Business owners and salary earners have been borrowing,why lending institution has been lending money for centuries to cover emergency cash inflow,paying for School Fees,Asset Acquisition and many more reasons.
Purchasing equipment that can improve your business offering is typically a no brainier for financing. Regardless of the exact reason you’re considering a loan, the point is this: If, when all costs are factored in, taking out the loan is likely to improve your bottom line
Since the introduction of Fintech by financial institution,Most lenders provide online applications which include internet or ussd code that allow customers learn whether they’ve been approved in minutes.
We shall discuss various wema bank loan that customers can apply in our today discussion.
1. Wema Bank School Fees Advance
We know that education is the most important investment you can make in your child’s tomorrow. Wema bank School Fees Advance scheme is designed to provide parents/guardians with short–term financing to cover tuition fees for their children/wards.
qualify customers who’s loan is approved will get the School/Tuition fees paid directly to the child/ward’s school.
Features of Wema bank School Fees Advance
1. Minimum Facility Amount of N50,000.00
2. Maximum Facility Amount of N3,000,000
3. Maximum tenor of 3 months (For Nursery/Primary/Secondary schools) and Maximum tenor of 12 months (for tertiary institutions) per request
Required document to apply for Wema bank School Fees Advance
To apply for this kind of loan you should provide wema bank with the following documents as listed below.
1.Six months’ salary statement of account (for customers whose salary accounts cannot be or are not domiciled with Wema Bank)
2.Completed School Fees Advance application form
3.Proof of identity (Driver’s license, National ID, International Passport or Voters card) Employment ID is not sufficient
4.Letter of introduction: This is to determine the employment status of the parent/guardian
5. Invoice of School/tuition fees
6.Irrevocable letter of domiciliation from the employer: This is to ensure that the parent/guardians salary will remain with Wema Bank until the advance is liquidated
7.Proof of address i.e. utility bill
8.Last three month’s pay slip
2. Wema Asset Acquisition Scheme loan
This product is designed for individual/ corporate entity who are aiming to purchase tangible assets.The loan is also open to businesses that want to motivate their staff with group loans.
The loan package allows beneficiary to own now, use now & pay later through pre-agreed convenient repayments with Equity contribution of as low as 20%
Features Wema bank Asset Acquisition Scheme
1. Loan facility is as low as N500,000.00
2. Covers assets like pre-owned and new vehicles, and mid-size generators only
3. Facility runs from 6 to 48 consecutive months
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Required document to apply for wema bank bank Asset Acquisition Scheme
before you visit wema bank for your loan application kindly go along with the following documents.
A. For Salaried Individual with Account Domiciled in Wema Bank
1. Properly completed WAAS Application Form
2.Letter of Introduction from employer’s HR (Branch verified)
3.Means of Identification (National Driver’s License, International Passport, National ID & office ID Card)
4.Latest 3 months pay slip
5.Authenticated & recent 3 months bank Statement
6.Residential Utility Bill + Customer Visitation Form for KYC
7.Pro-forma Invoice issued in the name of Wema Bank
8.Favourable Credit Bureau Report and completed CRMS 100 Form
9.1 month salary Credit to Wema Bank Salary Account
10.Employer Endorsed Salary Domiciliation Letter
11.Direct Debit Authorization & Irrevocable Undertaking To Fund Personal Current Account
B. For Salaried Individuals where Account Not Domiciled in Wema Bank
1.Properly completed WAAS Application Form
2.Letter of Introduction from employer’s HR (Branch verified)
3.15.Means of Identification (National Driver’s License, International Passport, National 4.ID& office ID Card)
5.Latest 3 months pay slip
6.Authenticated & recent 3 months bank Statement
7.Residential Utility Bill + Customer Visitation Form (KYC)
8.Pro-forma Invoice from the bank approved vendor issued in the name of Wema Bank
9.Favourable Credit Bureau Report and completed CRMS 100 Form
10.Irrevocable Standing Order From Client’s Bank in favour of Client’s Wema Bank Personal 11.Current Account
12.Direct Debit Authorization & Irrevocable Undertaking to fund Personal Current Account.
C. For Self Employed Professional
1.Completed Application Form
2.Personal Current Account with Wema Bank
3.Letter of Introduction duly endorsed by a company director
4.Means of Identification (Statutory and Official)
5.Authenticated & recent 12-month bank Statement
6.Residential Utility Bill + Customer Visitation Form (KYC)
7.Certificate of Registration/incorporation
8.Particulars of Directors
10.Pro-forma Invoice issued in the name of Wema Bank
11.Favourable Credit Bureau Report and completed CRMS 100 Form
12.Direct Debit Authorization & Irrevocable Undertakin
13.14.Duly completed loan application form & executed offer section
14.Letter of introduction signed by an authorized signatory of employer
15.Irrevocable letter of salary domiciliation (duly executed by employer’s authorized signatory)
16.The signatories must be independently verified by a representative of Wema Bank
17.Proof of income (3 months’ pay slip or 3 months account statement)
18.Proof of address (Physical visitation and report by RM) supported with a copy of 19.recent utility bill.
20.Proof of identity (Staff ID is acceptable but National ID, International Passport or 21.Driver’s License may be required where necessary)
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3. Wema bank Personal Loan
This kind of loan facility is currently available to employees who operate a Salary Current or Savings Account with Wema Bank.New customers who’s salary domicile with the wema bank will have to provide evidence of consistent salary payment for most recent 3 months.
This loans facility are borrowed money that can be used for large purchases, debt consolidation, emergency expenses and much more. These loans are paid back in monthly installments
The Maximum loan amount is 7 multiples of net monthly salary, subject to a maximum of N2 million with Maximum loan tenor of 36 months.
How to apply for wema bank loan
Kindly visit any wema bank branch to apply for the loan of your choice that meet your needs.