Personal Loan

All Banking is Personal Including Personal Loans in Nigeria

Personal Loan is a loan facility currently 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. With this product, you can cover medical bills, purchase a car, make home improvements, give your side hustle a little boost, pay for training to improve yourself, and do so much more!

The personal loan will be disbursed into a salary account domiciled with the Bank.

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USSD code for loans in Nigeria

The WEMA Bank USSD code for loans in Nigeria is *945*65#. Simply dial *945*65# and follow the prompts to get loans in Nigeria from WEMA Bank.

Benefits of Personal Loans in Nigeria

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 the most recent 3 months.

The 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)

Access to mobile & Internet Banking services

Features of Personal Loans

Easy Repayment

Repayment directly from your account with us.

No Security or Collateral Required

Loans are fully unsecured with no security or collateral required.


Wide range of channels where you can make repayment.

No Preliquidation Charges

You can make free partial or full liquidation at your convenience through our 24/7 online banking.

Top Up For Your Needs

If you need additional financing during your loan tenor, we offer you a top up as long as you have made regular repayments.

Zero Maintenance Fee

Zero account maintenance fee on the current account

Personal Loans Rate Calculator

Please use the calculator below for an estimation of your loan repayment amount. The Approximate Monthly Repayment figure for WEMA Bank's Personal Loan is indicative and is not meant to be final or binding on the Bank. The Bank reserves the right to determine the final interest rate in accordance with applicable laws and the amount that can be borrowed.



How much can I borrow?

You can borrow up to ₦2M depending on the organization you work for and your income. You will be advised at the time of application.

How long do I have to repay the loan?

You have up to 36 months to repay the loan depending on the organization you work for and your income. You will be advised at the time of application.

Do I have to receive my salary through your bank to be eligible for the loan?

Yes. We require you to domicile your salaries and allowances with the bank. You will be required to instruct your employer to do so and your employer must confirm this in writing.

How much do I need to earn to qualify for the loan?

In order to qualify, you must earn a minimum of ₦30,000 if you are a Nigerian and minimum of ₦50,000 if you are a foreigner. You must also be a permanent and confirmed employee of the organisation.

If I have a loan running with another bank, can I transfer it to WEMA Bank?

Yes. In order to do this, you will go through the normal application process. In addition, we require a letter from the bank where your loan is stating the outstanding balance of your loan that is required to be settled. WEMA Bank will pay this amount directly to the bank from the proceeds of your new loan.

What is the security or collateral for this loan?

This loan is unsecured. All that we require is for you to receive your salaries and allowances through WEMA Bank throughout the period of the loan.

If I have a loan running, can I Top up if I require additional funds?

Yes. This can be done 6 months from the date you took the initial loan. A good repayment history is also required and we can work with you on this.

Can I pay down the loan before maturity?

Yes, you can pay down your loan before maturity.

Can I use the loan for any purpose?

Yes. This is an all-purpose loan and can be used for any purpose of your choice.