Category Archives: Loans

business loan and personal loan

Borrow Money Online or Access Wema Bank Loan

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How can I access a quick loan, get a loan, borrow money online, collect a loan, obtain a loan, take a loan from Wema bank? If any of these has ever crossed your mind then you are in the right place. In this article, we’ll give step by step guide and requirements you need to access a quick loan, get a loan, borrow money, collect a loan, obtain a loan, take a loan from Wema bank.

Table of contents

The major scare when taking loans in Nigerian banks today is the endless documents requirements, coupled with a series of obligations and processes you have to go through.

Wema Bank loans pride itself in making things easier, by offering realistic requirements and simple processes to get loans.

The paper works don’t go away, neither do guarantors (depending on loan type and sum). However, they have built a system that is both quick, efficient, with categories that cater to every financial pressing need.

How to get a Wema Bank loan

Wema Bank loan process can be initiated by visiting any of their physical offices between 8 AM – 4 PM. You can also contact us at the comfort of your home or wherever you are, through the consumer loan portal on our website.

Types of available loans for Wema bank

We design our loan system to cover all of your needs, both personal and external obligations.  There are three categories which include:

1. School Fees Advance

This loan category extends a hand of help to you when in a fix for children’s school fees. It affords you up to 3 million naira advance and has a minimum facility amount of ₦50,000.

The loan contract spans for a maximum of 3 months for nursery, primary and secondary schools, and 9 months for tertiary institutions per request.  They pay the tuition fees directly to the child’s school.

Documentations required for this Loan are:

  1. Completed school fees advance form.
  2. Letter of introduction (to determine the employment status of the parent).
  3. An irrevocable letter of domiciliation from your employer.
  4. Invoice of school/ tuition fees.
  5. Valid proof of identity (Driver’s License, National ID, International Passport, or Voter’s Card).
  6. Proof of address, i.e. utility bill.
  7. Last three months’ payslip.
  8. Six month’s salary statement of account for customers whose account is not domicile or cannot be with Wema bank.

2. Wema Asset Acquisition Scheme (WASS)

This category covers loans you might need when acquiring a new asset. It also offers its services regarding staff loans for businesses. The minimum WASS loan facility stands at ₦500,000 and covers assets like new and pre-owned vehicles, and mid-sized generators only.

The facility runs from 6 to 48 consecutive months and finances only brand new assets.

Benefits

  1. Low equity contribution of 20%.
  2. Well-structured fee payment and competitive interest rates.
  3. It provides group asset acquisition schemes that enable organizations to motivate staff.
  4. Easy own now, use now and pay later.
  5. It removes the financial burden associated with outright asset purchases.

Documentations required

For individuals with account domiciled in Wema bank:

  1. Completed WAAS application form.
  2. Letter of introduction from your employer’s HR.
  3. Means of identification.
  4. Last 3 months payslip and bank statement.
  5. Utility bill and customer KYC form.
  6. Pro-forma invoice issued in the bank’s name.
  7. Credit Bureau report and completed CRMS 100 form.
  8. Wema bank salary account 1-month credit.
  9. Domiciliation letter endorsed by your employer.
  10. Debit authorization and irrevocable undertaking to fund personal account.

For individuals with accounts not domiciled in Wema bank, you would require:

Irrevocable standing order from your external bank in favor of your Wema bank account, and personal current account details, in addition to all the documents listed above.

For self-employed professionals:

  1. Completed Application Form.
  2. Personal Current Account with Wema Bank.
  3. Letter of Introduction endorsed by your company’s director.
  4. Means of Identification (Statutory and Official).
  5. Recent 12-month bank Statement.
  6. Utility bill with customer form (KYC).
  7. Certificate of Registration/incorporation.
  8. Particulars of Directors.
  9. Corporate/Company Profile.
  10. Pro-forma Invoice issued in the name of Wema Bank.
  11. Credit Bureau Report and completed CRMS 100 Form.
  12. Direct Debit Authorization & Irrevocable Undertaking.
  13. Duly completed loan application form.
  14. Letter of introduction signed by your authorized employer.
  15. An irrevocable letter of salary domiciliation.
  16. A representative of Wema Bank must independently verify Signatories.
  17. 3 months’ payslip or account statement as proof of income.
  18. Proof of address and a recent copy of the utility bill.
  19. Proof of identity with staff ID (National ID, international passport, or driver’s license may be required).

