Type of Union bank loan you can apply and requirements

Union bank has unveiled wide range of loans package to customers ranging from salary earners to entrepreneurs as well pensioners. The credit facility include Personal Loan,Salary Advance,Back-to-school Finance,Senior Citizen Loan and UnionFlexi Loans

Whatever you need finance for, Union bank offer a flexible range of loans to help you afford it. But before you can qualify for any loan from Union bank your salary or business proceed must be paid into your Union Bank account

According to union bank, Borrower get a cash back reward when they take a loan for 2-5 years and repay on time. credit facility could be up to N50 million while you pay back in monthly installments.

Read: Union Bank Transfer: How to transfer money to another bank account

Though you will need a letter of introduction/undertaking from your employer….However, If a customer loses their jobs after accessing union bank loans, the insurance company covering the loan will make payment for a period of time usually 6 months. During this period, the customer is expected to have gotten another job to continue repayment.

Union bank monthly interest rate on loans ranges from 1% – 3.75%,. However, your monthly repayment cannot exceed 33% of your salary.

 

1. Union bank Personal Loan

Union bank Personal Loan is an all-purpose loan, offering you flexible repayment plans and the option to access additional funds after repayment over time. The repaid is monthly installments, similar to a car loan or home mortgage, with loan terms ranging from 12 months to 60 months or even longer.

Customers can get a loan of up to N15 million naira with your Union Bank salary account/ Yo don’t need pledge any collateral while availing personal loan.It can be use for travel cost,wedding expenses, home renovation and debt consolidation

Features of Union bank personal loan:

. Minimum monthly salary – N15,000
. Maximum loan amount – N15 million
. Maximum loan tenor – 60 months
. Salary domiciliation – 1 month

You can also read: Union Bank Transfer code *826#: how to register, transfer money, Buy recharge card and Cardless withrawals

2. Union Bank Salary Advance

Union Bank Salary Advance is a  loan facility provide instant access to funds for emergencies, Salary Advance is a 30-day overdraft facility, offering employees of approved organisations access to up to 50% of their net monthly salary for a 12-month period at competitive rates.

To apply for Union bank salary advance dial *826*41#; UnionMobile App; Union Bank ATMs

Features of Union Bank Salary Advance

. Minimum monthly salary – N15,000
. Maximum loan amount – 50% of monthly salary.
. Maximum loan tenor – 12 months
. Salary domiciliation – 1 month

 

Also read: How to apply for Union Bank Salary Payadvance loan

 

3. Union bank Back-to-school Finance

Education can be a great investment, but it costs both money and time… Union Bank  back-to-school loan help borrower pay for their children’s or wards’ tuition instantly. Customers can get Maximum loan amount – N15 million for 3 months for termly fee payment and 12 months for session fee payment

Features of Union bank Back-to-school Finance

. Maximum loan amount – N15 million
. Salary domiciliation – 1 month
. Tenor –
. 3 months for termly fee payment
. 12 months for session fee payment

4. Union Bank Senior Citizen Loan

Interest rates for Union bank  senior citizens  loan are not fixed. They are determined by the applicant’s age the maximum repayment period is 5 years. The pensioner must draw the pension amount through the union bank to become eligible for the loan amount.

Features of Union Bank Senior Citizen Loan:

. Minimum monthly pension – N10,000
. Maximum loan amount – N10 million
. Maximum loan tenor – 60 months
. Pension domiciliation – 1 month

You may like: How to check Union Bank Nigeria account balance and Transfer Money

5. UnionFlexi Loans

With union bank UnionFlexi loan you can access up to N50 million to meet your financial needs if you earn at least N30 million per annul

What you need to know:

. Minimum annual salary – N30 million
. Maximum loan amount accessible – N50 million
. Maximum tenor for loan repayment – 60 months
. Minimum salary domiciliation period with Union Bank – 1 month

How to apply for Union bank loan

To apply for any type of union bank loan kindly visit any branch close to your location to apply.

 

 

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