How to Borrow Money from UBA Bank Nigeria

If you are looking for a loan with a flexible payment plan, longer tenure credit, and lower equity, then look no further than a UBA loan.

From personal loans to asset finance, a UBA Loan will offer you a way to settle pressing financial needs. You can also harness the loan opportunity to expand your business through asset finance.

Are you ready to borrow money from UBA Bank? Then this article will help you. You’ll learn how to borrow money from UBA whether you own a UBA account or not.

If you’re a salary earner and you do not own a UBA account, you can get up to 10-million-naira loan from UBA to meet your financial needs by applying for the UBA personal loan direct which provides access to finance to help federal and state civil servants meet their financial needs in times of stiff cash flow.

If you want to borrow money from UBA then one of the UBA Loan products is your best bet. While Different loans from UBA are available for different uses, they are convenient and have competitive interest rates and flexible repayment terms.

How Do I Apply for UBA Loans in Nigeria?

For you to borrow money from UBA, you need to apply for a UBA loan, these steps will help you. Firstly,

You need to visit any UBA branch to know which UBA loan is best for you.
Complete a loan application form and Submit it to any UBA bank
Execute an offer letter detailing the loan terms and requirements
After the loan has been approved, the loan will be disbursed into your account.

You can also get the loan form from the customer service officer too if you cannot download it.

What are the requirements for UBA Loans?

The UBA loan requirement depends on the type of loan in question. They state each loan service and their respective requirements in the “What service do UBA Loans offer” section above. You can download the Loan form and documents required for each loan from their website or get it at any branch.

UBA Types of Loans

Here’s a list of loans that UBA offers:

UBA Auto Loan

The UBA Auto loan lets you buy your first car or even upgrade to a higher model.

The car brands you can get with the UBA auto loan are Toyota, Honda, Mitsubishi, Hyundai, Mercedes, Nissan, Ford, Suzuki, Kia and Volkswagen.

Some of the features and benefits of the Auto loan from UBA are:

Access to reputable auto dealers
Repayment terms of up to 48 months
Attractive interest rate (the interest rate will be on floating terms subject to changes in money market conditions, for the period of the loan)
Maximum loan amount of N15m
Minimum equity contribution of 30%
Mandatory comprehensive insurance and vehicle tracking

Requirements for UBA Auto Loan:

Functional savings or current salary account
Duly completed loan application form
Valid means of Identification (International Passport, Driver’s License, National ID Card and Voters’ Card)
Employer’s undertaking to domicile salary with UBA
Duly accepted offer letter or employee inquiry form (The offer letter should contain Employee Name, Employee Job Description/Position; Nature of Employment (Permanent or Contract); Employee Job Status (Confirmed or unconfirmed)
Copy of the customer’s staff ID.

How to Apply for UBA Auto Loan

To apply for a UBA auto loan, steps to follow

Visit any of the approved auto vendor stores to obtain Pro-forma invoice (PFI) for preferred items
Visit a UBA branch to complete a loan application form
Execute an offer letter detailing the loan terms and requirements, following approval of the loan
Pick up your preferred automobile from the auto vendor.

Cooperative Loans:

Just as the name implies, this service provides loans to cooperative societies of reputable companies. It has a minimum opening and operating balance of N2,000.

Qualification:

Available to only cooperatives of reputable companies.

Document required:

Letter of request to the manager of your business, signed by executives of the cooperatives. This letter should state the amount and tenor of the loan required.
This letter is to be submitted along with other supporting documents as requested by the bank.

UBA Seniors Citizen Loan

The UBA Senior Citizen Loan is designed for Pensioners (55- 70 years) in Nigeria. Pensioners can get up to N10 million from UBA with this loan product.

Some Features & benefits of the UBA seniors Citizen loan include:

Convenient repayment period of 36 months
Attractive interest rate (the interest rate will be on floating terms subject to changes in money market conditions, for the period of the loan)
The maximum loan amount is N10 million
One-off management fee of 1%
Credit Life Insurance – 1.6% covering Death, Permanent Disability

UBA Requirements Seniors Citizen Loan for Pensioners

A functional UBA account
A pension Identification number
3-months consistent pension remittance through UBA
The minimum net pension fund should not be less than N100,000 monthly limit for customers is 55-70 years
A valid Nigerian ID (Drivers license, International passport, NIMC, Voters card)

How Do I Apply for UBA Seniors Citizen Loan for Pensioners?

Here’s how to apply for UBA Seniors Citizen Loan for Pensioners in Nigeria:

Submit a completed loan application form along with other required documents at any UBA branch nationwide.
Sign an offer letter detailing the loan terms and Conditions.
When the loan is approved it will be disbursed into the Customer’s UBA account.

UBA Personal Loans

The UBA Personal Loan lets you borrow up to N30 million. This UBA loan has a flexible repayment period of 48 months at a highly competitive interest rate.

The UBA Personal Loan is designed for salary earners who want to meet their financial needs and live their life dream.

You can use this loan to cover medical bills, make home improvements, give your side hustle a little boost, pay for a course, and so much more!

