How to Get a Loan from Union Bank of Nigeria Plc With or Without Collateral

If you’re in the market for a loan and you’re a resident of Nigeria, Union Bank of Nigeria Plc is the best option. In this blog, you will learn how to get a loan from the union bank of Nigeria.

What you need to know about Union Bank of Nigeria Plc

Union Bank of Nigeria Plc is a major commercial bank in Nigeria that offers a variety of banking products and services to its customers. It is one of the oldest and most respected financial institutions in the country and was established in 1917.

With branches across the country, Union Bank of Nigeria Plc provides services such as loans, investments, and other banking products for businesses and individuals.

Types of loans offered by Union  Bank of Nigeria

  • Personal Loans: Personal loans from Union Bank of Nigeria are designed to help you finance a variety of needs, from home improvements and vacations to debt consolidation and more. These loans come with competitive interest rates and flexible repayment plans, making them an ideal option for those seeking fast and convenient access to additional funds. 
  • Vehicle Loans: If you’re looking to purchase a car, motorcycle or other vehicle, Union Bank of Nigeria can provide you with the financing you need. Vehicle loans from the bank come with competitive interest rates and flexible repayment options, so you can pay back your loan on your own terms. 
  • Mortgage Loans: Union Bank of Nigeria offers both residential and commercial mortgages, so you can get the financing you need to purchase a home or business property. 
  • Business Loans: If you need additional capital to finance your business, Union Bank of Nigeria has different types of business loans available. From small business loans to commercial real estate loans, the bank can provide you with the funds you need to take your business to the next level. 
  • Student Loans: Union Bank of Nigeria also offers student loans for those seeking to pursue higher education. 
  • Consolidation Loans: Union Bank of Nigeria also offers consolidation loans, allowing you to combine multiple debts into one monthly payment. 

Requirements of getting a loan from Union Bank

  1. Valid Means of Identification: You must present a valid form of identification such as a driver’s license, national ID card, passport, or voter card.
  2. Income Verification: You must provide evidence of a steady source of income in order to be eligible for a loan. This could include your salary slips, recent tax returns, bank statements, and other documents that show your financial status.
  3. Collateral: Depending on the type of loan you are applying for, you may need to provide collateral such as land, property, or investments in order to secure the loan.
  4. Credit Report: Most lenders will check your credit report to determine whether you have a history of managing debt effectively. Your credit score must meet the criteria set by the lender for you to be approved for a loan.
  5. Loan Agreement: You must sign a loan agreement that outlines the terms and conditions of the loan including the repayment schedule and any applicable fees.
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Repayment terms for a loan from Union bank

The repayment terms for a loan from Union Bank of Nigeria Plc vary depending on the type of loan and amount borrowed. In most cases, borrowers will be required to make regular payments of both principal and interest on their loans until the full loan amount has been repaid.

What are the interest rates for a loan from Union Bank

Union Bank of Nigeria Plc offers competitive interest rates for its loans. The rates vary depending on the type of loan and your credit history, but typically range from 10-22% per annum.

Tips for Successfully Repaying Your Loan

How to get a loan from union bank
How to get a loan from union bank
  • Always make your payments on time. Set up automatic payments so you don’t miss any deadlines.
  • Pay more than the minimum due. If you can, pay more than the minimum payment amount to reduce your interest and help you pay off your loan faster.
  • Monitor your credit score. Check your credit report regularly to make sure your loan payments are being reported accurately.
  • Communicate with your lender. If you’re having trouble making payments, reach out to your lender as soon as possible to discuss alternative repayment plans or loan restructuring.
  • Keep track of your loan balance. Regularly check your loan balance so that you know how much is left to be paid and when it will be paid off.
  • Refinance your loan if possible. Consider refinancing your loan if the interest rate you’re paying is higher than what’s currently available in the market.
  • Make extra payments when you can. Whenever you get an extra paycheck or a windfall of cash, use it to make an extra payment towards your loan. This can help reduce the total amount of interest you pay over the life of the loan.
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How to apply for a Union bank loan

You can apply for the loan either online or in-branch.

  • Visit the Union Bank website and select ‘Loans’ from the top menu. 
  • Choose the type of loan you want to apply for and fill in the application form with all the required information. 
  • You will then be required to upload documents including proof of identity, proof of address, and proof of income. 
  • Once your application has been approved, you will receive an email with a link to sign the loan agreement and make the initial payment.

On the other hand, you can also visit a Union Bank branch and apply for a loan. Speak to a customer service representative who can assist you in filling out the application form. 

They will then verify all documents, such as ID cards and proof of income, and others. 

Once your application is approved, you will need to sign the loan agreement and make the initial payment before the loan is disbursed. 

Frequently Asked Questions FAQ

What is the code to get a loan from Union bank

To get a loan from union bank, all you have to do is dial the code *826*41# and you’ll be able to access their loan services. 

How can I take a loan from Union bank Online?

To get a loan online from union bank, for most, you will need to log into your online Union Bank account. Then, you will be able to select the “Loans” tab in the main menu. 

You can then select “Apply for Loan” and follow the instructions to fill out your application form.

The bank will then review your application and decide whether or not to approve it. If you are approved, you can then select how much money you would like to borrow and the type of loan you want. Once your loan is approved, Union Bank will deposit the money into your account within some hours. 

How to borrow salary Advance from union bank

Union Bank offers its customers a salary advance loan service that allows them to borrow up to 50% of their monthly salary. 

This loan can be used to meet any immediate financial needs, such as medical bills, school fees, etc. To apply for this loan, you need to first submit your salary slip, bank statement, identity proof, and address proof. 

Once the documents are submitted, you will receive approval within 24 hours. After approval, the money will be credited to your account within three working days. Repayment of the loan should be done through EMIs at the end of every month.

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