3. Personal loans

Personal loans are exclusive facilities for salary earners only. It is accessible by employees who operate salary savings or a current account with the bank.

Other parties that can benefit from this include; formally employed staff of companies pre-approved by Wema bank and groups of salary earners under a registered association.

Loan details and benefits

  1. Easy mobile and internet banking services.
  2. No maintenance fee on the current account.
  3. Quick disbursement (48 hours).
  4. Stress-free application process from your office.
  5. Loan top-up after 6 regular months of down payments.
  6. Maximum loan tenor of 36 months.
  7. The highest obtainable loan amount of 7 times of net income is subject to a maximum of 2 million.
  8. New customers would provide salary domiciliation and 3 months of evidence of consistent salary payment.

Documents Required”:

  1. Completed loan application form.
  2. Letter of introduction (from employer).
  3. An irrevocable letter of salary domiciliation.
  4. 3 months’ payslip as proof of income.
  5. Proof of address supported by a recent utility bill.
  6. Proof of identity with staff ID (National ID, international passport, or driver’s license may be required).

USSD Code for Loans in Nigeria

What if you know all USSD codes for loans in Nigeria?

I mean, you just grab your smartphone, dial a few strings of numbers, follow through the prompt messages, and voila! You’ve got yourself access to an instant mobile loans in Nigeria.

In this section, we’ll share with you how to get a loan with USSD codes in Nigeria.

Banks USSD Codes For Loans In Nigeria

The table below shows major banks’ USSD codes to dial in Nigeria to get personal loans.

Commercial Banks USSD Codes to Dial
Wema Bank Loan code *945*65#
Fidelity Bank Loan code See fidelity bank loan USSD code
First Bank Loan code See First Bank Loan code
Guaranty Trust Bank Loan code See Guaranty Trust Bank Loan code
Skye Bank Loan code See Skye Bank Loan code
Sterling Bank Loan code See Sterling Bank Loan code
Diamond Bank Loan code See Diamond Bank Loan code
Eco Bank Loan code See Eco Bank Loan code
Diamond Access Loan code See Diamond Access Loan code
FCMB Loan code See FCMB Loan code
Unity Bank Loan code See Unity Bank Loan code
UBA Bank Loan code See UBA Bank Loan code
Union Bank Loan code See Union Bank Loan code
Heritage Bank Loan code See Heritage Bank Loan code
Keystone Bank Loan code See Keystone Bank Loan code
Access Bank Loan code See Access Bank Loan code
Zenith Bank Loan code See Zenith Bank Loan code

Summary Notes on USSD Code For Loans In Nigeria

There you have it on the list of USSD codes for loans in Nigeria. Still, it goes without saying that you must meet certain requirements to get an online loan.

You’ll have to provide:

  • Your Name
  • BVN
  • Account Details
  • Address, and more

What is the loan interest rate & when can I pay back my Wema bank loan?

The duration depends on the type of loan, and other precise details in the loan contract. Requirements and obligations are always stated plainly on the loan form, to inform you of all it entails. Ensure you read through thoroughly.

You can use our loan calculators to have an idea.

Conclusion

Wema bank loans are easily accessible, covering your peculiar needs as they arise. Contact Wema bank for their convenient loan services today.

Get loans from WEMA Bank - Car Loan, Education or Business Loan

Get loans from WEMA Bank – Car Loan, Education or Business Loan

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Your dream car might be out of stock before you are able to save up for it. Your school fees portal has a deadline for payment, with an extra charge for late payment. Your business might not be able to wait till you drum up the money to invest in it.  If you’ve been in any of the above situations, then you most likely have needed to get a loan. In this article, we’ll provide an all-encompassing rundown of getting loans from Wema bank, including an explanation of the types of loan you have access to and how.

What is a loan?

To begin with, a loan is a sum of money that an individual, group, or other legal entity borrows from another individual, group, or legal entity (the latter often being a financial institution) with the condition that it be returned or repaid at a later date (sometimes with interest).

Why are loans important?

Certain situations or emergencies crop up in the life of an individual that requires urgent cash which may not be readily available at the time of need. Loans provide solutions to such needs, which are usually emergencies, such as a school fees payment deadline, a stock in the market, medical bills, and so on. 

