Do you need solid financial support to boost your business whether month in and month out with a longer repayment plan (tenor), a flexible payment plan and lower equity? If yes, consider UBA loan
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Banking with UBA is a wonderfully rewarding relationship that enables you to enjoy some good things in life like accessing a loan to boost your business, solve your immediate financial problem and becoming financially independent.
Writing on the UBA Loan review, we can say that the UBA loan is a program designed to meet with the needs of many individuals like providing; Personal Overdraft, resolving Personal Overdraft, Executive Personal Overdraft, Asset Finance, Personal Loan, C0-operative Loans, Cash Collaterised Loan.
In this article, we will explain everything related to UBA loans, types of loans offered by UBA, their requirements and how to apply.
Before we proceed with this article, let’s have a recap on the origin of UBA (United Bank For Africa).
History of UBA (United Bank For Africa)
the United Bank For Africa “UBA” has been operating in Africa since 1949, referred to then as the British and French Bank Limited (BFB).
It took over the assets and liabilities of BFB and was incorporated as a limited liability company on 23 February 1961 under the Compliance Ordinance (Cap 37) 1922.
In 2005, it completed one of the biggest mergers in the history of Nigeria’s capital markets with the business combination with Standard Trust Bank (STB) Plc.
From then, it continued to expand to Ghana, Benin Republic, Côte d’Ivoire, Burkina Faso, Guinea, Chad, Cameroon, Kenya, Gabon, Tanzania, Zambia, Uganda, Liberia, Sierra-Leone, Mozambique, Senegal, Congo DR, Congo Brazzaville and Mali. Followed by its pioneer Initial Public Offer in the Nigerian banking industry in 1970, UBA got listed on the Nigerian Stock Exchange, where it is publicly traded under the symbol “UBA” and it is the first Nigerian-headquartered bank to launch Global Depository Receipts, which are unlisted.
In 2006, the bank pioneered the interconnection of it’s then 428 African branches making it the largest online real-time branch network in Africa.
Africans are able to withdraw or deposit money in any of these branches regardless of where their accounts are domiciled. Since then, the bank has remained at the forefront of technology innovation in the African banking space, launching the first artificial intelligence Virtual Banking Robot in the African market in early 2018.
How to apply for a UBA loan
- Firstly, you have to complete a UBA consumer Loan application form which you may download online or pick up from any of the UBA branches near you.
- Secondly, complete a Letter of set-off or Lien or Deposit Hypothecation Agreement in the name of the owner.
- Thirdly complete a letter of confirmation of collateral.
- Finally, submit and ait for approval.
Note you can also chat Leo on Whatsapp and on Facebook for further assistance.
UBA loan USSD code
After deep research on the UBA loan services, we came to the conclusion that UBA does not have any loan USSD code, i.e. you can only apply for a UBA loan online, downloading the loan application form online or by visiting any UBA branch near you. You can also chat Leo on Whatsapp or on Facebook for further assistance.
Types of loans offered by UBA
Let’s get down to the types of loan offered by the UBA (United Bank For Africa)
- Personal Overdraft
The personal overdraft loan is a short-term loan that allows you to overdraw your current account for six months and the maximum amount you can on the personal overdraft loan is N3million naira.
You are expected to repay 5% of the amount you borrowed every 30 days (on your salary day).
Benefits of Personal Overdraft loan on UBA
By repaying 5% of the amount borrowed every month till the end of the 6 months tenure when you have to repay the total outstanding and you get the full assistance you need in managing your finance.
It gives you the money you need when you do not have sufficient cash in your bank account.
Personal Overdraft targeted audience
The UBA loan targets executives, partners, and middle-level management staff of reputable organizations that can be in the private or public sector and who are confirmed to be earning an after-tax annual income of N5million naira or more and individuals whose salaries have been paid through UBA for the past 3 months.
How to apply for a personal overdraft loan on UBA
First, complete the UBA consumer loan application form which you can download online or visit any of the UBA branches to submit your application to the customer services officer in your branch.
- Revolving Personal Overdraft
Here, the UBA loan offers special overdraft to individuals who earn at least N2.5million naira yearly which will allow you to overdraw your current account.
Your loan limit revolves to its highest limit immediately your salary comes in and ready for you to make good use of it anytime and anywhere you need it without you apply for it again.
Benefits of Revolving Personal Overdraft
- Pay for goods and services and meet your daily expenses without having any money in your account.
- Self-administered with your cheques, other payment instruments and ATM card at an ATM stand or POS terminal.
- One-off application and approval.
- Charges are paid only on the utilized amounts.
Revolving Personal Overdraft target audience.
- Confirmed employees who can be in the private or public sector that earns at least N2.5million per year.
- Individuals whose salaries must have been paid through UBA for at least three months.
How to apply for the UBA loan Revolving Personal Overdraft
- First complete a special, short, and easy form that can be done online or visit any of the UBA branches.
- Submit your application to the Customer Service Officer in your business office.
- Executive Personal Overdraft
The Executive Personal Overdraft UBA loan is specially made for individuals who earn at least N5million naira per year.
They allow you to overdraw your current account and your loan limit revolves to its maximum limit immediately you receive your salary and ready to make use of your salary over and over again, anytime and anywhere you need it without having to apply for it again.
Benefits of Executive Personal Overdraft
- Pay for goods and services and meet your daily expenses without having any money in your account.
- Self-administered with your cheques, other payment instruments, and ATM card at an ATM or POS terminal.
- One-off application and approval.
