Are you looking forward to taking a loan from Union Bank? In this article, you’ll learn how to borrow money from Union Bank. Just like every other commercial bank in Nigeria that offers loans, Union Bank does too and the whole process is swift.
Whether you’re a salary earner or just a regular person who needs a loan to sort out some expenses. Perhaps you’ve decided not to use any loan apps in Nigeria and opted for something more commercial rather than digital banking apps. Well, if you’re a Union Bank user, you could take a loan from them.
In this article you’re reading on NaijaKnowHow, we’ve provided a guide on how to borrow money from Union Bank. If you need a payday loan, a normal loan, you’ll be able to get it from Union Bank.
How to Borrow Money From Union Bank in Nigeria
Union Bank offers a variety of loans to every Union Bank customer. So if you’re hoping to borrow money from Union Bank, you’ll get different options to choose from. We’ve highlighted the types of loans Union Bank offers and their features. So before you take a loan from Union Bank, read their loan offers and the features first.
List of The Available Union Bank Loans
1. Personal Loan
A personal Loan offer from Union Bank is the type of loan you can take to settle some personal needs. You’ll need to have a salary account with Union Bank before you can take a Personal Loan and you can get up to N15 Million.
Features:
-
- Minimum monthly salary – N15,000
- Maximum loan amount – N15 million
- Maximum loan tenor – 60 months
- Salary domiciliation – 1 month
2. Salary Advance
Salary Advance loan will let you get quick cash from Union Bank before your next payday. You’ll be able to access 50% of your salary as an overdraft for over 12 months with good rates.
Features:
- Minimum monthly salary – N15,000
- Maximum loan amount – 50% of monthly salary.
- Maximum loan tenor – 12 months
- Salary domiciliation – 1 month
3. Back-to-school Finance
Back-to-school Finance is perfect for paying for one’s children’s tuition fees and the loan can be given instantly.
Features:
- Maximum loan amount – N15 million
- Salary domiciliation – 1 month
- Tenor –
- 3 months for termly fee payment
- 12 months for session fee payment
4. Retirement Loan
Retirement Loan from Union Bank offers over N10 million for people who have retired. This type of loan can be paid back within the period of 5 years and repayment can be made via pensions.
Features:
- Minimum monthly pension – N10,000
- Maximum loan amount – N10 million
- Maximum loan tenor – 60 months
- Pension domiciliation – 1 month
5. UnionFlexi Loans
UnionFlexi Loans is one of the biggest loans from Union Bank. If you earn up to or more than N30 million per annum, you can get a loan of up to N50 million from Union Banks.
What you need to know:
- Minimum annual salary – N30 million
- Maximum loan amount accessible – N50 million
- The maximum tenor for loan repayment – 60 months
- Minimum salary domiciliation period with Union Bank – 1 month
Steps to Borrow Money from Union Bank in Nigeria
If you want to borrow money from Union Bank, kindly follow the simple steps below. You’ll only need to fill out a loan request form.
Step 1: Visit Union Bank’s loan application page. You can copy this link (https://www.unionbankng.com/forms/loan-application/) and paste it into your web browser tab to get started.
Step 2: Fill out the loan application form by providing the following details: full name, phone number, residential address, BVN, employment states and so on.
Step 3: Hit the Submit button once you’ve completed the form. You’ll be contacted by Union Bank to know the status of your loan application.
Conclusion
Borrowing money from Union Bank isn’t difficult as it may seem. With this guide, we hope you’re able to get your desired loan from Union Bank. Don’t forget to leave a comment below.