More features of the UBA Personal Loan include:

One-off management fee of 1%
Minimum loan amount of N100,000
Access up to 50% of your debt service ratio (DSR)
Functional savings or current salary account
Valid means of Identification (Passport, Driver’s license, national id card and voters’ card)
A completed loan application form.
Employer’s undertaking to domicile salary with UBA
Duly accepted offer letter or employee inquiry form (The offer letter should contain the Employee’s Name, Employee Job Description/Position; Nature of Employment (Permanent or Contract); Employee Job Status (Confirmed or unconfirmed).
Copy of the obligor’s staff ID.

UBA Requirements for Personal Loan Direct

Duly completed loan application form
Valid means of Identification (Passport, Driver’s license, national id card and voters’ card)
Copy of customer’s staff ID
Pay slips or bank statements of account reflecting salary inflows in the last 6 months
Customer’s instruction letter

How to Apply for UBA Personal Loan Direct

To apply for the UBA personal loan-direct, follow these steps:

Visit any UBA branch to complete a loan application form
Submit the completed loan application form with the required documents at any UBA branch
Execute an offer letter detailing the loan terms and requirements, following loan approval
The Loan will be disbursed to you.

UBA Asset Finance

The UBA Asset finance loan products let you get a loan to finance the purchase of household appliances, alternative power solutions, smartphones, furniture, laptops, inverters, generators, and so on. This credit program gives you an opportunity to purchase assets that you cannot finance immediately. The UBA Asset Finance loan repayment period is 24 months.

Some of the Benefits of The UBA Asset Finance Loan are:

Access to a wide array of reputable dealers/retailers
Attractive interest rate
Asset finance has a Maximum loan amount of N3 million and a minimum loan amount of N35,000
Minimum equity contribution of 30%

Requirements for UBA Asset Finance

An active savings or current salary account
A completed loan application form
Valid means of Identification (International Passport, National Driver’s License, National ID Card and Voters’ Card)
Employer’s undertaking to domicile salary with UBA
Duly accepted offer letter or employee inquiry form (The offer letter should contain; Employee Name, Employee Job Description/Position; Nature of Employment [Permanent or Contract]; Employee Job Status (Confirmed or unconfirmed).
A Copy of the customer’s staff ID.
Get Pro-forma invoice (PFI) for preferred items from any approved vendor
Then visit a UBA branch to complete a loan application form
Execute an offer letter detailing the loan terms and requirements, following approval
Pick up preferred items from the vendor

UBA FX Cash-Backed Loan

This loan product lets you get a Naira loan with your FX deposits.

Some of the features and benefits of UBA FX Cash-Backed Loan:

The maximum loan amount is N10 million (A Maximum of 85% of FX Savings or deposit value calculated at the Bank’s prevailing rate (buy rate)
Repayment period of 36 months with 0.5% interest on the FX deposit
One-off management fee of 1%
A Funded FX accounts
Duly completed loan application form
Valid means of Identification (international passport, national driver’s license, national id card and voters’ card)

Cash Collateral Loan: This allows you to get credit in Naira, Pounds sterling, US dollar, and Euro. It does this through your cash deposits, investments, and their equivalents with UBA or other finance institutions acceptable to UBA.

Qualification:

You must have cash deposits, or investments and their equivalents with UBA.
Your past 3-month salaries must have been paid through UBA.
Employees discussing or selling consumer credit products.

Document required:

UBA consumer loan application form.
Letter of Lien or set-off or Deposit Hypothecation Agreement in your name.
Letter of confirmation of collateral.
Original certificate of deposit or savings passbook.
Memorandum of charge over the investment or cash deposit.

Ensure that all documents provide a rollover instruction where necessary.

If the pledged cash deposit is not in your name, you would need the following extra documents:

Guarantee form.
Complete domiciliation of proceeds forms.

If the pledged deposit or investment is in the name of an association or liability limited company, you would need:

Your constitution or memorandum Articles of association.
An executed board resolution of the organization authorizing the pledging of cash deposit to the bank on other parties’ behalf of another party.

Do You Live in Nigeria and don’t have a Domiciliary Account?

Fill out the loan request form
Then Visit a UBA branch with all the necessary documentation to complete your loan application
Sign an offer letter containing the loan terms and conditions after the loan has been approved
The approved loan amount will be disbursed into your UBA naira account.

Why choose UBA Loans?

UBA Loans are defined to meet your needs. Some general benefits are:

Different loans are available for specific uses.
Competitive interest rates.
Convenient and flexible repayment terms.

What services do UBA Loans offer?

Personal Overdraft:

This is a short-term loan option available to staff of reputable private and public organizations. It allows you to overdraw your current account by 6 months and has a maximum amount of 3 million. You repay 5% interest on the amount borrowed every 30 days when your salary is paid. It is further classified into executive personal overdraft and revolving personal overdraft.

Qualification:

Annual income after-tax minimum of N5million for an executive personal overdraft, and N2.5million for a revolving personal overdraft.
Your UBA account must be your salary account through which they have paid salaries for at least 3 months.

Documents required:

Loan application form

Conclusion

UBA offers loan services that cater to your immediate and investment needs. Their loan forms are easily accessible online at the comfort of your home. As far as you meet the requirement, take UBA loans to aid you today.

How to Borrow Money from UBA Bank Nigeria