Loans do more than just saving the day in emergencies. They also help in actualizing dreams in less time. A luxurious trip, wedding, a dream car, and so on, are desires loans can satisfy; there’s no need to wait till the long years until payment of pension.

Kinds of Loans

There are different kinds of loans that range from personal loans to student loans, to mortgage loans. But for the purpose of the organization, we’ll address the following:

1. Personal loan

These are loans taken for any kind of personal expense, which includes expenses for honeymoon, medical bills, emergency expenses, vacation, and so on. 

A personal loan may be secure, needing collateral to back it up, or insecure, which does not make use of collateral. Instead, credit scores are used to determine your eligibility for the loan. Unsecured personal loans generally have higher interest rates, due to their higher risk for the lending financial institution.

2. Business Loan

These are loans for financing the growth of businesses. A business proposal is required by the financial institution to determine the business’s eligibility for a loan, as well as the amount that can be loaned.

3. Student loan

These loans are designed to assist students and/or parents in prompt payment of school fees and associated fees like stationery and living expenses, usually at the post-secondary education level.

4. Mortgage loan

A mortgage loan is a secured loan and makes use of fixed property or real estate as collateral. Typically, the house. The borrower is registered as the legal owner of the asset and ceases to be if the loan is not fully repaid.

Why get a loan from WEMA bank?

WEMA bank has a bouquet of loans you could choose from to suit your needs. WEMA bank reduces the hassle of securing a loan and makes it easier with its simple requirements and straightforward processes.

Types of Loan available at WEMA Bank

1. School Fees Advance Loan

With this loan, WEMA Bank lends a helping hand to parents in payment of their children’s school fees, up to ₦3 million Naira. This includes nursery school, primary and secondary. You may or may not have a WEMA Bank account to qualify for this loan.

School Fees Advance Loan Requirements

  • Completed school fees advance form.
  • Letter of introduction (to determine the employment status of the parent).
  • An irrevocable letter of domiciliation from your employer.
  • Invoice of school/ tuition fees.
  • Valid proof of identity (Driver’s License, National ID, International Passport, or Voter’s Card).
  • Proof of address, i.e. utility bill.
  • Last three months’ payslip.
  • Six month’s salary statement of account for customers whose account is not domicile or cannot be with Wema bank.

Click here to get School fees advance loan or visit the nearest WEMA Bank branch.

2. Car Loan

Whether for convenience, the freedom a personal car brings, or for pleasure, securing a loan to get that car just got easier

Car Loan Requirements

  • Own a WEMA Bank account

Click here to read more about Wema bank’s car loan

3. Business Loan

Running a small or medium scale business has its challenges and that’s where Wema bank comes in to save the day. Wema Bank helps to expand businesses, purchase new tools and meet crucial business needs.

Click here to read about Wema bank’s business loan

4. Personal loan

WEMA Bank offers personal loans for salary earners

Personal Loan Requirements

  • Must be a salary earner 
  • Savings or current account with WEMA Bank
  • Completed loan application form.
  • Letter of introduction (from employer).
  • An irrevocable letter of salary domiciliation.
  • 3 months’ payslip as proof of income.
  • Proof of address supported by a recent utility bill.
  • Proof of identity with staff ID (National ID, international passport, or driver’s license may be required).

Click here to read about Wema bank’s personal loan

SME Loans or other Business Loans from Wema bank, All You Need to Know

Personal and Small Business Loans from Wema, All You Need to Know

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Do you need a quick loan for some personal financial obligation (child education, medical care, asset acquisition, etc) or for your business? This article will explain everything you need to know about personal and SME loans from Wema Bank including how to apply.

WEMA Bank Personal Loans

Every now and then, people find themselves in dire need of money whether it's for personal or business reasons. It is a well-known fact that running a business comes with a lot of challenges, and capital is a major one. Businesses that are capital intensive may require the owner to seek loans from family, friends, or external sources. Loans are needed to finance and upscale businesses as well as take care of personal needs.

In our personal lives, emergencies can crop up which inevitably demands that we make a move to get a loan. This could be a home or device repair, an unexpected travel emergency, or medical expenses, and getting a loan would go a long way in preventing one from being stranded. Also, lack of information also makes us go in the wrong direction.

