How to get a loan from UBA bank is information that UBA customers need to know. Borrowing money can be the last resort in emergency situations, which can be a problem if you do not know how to go about it.
Here, this guide will provide you with the information you need on how to borrow money from UBA bank
UBA Loan
UBA like other financial institutions offers varieties of loans to its customers to help cover immediate needs, business funds, etc.
The loan comes with payment flexibility that makes it convenient for the customers to pay back when due.
This monthly duration comes with considerate deductions equivalent to the loan repayment percentage.
Types of UBA Loans
There are various types of loans made available by UBA for its customers and each type has its way of applying for it.
These types of loans are:
- Personal Loan
- Personal Overdraft loan
- Asset Finance Loan
- Cash Collateral Loan
- Cooperative Loan
Personal Loan
UBA personal loan is designed to help interested persons cover immediate needs like medical bills, school fees, home improvement, etc.
The minimum amount you can borrow is #100,000 while the maximum amount you can borrow is #30,000,000.
IT comes with a competitive interest rate and duration to allow for convenience in repaying.
The loan will be credited to your account upon verification of your information.
Personal Overdraft Loan
UBA personal overdraft loan allows the interested person to overdraw the current account for up to 6 months.
The maximum amount here is #3,000,000 ( Three Million Naira) and you pay 5% of the loan borrowed after every month when the salary is paid.
Asset Finance Loan
This allows you to own any asset of your choice but you do not have the whole capital needed to acquire such an asset.
Before an asset loan is approved, you must provide the minimum equity contribution of 20% of the cost of the asset.
Cooperative Loan
This loan is for cooperatives that must have a certain number of members before they can apply for a cooperative loan in UBA. The maximum amount yat can be borrowed is #10,000,000 (Ten Million Naira)
Cash Collateral Loan
Here, customers are offered loans in any notable currency of their choice such as Naira, Dollar, Euro, Pounds, etc. through cash deposit, investment equivalent of the money to be borrowed.
The collateral must be acceptable to UBA.
How To Apply
UBA has established various easy ways for its customers to apply for loans. Applying for UBA loans can be applied for in ways such as:
- Through USSD Code
- Through UBA Loan App
- Visit any UBA Branch
Through USSD Code
This method is the easiest at the same time the fastest. All you have to do is dial *919# on your phone ( it must be from the phone number linked to your account).
Then follow the prompt to apply for your loan and get credited within minutes. You have successfully gotten yourself familiar with how to get a loan from UBA using ussd code.
Through UBA Loan Mobile App
The UBA mobile loan app allows customers to apply for loans from the comfort of their homes. To use this method;
- Download the UBA Loan Mobile App on Playstore
- Sign in with your username and ID
- Click on loans
- Select the type of loan and follow the prompt.
Visit any UBA Branch
If you have a UBA branch near you, easily walk into and meet the customer service agent to state your need. You will need to:
- Visit any UBA branch and pick a Customer Loan Application Form
- Submit a valid means of identification like a Voter’s Card, Driver’s License, International Passport, etc
Frequent Asked Questions
How long does it take to get your loan credited?
Answer – For personal loans, it’s almost immediately. Every other type of loan is based on when your application is approved.
How long is the UBA loan repayment duration?
Answer – This depends on the agreed stipulated time. There is both short and long term
How much can I borrow from UBA?
Answer – This depends on the type of loan you are applying for, each loan has its minimum and maximum you can apply.
Does UBA accept collateral?
Yes, there is a collateral loan that allows you to take a loan as long as you drop in an equivalent.
Final Thoughts
United Bank for Africa ( UBA) offers different types of loans ( personal loans, asset loans, overdraft loans, collateral loans, and cooperative loans) to its customers.
Majorly to help the customers in cases of emergency, with immediate needs, acquiring an asset, etc.
Now you know to borrow money from UBA in case there is a need for you to apply for a loan someday.
