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Requirements for Wema Bank Loans

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  • Post last modified:04.02.2023

Wema Bank loans are made available to fund your financial needs and help you make the most important decisions in life without worry.

For your education, starting a business, purchasing settlements or vehicles, or acquiring assets, you will find a Wema bank loan to support your needs.

Wema Bank has made various types of loans available for your specific needs so that you can easily carry out your plans with little to worry about.

The various types of loans available at Wema Bank include School fees advance, personal loans, Wema Asset Acquisition Scheme, ALAT instant loans, and small business loans like Female support loans, Pharma loans, Medi loans, and School support facility.

With these loans, Wema bank has made it easier for individuals to finance their way through life and repay it in due time for those who do not have the means to do so by themselves without resorting to illegal means or distrustful loan sharks.

In this article, we are going to highlight the types of loans Wema Bank has to offer for you to make the right decision on what loan is right for you.

 

Wema Bank Loans

Below are the available Wema Bank loans with their requirements:

 


Wema Bank Personal Loans

Limit

₦2 million

Interest

5-15%

Tenor

36 months

Personal loans are Wema Bank loans made to cater to your personal needs. With this loan, you can purchase your home appliances, pay for home services or bills, or even make improvements.

This Wema Bank loan is available to salary earners under approved companies or associations with a salary current or savings account with Wema Bank. The loan will be disbursed into the salary account that’s domiciled with the bank. The maximum amount available is 7 multiples of your net monthly salary and is subject to a max amount of N2 million.

It has a tenure of 36 months and a loan top-up is made available to individuals who make monthly down payments for 6 months. This Wema Bank loan is very convenient with zero maintenance fees and no collateral required. It is also flexible. You can make partial or full liquidations of your loan at any time.

Requirements for Wema Bank Personal Loan

  • Must be a salary earner with an active salary account at Wema Bank
  • New customers must provide evidence of consistent payments of salaries for at least 3 months

 

Wema Bank Personal Loan Application Channels

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

  • Any Wema Bank branch
  • USSD code *945*65#


WemaBank School Fees Advance

Limit

₦10 million

Interest

5-15%

Tenor

36 months

This loan is made for parents/guardians who urgently need to pay their wards’ tuition or fees. It is a short-termed loan suitable for individuals who are employed salary earners or self-employed and are looking for a way to pay the fees of their wards before the payment of their salaries. Another type of loan available under this loan is the Student Loan.

The student Loan is there to help students in different levels of education to fund the completion of their education. It covers the tuition, accommodation, and other expenses the student in need has to cover. This loan is mainly available to students who have difficulties in financing their way through school. One must meet the requirements before accessing this loan.

This Wema bank loan has a minimum and a maximum of N50,000 and N10, 000,000 respectively, and has a duration of 3-12 months, depending on the level of education of the child/ward. The payment of the loan is made directly to the child/ward’s school.

Requirements for Wema Bank School Fees Advance Loan

  • Completed school fees advance application form
  • Letter of introduction to determine the employment status of the parent/guardian
  • Admission letter of the ward from the school
  • Proof of address
  • Irrevocable letter of domiciliation from the employer
  • Proof of identity i.e. National ID, passport, Driver’s license

 

Wema Bank School Fees Advance Loan Application Channels

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

  • Any Wema Bank branch
  • USSD code *945*65#


Wema Bank Asset Acquisition Scheme

Limit

Min. ₦500,000

Interest

5-15%

Tenor

48 months

Wema Asset Acquisition Scheme helps you purchase new or pre-owned assets like vehicles or midsized generators with an asset loan payable for up to 4 years. It is also available to businesses that are looking for group loans for their staff.

The Wema Asset Acquisition Scheme, also WAAS, runs for a duration of 6 to 48 consecutive months and allows beneficiaries to own now and pay later through pre-agreed repayments. For organizations or businesses, it helps motivate the staff through their group asset acquisition schemes. The loan facility is as low as N500,000.

