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Requirements for Union Bank Loans

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  • Post last modified:04.02.2023

Union Bank loans provide financial aid to salary earners, non-salary earners, pensioners, and business owners.

These loans help you make achieve your goals, pay for what you need, and keep your dreams alive.

The several loans Union Bank offers cover school fees needs, mortgage payments, asset financing, and many more.

All requirements and interest rates are attached to each loan description. This way, you can make the right choice.
Keep reading this article to learn more about the available Union Bank loans.

 

Union Bank Loans

Below are the available Union Bank loans with their requirements:

 


Union Bank Personal Loans

Limit

₦15 million

Interest/m

1-3.75%

Tenor

60 months

 

Say goodbye to the days of being strapped for cash. You can sort out what you need with the Union Bank personal loan.

This loan is one of the many loans opened to salary earners with their salary accounts domiciled with Union Bank. On days when you have emergencies or need to sort out any personal problems, this is one loan you can apply for.

There is a maximum amount of N15 million with a 60-month tenor for repayment. You need a minimum salary of N15,000 every month to access this loan.

 

Requirements for Union Bank Personal Loan

To apply for the Union Bank Personal Loan, you need to have the following:

  • Minimum salary of N15,000 every month

  • Salary account domiciled with Union Bank for at least a month

 

Union Bank Personal Loan Application Channels

You can apply for this Union Bank loan through the following:

  • Union Bank Branch


Union Bank Salary Advance Loans

Limit

50% of monthly salary

Interest/m

1-3.75%

Tenor

12 months

Before your next payday, you can receive an advance of up to 50% of your salary as a loan. With this loan, you can cover fees and bills, make the purchases you want, and then pay conveniently once your salary rolls around. 

This loan is open to a tenor of 12 months for repayment. You can use this loan to sort out your needs, especially in emergencies.

 

Requirements for Union Bank Salary Advance Loan

To apply for the Union Bank Salary Advance Loan, you need to have the following:

  • Minimum salary of N15,000 every month

  • Salary account domiciled with Union Bank for at least a month

 

Union Bank Salary Advance Loan Application Channels

You can apply for this Union Bank loan through the following:

  • Union Bank Branch


Union Bank 
Back to School Finance

Limit

₦15 million

Interest/m

1-3.75%

Tenor

3-12 months

With every new school session, there are bills and fees to pay that may exceed your current financial capabilities. Not to worry, you can apply for this Union Bank loan to sort out the school fees of your child/ward and make the repayment conveniently over time.

With this loan, you can pay up to N15 million back in 3 months for termly fees and 12 months for session payments.

 

Requirements for Union Bank Back to School Finance Loan

To apply for the Union Bank Back to School Finance Loan, you need to have the following:

  • Minimum salary of N15,000 every month

  • Salary account domiciled with Union Bank for at least a month

 

Union Bank Back to School Finance Loan Application Channels

You can apply for this Union Bank loan through the following:

  • Union Bank Branch


Union Bank 
Senior Citizen

Limit

₦10 million

Interest/m

1-3.75%

Tenor

5 years

In providing financial aid, Union Bank covers a variety of people groups. One such group is senior citizens. Even while receiving a pension, you can decide to take up projects or goals which this senior citizen loan covers.

The loan tenor allows you to sit back and make the repayments at an easy pace of up to 5 years. While applying for this loan, you can be eligible for up to N10 million if your pension account has been with Union Bank for at least 1 month.

 

Requirements for Union Bank Senior Citizens Loan

To apply for the Union Bank Senior Citizens Loan, you need to have the following:

  • Minimum pension of N10,000 every month

  • Pension account domiciled with Union Bank for at least a month

 

Union Bank Senior Citizens Loan Application Channels

You can apply for this Union Bank loan through the following:

  • Union Bank Branch


Union Bank 
UnionFlexi

Limit

₦50 million

Interest/m

1-3.75%

Tenor

60 months

A larger earning power means you are eligible for higher loan amounts. This loan offers such opportunities for anyone with an annual salary of N30 million to get up to N50 million to meet their financial needs.

To get access to this loan, your salary account must be lodged with Union Bank for at least a month. Once you apply for this loan, the tenor given for repayment is up to 60 months.

 

Requirements for Union Bank UnionFlexi Loan

To apply for the Union Bank UnionFlexi Loan, you need to have the following:

  • Minimum salary of N30 million annual

  • Salary account domiciled with Union Bank for at least a month

 

Union Bank UnionFlexi Loan Application Channels

You can apply for this Union Bank loan through the following:

  • Union Bank Branch


Union Bank 
Mortgage Loan

Limit

₦150 million

Interest/m

1-3.75%

Tenor

15 years

The plan of getting your dream home is now more possible with this loan. This mortgage is flexible and comes with a maximum of N150 million to purchase the home of your choice with a 15-year tenor for repayment.

There are two ways to enjoy this loan type. You can do this by applying for the:

  • Equity Release
  • Outright Purchase

Equity release – with this type of loan you can get a personal loan while the property becomes collateral. You can receive up to N100 million to pay back over 15 years with an interest rate of 16-19%. If you have a spouse, their salary can also be considered during your application for the mortgage loan.