Generally, qualifying for a business loan in Nigeria hinges on the profitability of the business (clearly stated in the business plan), while for personal loans, it's determined by the individual's ability to pay back. 

There are several agencies that offer loans in Nigeria but Wema Bank offers some of the best options and makes access to loans considerably easier. 

WEMA Bank Business Loans

Here are some of the business loans offered by Wema bank:

Pharma Loan

This loan is targeted at supporting pharmacies and drug store owners with working capital to finance their business. Applying customers can get up to N5m without collateral.

Features & Benefits of Pharma Loan

  • Available to all licensed retail pharmacies.
  • Must have been in business for a year or more.
  • Minimum loan amount N100,000. Maximum loan amount N5,000,000
  • Open to new customers.
  • The maximum tenor is 12 months.
  • Competitive interest rate
  • Access to mobile & internet banking services

Required Documentation for Pharma Loan

  • Customer’s application letter
  • Certificate of Incorporation/Registration
  • 12 months bank statement
  • Copy of current practice license of the Pharmacist.
  • Copy of certificate of retention of premises.
  • Personal Guaranty of the Promoter/Obligor supported with the affidavit or the statement of net worth.
  • Insurance covering burglary and special peril noting Wema Bank as first loss payee.

Medi Loan

Wema Medi Loan is designed to meet the short-term working capital needs of private hospitals, clinics, and diagnostic laboratories. Customers can get up to N5m to meet the operational needs of their medical institutions.

Features & Benefits of Medi Loan

  • Available to all licensed private hospitals, clinics, and diagnostic centers.
  • Minimum loan amount N100,000. Maximum loan amount N5,000,000
  • Open to new to bank customers
  • The maximum tenor is 12 months.
  • Competitive interest rate.
  • Access to mobile & internet banking services.

Required Documentation for Medi Loan

  • Customer’s application letter
  • Certificate of Incorporation/Registration
  • 12 months bank statement
  • Copy of current practice license of the Doctor or Medical Lab Scientist as issued by the Medical & Dental Council of Nigeria or Medical Laboratory Council of Nigeria.
  • Personal Guaranty of the Promoter/Obligor supported with sworn affidavit or statement of net worth.
  • Insurance covering burglary and special peril noting Wema Bank as first loss payee.

School Support Facility Loan

This loan facility is designed to support the running costs of educational institutions. Privately owned schools can get up to N10,000,000 to meet the school’s recurrent expenditure.

Features & Benefits of School Support Facility Loan

  • Available to privately owned creches, nursery, primary, secondary and vocational schools
  • Minimum of N3,000,000 annual fees collections
  • The school must have operated for at least 2 academic sessions.
  • Minimum loan amount N200,000. Maximum N10,000,000
  • The maximum tenor is 12 months.
  • Competitive interest rate
  • Access to mobile & internet services
  • Termly or monthly repayment
  • Open to new customers

Required Documentation for School Support Facility Loan

  • Customer’s application letter
  • Copy of certificate showing approval and registration with the appropriate regulatory authority.
  • Copy of Certificate of Incorporation/Registration
  • 12 months bank statement
  • Proof of address
  • Personal Guaranty of the Promoter/Obligor supported with sworn affidavit or statement of net worth.
  • Insurance covering burglary and special peril noting Wema Bank as first loss payee.

Development Bank of Nigeria (DBN) Facility

As an SME-friendly Bank, Wema bank has partnered with DBN to provide funding to SMEs at a very affordable rate and engender inclusive growth.

Features & Benefits of DBN Loan

  • The product finances working capital and fixed asset acquisition.
  • SMEs can access up to N200m and Small Corporates can get up to N720m.
  • Up to 5 years maximum tenor
  • Competitive interest rate

Required Documentation for a DBN Loan

  • Customer’s application letter
  • Business Plan and Company Profile
  • 12 months bank statement
  • Provision of acceptable collateral
  • Proof of Address
  • Copies of Incorporation documents
  • Details of the Directors/Promoters of the business.

So, if you want to make your business journey a little easier, consider getting any of these loans. Simply click here to get a loan from any Wema bank branch with the required documentation and confirm if you're eligible for a loan.