All you need to know about Union Bank Loans

Union Bank, a household name in the Nigerian banking industry, is dedicated to facilitating your financial progress. They offer a diverse range of loans to help you turn your plans and visions into reality. Union Bank’s loan process is straightforward and accommodates individuals from various categories, including salary earners, pensioners, and entrepreneurs. Read on to discover the details of their loan services.

Union Bank Loan Services

Union Bank classifies its loan offerings into three major categories:

Payroll Loans:

Payroll loans are designed for individuals whose salary accounts are domiciled with Union Bank. As an added incentive, you even receive a cash reward for timely repayment, applicable to loans with a tenor ranging from 2 to 5 years. The available packages under payroll loans include:

Personal Loan:

This loan provides you with up to N15 million to meet your personal financial needs. It comes with a maximum tenor of 5 years and is exclusively available to employees with salary accounts at Union Bank.

Salary Advance:

This option offers up to 50% of your salary upfront and has a maximum tenor of 12 months. To qualify, your salary account must have been domiciled with Union Bank for at least a month.

Back to School Finance:

Ensuring your child’s education is a top priority, and the salary advance loan helps make it possible. It provides tuition loans of up to N15 million for you to pay your child’s school fees, with a maximum tenor of 12 months.

Senior Citizen Loan:

Retired personnel can access up to N10 million to finance personal projects and repay over a period of 5 years.

Union Flexi Loans:

This loan is exclusively available to individuals earning up to N30 million annually. If you meet this criterion, you can obtain up to N50 million and repay it over 60 months.

Digital Loans:

Union Bank offers digital loans for those in need of quick cash, eliminating the hassle of searching for money during tight financial situations. It’s essentially a payday loan, allowing you to access up to 50% of your salary and repay it within a month.

Features of Digital Loans:

• Maximum tenor of 30 days
• Minimum monthly salary of N15,000
• Maximum loan amount of N100,000
• Your salary account must have been domiciled with Union Bank for at least 3 months
• Loan limit of 50% of your total salary

You can access digital loans through:

• Union Bank ATMs
• USSD dialing of 82641#
• Union Bank mobile application

Non-Payroll Loans:

This category is tailored for self-employed individuals and SME owners, offering various services to meet your financial needs:

• Self-Employed Loans
• Self-Employed Revolving Overdraft
• Cash-Backed Loans

How to Apply for a Union Bank Loan

Applying for a Union Bank loan is a straightforward process:

1. Visit their official loan page at Union Bank Loans.
2. Select your preferred loan type and make note of the required details and documents.
3. Click the “Apply for a Loan” button at the bottom of your chosen loan description.
4. Fill out the online application form that follows and click “Submit.”

Conclusion

Union Bank stands as a giant in the banking industry, backed by numerous years of providing excellent customer service. Their loans are easily accessible, quick, and cater to a diverse range of customers, including employees, SMEs, and tech-oriented individuals. When it comes to financial progress, Union Bank has you covered.