Requirements for Union Bank Mortgage Equity Release Loan

To apply for the Union Bank Mortgage Equity Release Loan, you need to have the following:

  • Minimum salary of N250,000 monthly
  • Salary account domiciled with Union Bank for at least a month
  • Applicant’s age must be between 21-65 years
  • Completed application form
  • Copy of registered title to the property backed by the power of attorney or attested court affidavit
  • Valuation report conducted by the bank
  • Statement of account for the last 6 months
  • Equity contribution
  • Offer of sale of property from a reputable agent

 

Outright Purchase – This loan helps you finance the purchase of a complete residential property. The tenor for this loan is 15 years with an interest rate between 16-19%

Requirements for Union Bank Mortgage Outright Purchase Loan

  • Minimum salary of N250,000 monthly
  • Salary account domiciled with Union Bank for at least a month
  • Applicant’s age must be between 21-65 years
  • Completed application form
  • 20% equity contribution
  • Copy of registered title to the property backed by the power of attorney or attested court affidavit
  • Valuation report conducted by the bank
  • Offer of sale of property from a reputable agent

 

Union Bank Mortgage Loan Application Channels

You can apply for this Union Bank loan through the following:

  • Union Bank Branch


Union Bank 
Payday Loan

Limit

₦100,000

Interest/m

1-3.75%

Tenor

30 days

There is a quicker way to access a loan for emergencies and weekends. This Union Bank digital loan allows salary earners to get up to 50% of their monthly salary with 30 days to pay back and no collateral needed. The maximum amount available for this loan is N100,000 or 50% of your salary

Requirements for Union Bank Payday Loan

  • Minimum salary of N15,000 monthly
  • Salary account domiciled with Union Bank for at least 3 months

 

Union Bank Payday Application Channels

You can apply for this Union Bank loan through the following:

  • Union Bank ATMs
  • UnionMobile App
  • USSD code *826*4


Union Bank 
Self-Employed Loans

Limit

₦1 million

Interest/m

1-3.75%

Tenor

6 months

If you are a non-salary earner with businesses or self-employed ventures of all sizes, you can take part in this loan to finance what you need for your business. This loan can help you in the daily running of your organization or make purchases that will help upscale your business.

It requires your UBA account to have an average turnover of N15,000 with a maximum loan amount of N1 million with a 6-month tenor.

Requirements for Union Bank Self-Employed Loan

  • Average turnover of N15,000
  • 12-month relationship with Union Bank

 

Union Bank Self-Employed Application Channels

You can apply for this Union Bank loan through the following:

  • Union Bank Branch


Union Bank 
Self-employed Revolving

Limit

₦5 million

Interest/m

1-3.75%

Tenor

60 days

Business owners and self-employed individuals that apply for this loan have access to N5 million for easing daily business activities. The loan is required to be paid back in 6 months with a clean-up cycle every 60 days.

Requirements for Union Bank Self-Employed Revolving Overdraft Loan

  • Average turnover of N15,000
  • 12-month relationship with Union Bank

 

Union Bank Self-Employed Revolving Overdraft Application Channels

You can apply for this Union Bank loan through the following:

  • Union Bank Branch


Union Bank 
Cash-backed Loans

Limit

80% of investment

Interest/m

1.25%

Tenor

12 months

Have you invested with Union Bank on any available platforms such as UnionKorrect or UnionFlex? Then you can get back 80% of your investment amount as a loan with a 15% interest rate. 

Requirements for Union Bank Cashed-Back Loan

  • Customers with target savings products
  • Customers with investments

 

Union Bank Cahsed Back Application Channels

You can apply for this Union Bank loan through the following:

  • Union Bank Branch


Union Bank 
Asset Financing Loans

Limit

₦50 million

Interest/m

1-3.75%

Tenor

5 years

Asset financing is a loan scheme curated to serve new and existing customers with domiciled salary accounts to be able to finance the purchase of assets such as car inverters and generators.

The interest rates, tenors, and loan limits vary depending on the asset you choose. Up to N50 million is available with a maximum of 5 years to repay and a 20-25% interest rate.

Using this loan allows you to get assets at a discounted rate with payments made easily and at your pace. The options of new and fairly used assets are available for you to pick whatever you prefer.

You also get to decide if you make equity contributions or not. All of which add to the flexibility of the loan.

Requirements for Union Bank Asset Financing Loan

  • Salary account domiciled with Union Bank for at least a month
  • Letter of undertaking for salary domiciliation
  • Completed application form
  • Valid ID
  • Accepted offer letter
  • Agreement form for sales and lease
  • Proforma invoice from the vendor

Union Bank Asset Financing Application Channels

You can apply for this Union Bank loan through the following:

  • Union Bank Branch


Union Bank 
Cash Flow Lending

Limit

₦10 million

Interest/m

1-3.75%

Tenor

12 months

Businesses are not left out of the Union Bank loans scheme. This loan was crafted to sort out your business’s short-term needs.

