How to apply for Wema Bank Business and Retail Loan

Last Updated on July 1, 2024 by admin

Small Medium and scale business in Nigeria often struggle to get loan either for expansion, buy asset or working capital depends on the need , this was soul reasons why weman bank introduce SME’s retail and business loan.

Wema bank understand the desire to expand your business, buy new tools and meet your crucial business needs. They have row out variety of SME finance, the financial institution Business loans are financial facilities availed to MSMEs and established businesses to upscale/ finance their business.

Wema bank provides the following business loan facilities; Business Support Facility, School Support Loan, Development Bank of Nigeria Loan (DBN), Term Loan for Gaming Value Chain, Creative Industry Financing Initiative (CIFI)

However, our today discussion will be circle on SME’s business loan,Retail Loan their requirement and how to apply for it.

You can also read:How to apply for wema bank salary advance/ALAT loans, school fees and consumer loan

What is Wema Retail Loan?

Retail loans are financial facilities availed to salaried and self-employed individuals who are wema bank customers and non wema bank customers, to meet personal financial needs as at when due.

The bank provides the following retail facilities; Personal Loan, Wema Bank Asset Acquisition Scheme (WAAS), School Fees Advance, Device Loan, ALAT Salary Loan and Credit Card.

At Wema bank interest rate are competitive and ranges between 19% – 25% with loan tenor

1.Personal Loan – 24 Months
2.ALAT Salary Loan – 24 Months
3.Credit Card – 45 Days Cycle Period
4.WAAS – 48 Months
5.Device Loan – 6 Months
6.School Fees Advance – 9 Months

This kind of loan doesn’t require collateral to get any of their retail loan products, but you must be qualify before you can access their loan.

Read:How to get Loan From Renmoney and requirement