Union Bank Business Loan can come in handy when you are in urgent need to support your business with capital to make it grow.
Without the right information on how to apply for this loan, you might find it difficult or discouraged, but not too worried.
This article will take you through all the information you require under the following guide:
- Union Bank Business Loan
- Union Bank Business Loan Application Requirements
- Lending Requirements for Union Bank Business Loan
- How to Apply for a Union Bank Business Loan
Union Bank Business Loan
Union Bank was established in 1917 and is arguably one of the oldest banks in Nigeria.
This has given the bank enough time to gain its feet, become more efficient, and create ways to cater more to the needs of its customers, etc.
Some of the ways are the establishment of a union bank business loan aimed at providing instant support to both small and corporate business owners.
The union bank business loan allows borrowing from #5 Million Naira to a maximum amount of #50 Million Naira with no collateral, a good interest rate, and up to 60 months of repayment duration.
If you are a registered business owner in need of capital to help execute some projects, then you should consider a union bank business loan.
Union Bank Business Loan Application Requirements
To apply for a union bank business loan, there are some requirements that need to be met in order to have a successful application.
These requirements are as follows:
- A completely filled loan application form
- The company’s business plan
- A valid means of identification e.g Driver’s License, International Passport, Voter’s Card, etc.
- Utility bills e.g electricity bills, water bills, etc. as proof of address
- The business cash flow budget
- The company’s profile
- Certificate of registration (CAC)
- 12 months account statement
- The business audited financial account
- The business cash flow budget
Lending Requirements for Union Bank Business Loan
Union bank like all other financial institutions in Nigeria offers loans to interested business owners but not without credibility.
These companies must have certain lending requirements to back up their loan applications. Some of the lending requirements are listed below:
- Proof of regular monthly income
- Owning a registered company or business under Corporate Affairs Commission (CAC)
- Having a business/corporate account
- A good credit score I.e no record of an unpaid loan, etc.
How to Apply for a Union Bank Business Loan
Once you have the above-listed requirements, you then proceed to apply for the loan. Union Bank has made the application easy for interested people.
To apply, you can follow any of the ways below:
- USSD Code
- Union Bank Mobile Internet Banking
- Visit any Union Bank Branch
This is the easiest and fastest way of applying for a loan from the comfort of your home. There is no need for an internet connection, all you need is your phone.
Dial the union bank loan code *826*41# using the phone number linked to your union bank account and follow the prompt instructions.
Once the process is complete, it will get approved within 24 hours
Union Bank Mobile Internet Banking
This is another way of applying for a loan from union bank that allows you to do so from the comfort of your home.
Here, you have to register on the union bank mobile internet platform before you can use it.
Follow the procedures below to use this method:
- Launch the union bank site – https://www.unionbankng.com/
- Go to LOANS from the home page
- Select your preferred loan type and click on APPLY
- Fill your details correctly on the loan form displayed
- Enter the amount to complete the application process.
After submitting the form, you will get the loan amount within 24 hours
Visit any Union Bank Branch
This method too is easy but you have to visit any union bank closest to you to get it done.
Walk into any of the union bank branches, and approach the customer care service officer to state your request.
You will be given the loan application form to be submitted with the loan application requirement.
Note – Irrespective of the method used in applying, the application will be reviewed and evaluated before it can be successfully approved.
Also, there is no fixed interest rate on any loan. The interest rate is applied at the point where you enter the amount you wish to loan. Read about how to check Union bank account number here.
Frequently Asked Questions
Does Union Bank give loans without collateral?
Answer – Yes, but it is not extended to all types of loans.
Which loan is best for business?
Answer – The business loan and the small business loan offered by union bank are the best to consider
How long will it take to receive the loan from Union Bank?
Answer – The duration depends on the type of loan you have applied for. Loans without collateral get approved faster.
What is union bank’s interest rate?
Answer – The interest rates vary based on the type of loan. There is no fixed interest rate.
How much can I borrow from union bank?
Answer – You can borrow any amount within the range of the maximum amount you can borrow in your preferred loan type. The maximum you can borrow under the union bank small business loan is #10 Million Niara.
The union bank business loan is aimed at assisting interested business owners with capital to boost their businesses.
A completely filled loan application form, a valid means of identification, a business plan, a company’s profile, 12 months’ statements of accounts, etc are some of the requirements to apply for a union bank business loan.
You can apply for a union bank business loan using the USD code, mobile internet banking, and visiting any of the union bank branches around you.