For this loan, you do not need to provide collateral before you can apply. It simply opens up a maximum of N10 million to both registered and unregistered businesses. With the loan you receive, you can get up to 12 months to repay.

 

Requirements for Union Bank Cash Flow Lending Loan

  • Copy of CAC registration certificate
  • Invoice for goods to be purchased (if applicable)
  • Board resolution to borrow and detail for the operation of the account
  • Evidence of ownership of the business

 

Union Bank Cash Flow Lending Application Channels

You can apply for this Union Bank loan through the following:

  • Union Bank Branch


Union Bank School
Finance

Limit

₦5 million

Interest/m

1-3.75%

Tenor

90 days

Running a school is a rewarding pursuit that requires everything you can afford to keep it going. That is why this Union Bank School Finance loan exists.

To make sure that you never run short of funds to maintain a smooth operation of your school. This loan applies to owners of nursery schools and primary and secondary schools.

It is a short-term loan that does not require collateral and covers the necessities until the next term fee collection. You can get between N200,000 to N5 million with 90 days to repay the loan.

Requirements for Union Bank School Finance Loan

  • Copy of CAC registration certificate
  • State Ministry of Education approval
  • Newsletter
  • Post-dated cheque from another bank covering 130% of the loan amount

 

Union Bank School Finance Loan Application Channels

You can apply for this Union Bank loan through the following:

  • Union Bank Branch


Union Bank Invoice Discounting Finance

Limit

₦50 million

Interest/m

1-3.75%

Tenor

90 days

There is a Union Bank loan you can take to ensure that your business never runs out of cash for your everyday transactions. This Union Bank loan affords you a quick cash flow solution until your finances are back in order.

There is no need for collateral with this type of loan. Only submit the required documentation and you become eligible to receive up to N50 million with a tenor of 90 days for your business.

Requirements for Union Bank Invoice Discounting Loan

  • Copy of CAC registration certificate
  • A valid copy of the invoice
  • Board resolution to borrow and detail for the operation of the account
  • Domiciliation instruction of account with Union Bank

 

Union Bank Invoice Discounting Loan Application Channels

You can apply for this Union Bank loan through the following:

  • Union Bank Branch


Union Bank Term Loan

Limit

Dependent on cash flow

Interest/m

1-3.75%

Tenor

48 months

If you need to take the step to expand your business, there is a financing solution you can turn to with Union Bank. This solution comes in the form of this Union Bank loan crafted for this specific purpose.

It is open to SME customers of the bank. To apply for this Union Bank loan, you will need collateral to receive an amount dependent on your business’s cash flow. With this loan, you can take up to 48 months to repay.

Requirements for Union Bank Term Loan   

  • Copy of CAC registration certificate
  • A proforma copy of the invoice of the asset to be financed
  • Audited financials (if available)
  • Customer’s request letter
  • Cashflow statement 

 

Union Bank Term Loan Application Channels

You can apply for this Union Bank loan through the following:

  • Union Bank Branch


Union Bank Overdraft

Limit

Dependent on cash flow

Interest/m

1-3.75%

Tenor

12 months

To balance any fluctuations in cash flow as you operate your business, this loan can provide you with the finances to buffer what is needed. SME customers of Union Bank can take advantage of this loan with collateral and a 12-month tenor.

Requirements for Union Bank Overdraft   

  • Copy of CAC registration certificate
  • A proforma copy of the invoice of the asset to be financed
  • Audited financials (if available)
  • Customer’s request letter
  • Account statements from other banks (if available)
  • Valuation report to be pledged as collateral

 

Union Bank Invoice Discounting Loan Application Channels

You can apply for this Union Bank loan through the following:

  • Union Bank Branch

Union Bank Loan Calculator

If you are feeling lucky, take some minutes to calculate how much you will pay back before applying for any using the below Union Bank loan calculator:

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Union Bank Loan FAQs

What is the tenor for a loan?

Loan tenors in Union Bank differ. Each loan has different requirements, amount limits and so the tenors are not the same. Revisit this article to know the tenor for a specific loan you wish to apply for

Can I get another loan while repaying the first one?

Yes. It is possible to top up a loan while servicing another. This will require a history of consistent payment on the initial loan for at least three months for you to be considered for another loan.

What are the criteria for getting a loan?

The requirements for all loans are not the same and to find out what you will need to be eligible for a loan of your choice, you can go through this article.

What are the methods for applying for a loan?

The most common method of applying for a Union Bank loan is by going to any Union Bank branch near you. Some loans can be applied for via a USSD code or internet banking access.

How do I find out more about Union Bank loans?

You can head on to the Union Bank loan listing page to know more about their policies, terms, and conditions for loans.

 

Union Bank loans are targeted at making financial decisions easier for its customers by offering loan products that cover their needs while giving convenient time for repayments. 

These loans have reasonable tenors which make repayment more convenient and when compared with loans from other providers, they are quite reasonable.

Lois Samari
Latest posts by Lois Samari (see all)
You are the first in our research hence, we rallies around doing rigorous checks, testing and analysis to help you make a good decision on products and services. Meanwhile, items providers' final views are superior to ours.
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