How to Get a Loan From UBA United Bank For Africa Plc With or Without Collateral

Are you looking for a loan from United Bank For Africa Plc (UBA)? If so, then you’ve come to the right source, I will walk you through how to get a loan from United Bank for Africa.
By the end of this article, you’ll have a better understanding of how to get a loan from UBA. So let’s get started!

What you should know about United Bank For Africa Plc

United Bank For Africa Plc (UBA) is a leading financial services provider in Africa including Nigeria offering a wide range of banking services such as deposits, loans, investments, foreign exchange, and money transfers.

UBA has operations in 19 African countries and three global financial centers which include London, Paris, and New York. The bank serves over 10 million customers and is committed to providing world-class banking services to its customers.

What types of loans does UBA offer?

The following is the list of loans offered by UBA bank, they include:

  • UBA Personal Loan: A personal loan is ideal for those who need money for a variety of reasons such as medical bills, home repairs, or other unexpected expenses. The UBA Personal Loan offers up to N2 million in funds with an interest rate of 7%.
  • UBA Business Loan: This loan option is perfect for entrepreneurs who need to finance their businesses. With UBA Business Loan, you can get up to N5 million with a maximum repayment period of 24 months.
  • UBA Auto Loan: This loan product is designed specifically for people who want to buy a new car. You can get up to N3 million with competitive rates and flexible repayment plans.
  • UBA Home Loan: If you are looking to purchase or build a home, the UBA Home Loan is the perfect option for you. You can get up to N50 million with a competitive interest rate and flexible repayment plan.
  • UBA Education Loan: The UBA Education Loan is designed for students who need financial assistance to pay for their educational expenses. You can get up to N3 million with competitive rates and flexible repayment plans.
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What are the requirements for getting a loan from United Bank For Africa

  • Proof of identity: The applicant must provide valid identification documents such as a valid national ID card, driver’s license, international passport or voter’s card.
  • Source of income: United Bank for Africa requires that loan applicants provide evidence of their source of income before the loan can be approved. This could be in the form of salary slips, tax returns, employment contracts or other forms of documentation as required.
  • Credit history: The bank will need to check your credit score before approving the loan. Applicants with a good credit score stand a better chance of being approved for a loan.
  • Collateral: Depending on the amount and purpose of the loan, United Bank for Africa may require collateral such as landed property, stocks and bonds or other movable or immovable assets.
  • Documentation: Applicants must provide all necessary documents that relate to the loan such as detailed business plans, financial statements and any other documents requested by the bank.

Read: How to get a loan from Wema bank

What are the repayment terms for a loan from UBA?

The repayment terms for a loan from United Bank For Africa (UBA) vary depending on the type of loan and your particular situation. Generally, UBA loans have repayment periods ranging from 6 months to 5 years, with interest rates typically between 10% and 20%.

UBA also offers flexible repayment terms, allowing customers to adjust their payment amounts based on their circumstances.

What are the fees associated with a loan from United  Bank for Africa

The fees associated UBA bank loan include:
Loan origination fee: This fee is charged when your loan is processed and approved. It usually ranges from 0.5% to 1.5% of the loan amount.

Late payment fee: This fee is applied when you fail to make your loan payments on time. The amount can vary depending on the type of loan and lender.

Prepayment penalty: This fee is charged if you pay off your loan ahead of schedule. This fee can range from 0.25% to 5% of the outstanding balance.

Loan processing fee: This is a one-time fee that is charged when the loan documents are processed. This fee can range from 0.5% to 3% of the loan amount.

Legal/Notary fees: These fees are charged for any legal documents associated with the loan process. These fees can vary depending on the complexity of the loan application.

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Collateral/Asset appraisal fee: This fee is charged when the bank needs to appraise the collateral or assets used as security for the loan. This fee can range from 0.5% to 2% of the value of the asset being appraised.

How to apply for a loan from United Bank For Africa

How to get a loan from United bank for Africa UBA

First, you will need to fill out a loan application form at any UBA branch in your city or online. When filling out the application, make sure to provide accurate information and include all relevant details. Once the application is completed, it will be sent for processing.

If you are applying for a personal loan, you may be required to provide documents such as proof of identity, residence, income, and other financial information. The amount and type of documentation that UBA requires can vary from customer to customer.

Once your application has been approved, you will be required to sign a loan agreement that outlines the repayment terms and fees associated with the loan. You will then be given the funds.

UBA also offers pre-approved loans for customers who meet certain criteria. These loans are available online and do not require an in-person application.

To learn more about UBA’s loan offerings, contact your nearest UBA branch or visit their website.

Frequently Asked Questions

How can I borrow a loan from the UBA code?

You can also borrow a loan through UBA by dialing their USSD code *919*28# on your phone.  Follow the instructions on screen and select “loans” to start the process of applying for a loan through UBA’s USSD code.

Can a non-salary earner get a loan from UBA?

Unfortunately, no. United Bank For Africa Plc does not offer loans to nonsalary earners.

To be eligible for a loan from UBA, you must be an employee with a steady income and a verifiable source of income. You must also meet the other requirements for the loan and provide sufficient documentation for the loan application to be approved.

How much can I borrow from UBA

United Bank for Africa Plc (UBA) offers loans of up to 30 million naira, depending on your creditworthiness and collateral. Loan amounts are determined based on your ability to repay, with an emphasis on the value of the collateral or assets you can offer as security.

Conclusion

I think you have learned something new about how to get a loan from the United Bank for Africa (UBA). Take a step today, and get your loan for financial freedom.

Thanks for reading!