Last Updated on July 1, 2024 by admin
Wema Bank has unveiled different kind of loan package to customers which include salary advance and payday loan know as ALAT Loan, consumer loan,School Fees Advance,Wema Asset Acquisition Scheme and Personal Loan.
1.Wema Bank Salary earners with ALAT loans
ALAT salary-based loan was an initiative of the bank to avail salary earners emergency funds to meet needs that otherwise could not wait for the next payday or that required additional funding.
ALAT salary-based loan is a low-interest loan available to the bank’s existing as well as new salary earning customers who may or may not have their salary account domiciled with Wema Bank.
Salary earners would be able to receive a minimum of N50,000 and up to N4,000,000 within hours and would have between three to 24 months to pay back with only two per cent interest rate per month on a reducing balance basis.
How to apply for Wema bank ALAT salary-based
Customers can apply through ALAT salary-based APP
The ALAT app has been updated to include a video run-through of the process of registration at the sign-up page. Customers can also get a simple explained of each step of the registration process by clicking on the ‘i’ icon on each page on the app.
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2. Wema Bank School Fees Advance Loan
This kind of loan is meant to pay for tuition fees when the need arise. according to the bank,School/Tuition fees will be paid directly to the child/ward’s school. The Minimum Facility Amount of N50,000.00, why the Maximum Facility Amount of N3,000,000
The Maximum duration for the loan is 3 months (For Nursery/Primary/Secondary schools) and Maximum tenor of 9 months (for tertiary institutions) per request
What document do you need to apply for Wema Bank School Fees Advance Loan?
1.Completed School Fees Advance application form
2.Letter of introduction: This is to determine the employment status of the parent/guardian
3.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
4.Invoice of School/tuition fees
5.Proof of identity (Driver’s license, National ID, International Passport or Voters card) 6.Employment ID is not sufficient
7.Proof of address i.e. utility bill
8.Last three month’s pay slip
9.Six months’ salary statement of account (for customers whose salary accounts cannot be or are not domiciled with Wema Bank)
How to Apply for Wema bank School Fees Advance
Download the application form online from their website url :https://www.wemabank.com/wp-content/uploads/2020/05/School-Fees-Advance-Application-Form-2019.pdf
3,Wema bank Personal Loan
This kind of loan is available to employees who operate a Salary Current or Savings Account with Wema Bank. This product is also available for formally employed staff of companies/employers pre-approved by Wema Bank and groups of salary earners under an association.
Features & Benefits
Available to existing salary account holders, based on salary domiciliation.
New customers, will in addition to salary domiciliation, provide evidence of consistent salary payment for most recent 3 months.
Maximum loan amount is 7 multiples of net monthly salary, subject to a maximum of N2 million
Maximum loan tenor of 36 months.
Loan Top-up available after 6 months of regular monthly down payments.
Available to confirmed employees only.
Apply for loans & overdrafts at the convenience of your office
Short turnaround time for loan & overdraft disbursement (48 hours)
Zero account maintenance fee on the current account
Access to mobile & Internet Banking services
Document required
Duly completed loan application form & executed offer section
Letter of Introduction signed by an authorized signatory of employer
Irrevocable letter of salary domiciliation (duly executed by employer’s authorized signatory). Please note that the signatories must be independently verified by a representative of Wema Bank
Proof of income (3 months’ pay slip or 3 months account statement)
Proof of address (Physical visitation and report by bank representative) supported with a copy of recent utility bill
Proof of identity (Staff ID is acceptable but National ID, International Passport or Driver’s License may be required where necessary)
How to Apply for Wema bank Personal Loan
Interest customers can download their application form online from their website url: https://www.wemabank.com/wp-content/uploads/2020/05/Personal-Loan-Application-Form-2019.pdf
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4.Wema bank Asset Acquisition Scheme Loan
This kind of loan is meant for asset buying like car, generator. you can also make use this loan to buy for your staffs as well.
Loan facility is as low as N500,000.00
Covers assets like pre-owned and new vehicles, and mid-size generators only
Only brand new assets will be financed
Facility runs from 6 to 48 consecutive months
Competitive interest rate and fee structure
Equity contribution of as low as 20%
Allows beneficiary to own now, use now & pay later through pre-agreed convenient repayments
Documents to present during loan application
A. For Salaried Individual with Account Domiciled in Wema Bank
Properly completed WAAS Application Form
Letter of Introduction from employer’s HR (Branch verified)
Means of Identification (National Driver’s License, International Passport, National ID & office ID Card)
Latest 3 months pay slip
Authenticated & recent 3 months bank Statement
Residential Utility Bill + Customer Visitation Form for KYC
Pro-forma Invoice issued in the name of Wema Bank
Favourable Credit Bureau Report and completed CRMS 100 Form
1 month salary Credit to Wema Bank Salary Account
Employer Endorsed Salary Domiciliation Letter
Direct Debit Authorization & Irrevocable Undertaking To Fund Personal Current Account
B. For Salaried Individuals where Account Not Domiciled in Wema Bank
Properly completed WAAS Application Form
Letter of Introduction from employer’s HR (Branch verified)
Means of Identification (National Driver’s License, International Passport, National ID& office ID Card)
Latest 3 months pay slip
Authenticated & recent 3 months bank Statement
Residential Utility Bill + Customer Visitation Form (KYC)
Pro-forma Invoice from the bank approved vendor issued in the name of Wema Bank
Favourable Credit Bureau Report and completed CRMS 100 Form
Irrevocable Standing Order From Client’s Bank in favour of Client’s Wema Bank Personal Current Account
Direct Debit Authorization & Irrevocable Undertaking to fund Personal Current Account.
C. For Self Employed Professional
Completed Application Form
Personal Current Account with Wema Bank
Letter of Introduction duly endorsed by a company director
Means of Identification (Statutory and Official)
Authenticated & recent 12-month bank Statement
Residential Utility Bill + Customer Visitation Form (KYC)
Certificate of Registration/incorporation
Particulars of Directors
Corporate/Company Profile
Pro-forma Invoice issued in the name of Wema Bank
Favourable Credit Bureau Report and completed CRMS 100 Form
Direct Debit Authorization & Irrevocable Undertakin
Duly completed loan application form & executed offer section
Letter of introduction signed by an authorized signatory of employer
Irrevocable letter of salary domiciliation (duly executed by employer’s authorized signatory)
The signatories must be independently verified by a representative of Wema Bank
Proof of income (3 months’ pay slip or 3 months account statement)
Proof of address (Physical visitation and report by RM) supported with a copy of recent utility bill.
Proof of identity (Staff ID is acceptable but National ID, International Passport or Driver’s License may be required where necessary)
How to apply
Customers can download the application online from the website : https://www.wemabank.com/wp-content/uploads/2020/05/WAAS-Application-Form-2019.pdf
Or visit any branch of wema bank for more details.