- Charges are taken only on the utilized amounts.
Executive Personal Overdraft target audience
- Confirmed employees who are in the private or public sector and earn at least N5 Million yearly.
- Individuals whose salaries must have been paid through UBA for at least 3 months.
How to apply for the UBA Executive Personal Overdraft
- First, download the application form and letter of an undertaking located in the download section of the official UBA Loan page.
- Submit your completed application to the Customer Service Officer in your business office.
- Asset Finance
Asset finance is a credit program that gives you the full opportunity to own those assets which you have long dreamt of.
Benefits of UBA Asset Finance
- A convenient term of payment.
- The opportunity to own your own asset without having to save for a long period.
- Considerable and convenient terms of payment.
- Competitive interest rates.
Asset Finance target audience
- Confirmed employees of reputable organizations either in the private or public sector.
- Individuals whose salaries must have been paid through UBA for at least 1 month.
- UBA account holders.
- Employees who will be discussing or selling consumer credit products.
How to apply for UBA Asset Finance
- First, complete a consumer loan application form which you may download online or pick up from any of our branches.
- Then obtain a Pro-forma invoice from an acceptable vendor known to your customer service officer.
- Submit your application to the customer service officer in your branch.
- Provide the minimum equity contribution of 20% of the cost of the asset.
- Provide the funds to cover the insurance cost.
- Personal Loan
Here you will have the freedom to spend very little more on what you really want. Sometimes you may need extra cash to fix your car, medical bills, and other urgent needs or demand.
Benefits of UBA Personal Loan
- You don’t need to make any deposit and invoice.
- It’s fast, simple and convenient.
- Convenient repayment plan/terms.
- They offer competitive interest rates.
Who can get a UBA Personal Loan?
Anyone with a UBA active salary account.
How to apply for a UBA Personal loan
- First, complete a UBA Consumer Loan Application form which you may download at the UBA official website or pick up the form at any their branches.
- Then submit your application to the customer service officer in your branch.
- Co-operative Loan
UBA provides loans to co-operative societies of blue-chip companies.
Features of UBA Co-operative loan
They offer minimum Opening and operating balance of N2000.
Benefits of Co-operative loan
- It enables the Co-operatives to meet the needs of her members.
- The co-operative decides how to use the loan given to them.
- It’s simple and convenient.
- They offer a good competitive interest rate.
Co-operative loan target audience
They target Co-operative societies of blue-chip companies
How to apply for UBA Co-operative loan
- First write a letter of request to the Manager of your business office, signed by the authorized signatories of the cooperative stating the amount and repayment plan of the loan requested for.
- Finally, submit the letter and supporting documents to the Customer Service Officer in your business office.
Cash Collaterised Loan
The cash collateralized loan is a consumer loan which helps consumers to obtain a loan in Naira, Dollars, Pounds sterling and Euro by making use of your cash deposit, investment and their equivalents with the United Bank For Africa, it’s capital and trust and any other financial institution acceptable by the United Bank For Africa.
Benefits of Cash Collaterised Loan
- They offer 80% of your deposits or investments in loans if the request and collateral are in the same currency.
- Also, 50% of your deposits or investments in Naira loans if the collateral is in a foreign currency.
- Considerable, structured and convenient repayment terms.
- More so, they offer good competitive interest rates.
- Easy and speedy access to credit without the loss of existing assets.
Cash Collaterised loan target audience
- They target individuals who have cash deposits, investments, and their equivalents.
- Also, individuals whose salaries must have been paid through UBA for the past three months.
- They also target UBA account holders.
- Furthermore, they target Employees who will be discussing or selling consumer credit products.
How to apply for UBA Cash Collaterised loan
- First, complete a UBA Consumer Loan Application form which you may download online or pick up from any of our branches.
- Also, complete a Letter of Set-Off or Lien or Deposit Hypothecation Agreement in the name of the owner.
- Complete a Letter of Confirmation of Collateral.
- Execute a Memorandum of Charge over the investment or cash deposit.
- Provide rollover instructions where necessary.
- Submit your application to the customer service officer in your branch along with your original Certificate of Deposit or Savings Passbook.
- Where the pledged cash deposit is not in your name, you would also need to do the following and submit with your application:
– Execute a Guarantee form.
– Complete a Domiciliation of Proceeds form.
Where the pledged deposit or investment is in the name of a limited liability company or registered association, you would also need to submit the following with your application:
– Your Constitution or Memorandum and Articles of Association and
– Your Executed Board Resolution of the organization authorizing the pledging of the cash deposit to the bank on other parties behalf of another party.
UBA SME loan
This loan is specifically for SMEs to provide them the right framework of support and financial solutions they need to grow.
They are bent on building a successful business that requires the right support. They provide financial products and services specifically designed to help your business grow. Get access to a wide range of benefits with the UBA SME account.
You can open an account with them HERE
Benefits of UBA SME loan
- Fixed monthly charges.
- Unended access to business loans.
- Access to UBA SME capacity building and advisory platforms.
- On-boarding on digital collections and payment channels.
- Unlimited access to SME Masterclasses.
- Unlimited access to SME annual Summit and Fairs.
- Free online shopfront on the UBA Market place.
UBA loan interest rate
UBA offers a 9% interest rate per year on every loan offered to its customers
That is to say, if UBA offers you a loan up to N500 million naira repayment plan of 10 years, it will at an interest rate of 9% per year.
In the UBA Creative Industry Finance. If your business is ready to take a leap or you just need working capital to keep your business running, a loan could be a good option for you.