loan you can access.
2. Digital Loans
Are you a salaried worker in need of quick cash for personal ot business needs? Union bank digital loan is here to save you the stress while providing instant financial support you need.
No story, no questions asked. Just apply and it shall be given to you.
1. Payday Loan
Do you need a quick loan without providing collateral? Union bank payday loan is what you should be rooting for. This is a loan specially made for salary workers who need small funds to take care of unexpected needs.
A payday loan is almost instant and customers can avoid going to the bank and the usual documentation common with loans. Successful applicants can get a maximum loan amount of N100,000 provided their monthly intake is about N15,000. The loan tenor is 30 days.
The basic requirement for the union bank payday loan is that your salary account must have been with the union bank for at least 3 months. Thereafter, you will be able to get up to 50% of your salary.
To access Union Bank Payday Loan, Pre-approved or qualified union bank customers can dial the union bank payday loan ussd code, *826*41#, or simply log in to their online banking platform, ATM or Mobile App.
3. Non-Payroll Loans
You need some money to start a new business or improve the existing one? Well, union bank has got the money which can come in form of a loan for you. Whether you are an owner of a small, medium, or large enterprise, you can get the required funds.
The followings are the best union bank loans for self-employed, entrepreneurs or business owners:
1. Self-employed Loans
The bank appreciates what business owners and self-employed professionals are doing to ensure wealth redistribution. However, they are often threatened by limited funds
Therefore, if you are self-employed or run a small enterprise, but need financial support for his or her business, union bank is one of the right plugs where you can get instant loan. To get the loan, you must have been a customer of the bank for at least 12 months with an average turnover of N15,000.
Qualified customers can get a maximum loan amount of N1 million with up to 6 months repayment period.
2. Self-employed Revolving Overdraft
If you need access to a big loan, you could take a shot at Union Bank’s Self-employed Revolving Overdraft. This facility could help you carry out everyday activities with no stress. It could also be used to improve productivity which could lead to more revenue for your SMEs.
To qualify for Self-employed Revolving Overdraft, Net Turnover and Credit Turnover of your business must be N10,000 and N50,000 respectively. Max Loan Amount is N5 million with up to 6 months tenor.
Self-employed Revolving Overdraft is only available to individuals or owners of SMEs in Lagos, Kano, Anambra, Oyo, Abia, Jos, Edo, FCT, and Kaduna.
3. Cash-backed Loans
Customers with target savings products such as UnionKorrect, UnionFlex, etc, and customers with investment can get a facility from union bank fully backed by their investments.
They can get 80% of their investment amount with repayment period of up to 12 months. The interest rate on this facility is 15%.
How To Apply For Non-payroll Loans
Customers that want to access Cash backed loans, Self-employed Revolving Overdraft, or self-employed loans should visit the bank and chat with the union bank customer care representative.
The customer care will provide you with a union bank loan application form which you are expected to complete. You could take it home and return it with all necessary documents the bank will ask of you depending on the loan product you want to access.