If you are a salary income earner or someone with a regular source of income, getting a quick loan from Wema Bank won’t be that difficult.
The bank understands that at times you may need to access an instant loan product for either personal or business needs. It could be for upkeep since your payday is not arriving anytime soon, pay school fees, home improvement, or improve your side hustle.
As a bank that understands how uncomfortable that moment could be, it has in its store several loan offers for individuals and SMEs.
In this article, we will discuss some of the best wema bank loan products you can access and how to apply.
WEMA BANK LOANS AND HOW TO APPLY
1. Wema Bank Personal Loan
Wema Bank Personal Loan is a loan facility extended towards salary income earners who have their account domiciled with Wema Bank. The loan can also be assessed by formally employed staff of companies/employers that have been pre-approved by the bank or groups of salary earners under an association.
If you are a new customer that just opened a salary account with the bank, you will need to provide evidence of consistent salary payments for most recent 3 months.
Customers would be able to access up to N2 million naira in loan with a maximum loan tenor of 36 months.
The Personal loan from Wema Bank will require documentation. Customers are expected to provide the following documents:
- Duly completed loan application form & executed offer section.
- Proof of address, Proof of identity (Staff ID is accepted but you may need to provide a govt issued Id card.
- An irrevocable letter of salary domiciliation and proof of income (3 months’ payslip or 3 months account statement).
- Letter of Introduction signed by an authorized signatory of employer.
Customers can apply for Personal Loan by visiting any Wema Bank branch nearest to them. You will be given a loan application form which you are expected to complete. Alternatively, download the form online www.wemabank.com/resource-center/downloads, complete, and submit along with the necessary documents.
You can apply for the salary-based loan on the ALAT mobile app. Download ALAT from App Store > click get a loan and follow the instructions. If you have not yet registered, simply ‘sign up’ on the platform.
Do note that there is nothing like wema bank quick loan ussd code. You can only apply on app, web or at their branch.
2. Wema Asset Acquisition Scheme
Whether Self employed professional or Salary income earner, you can get an asset loan from the bank. Wema Asset Acquisition Scheme (WAAS) is also open to organizations that will want to motivate their staff with a group loan.
The loan facility can be used to purchase a new car, generator, etc.
On Wema Asset Acquisition Scheme, the minimum loan amount is N500,000, and loan facility could run Facility runs from 6 to 48 consecutive months. Successful applicants will be expected to make equity contributions of as low as 20% while the bank handles the rest of the payment.
Do note that you will need to provide the necessary documents to access this loan. You can speak with Wema Bank Customer Care via their online channels. However, you will need to visit the bank to apply for Wema Asset Acquisition Scheme.
3. School Fees Advance
School fees advance is designed to help parents or guardians who are finding it difficult to pay their children/wards school fees.
The minimum loan facility amount on School Fees Advance is N50,000.00 and the Maximum Facility Amount is N3,000,000. If your wards or children are in Nursery/Primary/Secondary schools, you will have 3 months to repay the loan while 9 months for tertiary institutions.
School/Tuition fees will be paid directly to the child/ward’s school which could save you some stress. You can provide the bank with a payment link or the school bank account.
To apply for the loan, you can visit the bank to get the loan application form or have it downloaded from www.wemabank.com/resource-center/downloads.
You will need to complete the form and submit along with all necessary documents such as a Letter of introduction, School fees invoice, Irrevocable letter of domiciliation, Proof of identity and address, Last three month’s payslip, and Six months’ salary statement of account.
4. Wema Bank SME Loans
Wema bank recognizes how difficult for small and medium enterprises to get loans, especially during this tough era. As a result, SMEs are encouraged to apply for Wema Bank SME Loans.
With the money, you can now expand your business or buy tools that could help you increase productivity.
Small and medium enterprises (SMEs) in need of a loan facility from wema bank can get up to N10,000,000 (Ten million naira) without providing any collateral. This loan product is for business owners in fields which include Schools, Trade, diagnostic centres, pharmacies, etc.
Business owners in segments such as pharmacies, hospitals, clinics, and diagnostic centres, trading, or general commerce can get up to N5 million naira from Wema bank with a repayment plan of up to 12 months.
School owners have access to a loan facility up to N10 million without collateral with also 12 months repayment period.
To apply for Wema Bank SME Loans, visit the bank during their official working hours or you could speak with Wema Bank Customer Care for more info.
5. Wema Bank Term Loans
Term loan is a loan facility designed by Wema bank for owners of SMEs who want to acquire assets and also provide support to their business. When obtained, the revenue generated from the project will be used to pay back the loan facility.
Term loans may be short term (up to 1 year), medium-term (1 – 5 years), or long term (above 5 years). The amount borrowers can get will depend on their cashflow.
Customers will be expected to provide documentation such as 3-year Audited Financials, Business Plan & Cashflow Projection, Company Profile, Positive Credit Check (Credit Rating) from two (2) Credit Bureaus plus a collateral signing.
To access Term Loan, simply go to any wema bank’s branch in Nigeria. You will be given a form which you are to complete and return to customer care. You will also need to provide the necessary documents. The loan application form can also be download via www.wemabank.com/resource-center/downloads.
6. Device Lending
Don’t you think it is time to upgrade your device to a new one? Now you can with Wema Bank Device Finance even if you are short of cash. The repayment will be based on a contract arrangement.
No collateral will be requested and you can get up to 12 months repayment plan which gives you peace of mind. The device financing is available to salary income earners and self-employed with accounts domiciled with Wema Bank.
To apply for Device Financing, download and install ALAT on your smartphone, it is available on Google Play Store and Apple Store > Login to ALAT or sign up if you have not > From the menu, locate and tap ‘Loans’ > Click on get a loan > Select “Device Lending” from options > Select your preferred vendor > Select your preferred device > Follow prompts to complete the device lending application.
