How to get a Loan from Unity Bank Plc in Nigeria With or Without Collateral

If you need extra funds and are looking to apply for a loan, Unity Bank Plc in Nigeria may be the right option for you. In this article, I will walk you through how to get a loan from unity bank 

What is Unity Bank in Nigeria?

Unity Bank Plc is one of the leading commercial banks in Nigeria. It is a full-service bank offering services such as savings, current accounts, loans, investment opportunities, and money transfers. It is focused on providing excellent customer service and a wide range of banking solutions to its customers. 

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What types of loans does unity bank Offer?

Unity Bank in Nigeria offers a variety of loan products  including:

  1. Personal Loans: These are short-term loans that can be used for any purpose. They come with flexible repayment terms and no collateral is required.
  2. Home Loans: These loans are designed to help people purchase a new home or refinance an existing mortgage.
  3. Business Loans: These loans are designed to help businesses fund their operations and growth. They are typically offered at competitive interest rates and with flexible repayment options.
  4. Education Loans: These loans are designed to help students cover educational costs such as tuition, books, supplies, and more. They usually require no collateral and come with flexible repayment terms.
  5. Vehicle Loans: These loans are designed to help individuals purchase a new or used vehicle. They come with flexible repayment terms and no collateral is required.
  6. Consolidation Loans: These loans are designed to help individuals consolidate their debt into one monthly payment. They come with fixed or variable interest rates and no collateral is required.

What are the requirements for getting a loan from Unity bank

  1. Good credit history: You will need to have a good credit score to be able to get a loan from Unity Bank. It is important to maintain a good credit score as it shows the bank that you can pay your debt and manage money responsibly.
  2. Employment: It is important to have a steady job in order to qualify for a loan from Unity Bank. You should also have proof of income, such as payslips, to show the bank that you can afford the loan repayments.
  3. Identity documents: You will need to provide valid identity documents, such as a driver’s license or passport, to prove your identity and eligibility to take out a loan.
  4. Collateral: Depending on the type of loan you are applying for, you may need to provide collateral, such as property, jewellery or vehicles, to secure the loan.
  5. Documentation: You may need to provide documents such as bank statements, proof of address and tax returns to prove your financial situation. 
  6. Age: Unity Bank requires that borrowers be over 18 years old in order to qualify for a loan.
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What is the interest rate for a loan from Unity bank?

The interest rates for a loan from Unity Bank Plc in Nigeria is dependent on the type of loan and your credit profile.

Generally, the interest rate can range from 10% to 19% per annum. For example, the interest rate for a business loan from Unity Bank Plc is 12.5% – 19% per annum while personal loans have an interest rate of 14.5% – 19%.

What are the repayment terms for a loan from Unity bank?

The repayment of a loan is based on the customer’s ability to pay and can range from 12 months to 60 months. Customers can also choose to make repayments on a weekly or monthly basis. 

How to apply for a Unity bank loan

  1. Gather all necessary documents: The first step to applying for a loan from Unity Bank is to gather all the necessary documents that are required for the loan application process. These documents include identification documents, proof of income, proof of address and bank account statements. 
  2. Fill out the loan application form: Once you have gathered all the necessary documents, you need to fill out the loan application form provided by the bank. This form will ask you to provide information about yourself, your financial situation and the purpose of the loan. 
  3. Submit the application: After filling out the loan application form, submit it to Unity Bank with all the necessary documents attached. The bank will then review your application and may require additional information.
  4. Wait for a response: After submitting your loan application, you must wait for a response from Unity Bank. Depending on your application and the availability of funds, it may take a few days or weeks for you to get a response from the bank.
  5. Follow up: If you do not receive a response from Unity Bank within a reasonable time period, it is advisable to follow up with them directly to ensure your application has been received and is being processed.
  6. Receive approval: After following up with the bank, if your loan application is approved, you will be sent a letter or email confirming the approval. This letter or email will also contain information about your repayment terms, interest rate and other details about the loan. 
  7. Sign the agreement: Once you receive the approval letter or email, you must sign an agreement with Unity Bank detailing all the terms and conditions of your loan. Once this agreement is signed and accepted, you can proceed with the loan process.
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Frequently Asked Questions

How to get a loan from Unity bank 

Which code can I use to borrow money from Unity Bank?

You can use the Unity Bank USSD code *7799# to access different types of loans offered by the bank. You can also use this code to apply for an individual or business loan, view your loan status, and make loan repayments. 

How do I borrow money from Unity bank?

Borrowing money from Unity Bank is easy. You can start by visiting their website or your nearest branch, where you can speak to a representative who will help you through the loan application process.

Make sure you have all of the necessary documents and information required for the loan, such as proof of income, bank statements, and other relevant financial information.

Once the application is complete, Unity Bank will review it and let you know if you are approved for a loan and how much you can borrow. 

Can I borrow money from my bank account?

Yes, you can borrow money from your bank account. This type of loan is known as a passbook loan. 

With a passbook loan, you can withdraw funds from your bank account, either in a lump sum or in installments. 

To qualify for a passbook loan, you must be a customer of the bank and have existing savings or current account. The loan amount is limited to the amount in your bank account at the time of application.

The interest rate on a passbook loan is usually higher than other types of loans because it is considered a higher-risk loan.