 

Requirements for Wema Bank Asset Acquisition Scheme Loan

  • For salary earners domiciled with Wema Bank, not domiciled with Wema Bank, and for self-employed professionals.
  • Letter of introduction from employer’s HR
  • Completed WAAS application form
  • Means of identification
  • Latest 3 months’ pay slip

 

Wema Bank Asset Acquisition Scheme Loan Application Channels

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

  • Any Wema Bank branch


ALAT Instant Loans by Wema Bank

Limit

₦2 million

Interest

2%

Tenor

24 months

Wema Bank has made applying for loans as easy as possible with ALAT instant loans. If you need financial assistance in an emergency, these instant loans are sure to save the day. Applying for a loan with ALAT instant loans lets you borrow as much as N2 million in one go without paperwork or going to the bank physically.

This Wema Bank loan requires no collateral. Although the process is as easy and quick as it is, you will have to be able to pay back at the necessary time. If you do not pay back the loan on time, you will receive a notification reminding you about your pending repayment and it will be instantly debited from your account once your account is credited.

It has a 2% monthly interest rate attached to it. Salary earners will be able to receive up to N50,000 to N4,000,000 within ours and will be given a duration of 3 to 24 months. ALAT instant loans are available for those looking for loans for their personal use, business loans, etc.

Requirements for Wema Bank ALAT Loans

  • An active account with the bank
  • registered phone number to the account

 

Wema Bank ALAT Instant Loan Application Channels

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

  • Any Wema Bank branch
  • USSD code *945*65#

Wema Bank Small Business Loans (SME) Loans

Small Business Loans (SME)

These are loans offered to individuals who are ready to start a small or medium-scale business but have little to no capital available, or want to expand their already existing businesses. Wema Bank offers various loan services that will meet whatever you need for your business.

Be it a startup, purchasing new tools or equipment, or acquiring assets, Wema makes these loans available and easy to access for your benefit.

Female Support Loan

This loan is targeted toward female business owners or female-owned businesses. With this loan, female businesses are granted the opportunity to grow their businesses and meet their financial goals efficiently. It has a 9% interest rate with no collateral and is only available to female business owners in SMEs.

To access this Wema Bank loan, you can visit any Wema Bank branch or use ALAT for business or use the USSD code *945#. After applying, there is a campaign period of 3 months. And after the campaign period, the loan is then given to the selected beneficiaries. Women are able to grow their businesses into something more desirable with the right financial assistance.

Pharma Loans

This is a Wema Bank loan available to individuals who own pharmacy stores with working capital. To access this loan, you must own a licensed retail pharmacy and must have been in business for up to a year and more. The minimum and maximum loan amounts are N100,000 and N10, 000,000 respectively. The duration is 12 months and has competitive interest rates.

Requirements for Wema Bank ALAT Pharma Loan

  • Personal Guaranty of the promoter with an affidavit of a statement of net worth.
  • Insurance covering burglary, fire, and special peril noting Wema Bank as the first loss payee.
  • 12 months’ bank statement.
  • Customer request letter.
  • Copy of current practice license of the pharmacist.
  • Copy of retention of premises,
  • Execution of Global standing instructions

Medi Loans

Medi Loans are short-termed loans designed to meet the needs of private hospitals, clinics, and diagnostics labs. They must be licensed to be eligible for this loan. Customers can get up to N5 million on this Wema Bank loan with a minimum of N100,000. It also has competitive interest rates.

Requirements for Wema Bank ALAT Medi Loan

  • Personal Guaranty of the promoter with an affidavit of a statement of net worth.
  • Insurance covering burglary, fire, and special peril noting Wema Bank as the first loss payee.
  • 12 months’ bank statement.
  • Customer request letter.
  • Copy of current practice license of the pharmacist.
  • Copy of retention of premises,
  • Execution of Global standing instructions

School Support Facility

This loan is available for private school owners to meet the school’s recurrent needs. It is a minimum of N200,000 and a maximum of N20, 000, 000 and has a tenure of 12 months. Repayment is either termly or monthly and has competitive interest rates.

Requirements for Wema Bank ALAT School Support Facility Loan

  • Customer’s application letter.
  • Copy of license to operate issued by a regulatory authority.
  • Copy of certificate of registration.
  • Personal guaranty of promoter/obligor supported with an affidavit of a statement of net worth.
  • Insurance covering burglary and special peril noting Wema Bank as the first loss payee.
  • Execution of global standing instruction.

Wema 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 Wema Bank loan calculator:

Wema Bank Loan FAQs

How do I apply for a loan with Wema Bank?

You can apply for a loan by using the USSD code *945*65# and following the necessary procedures or visiting a Wema Bank branch near you.

Can I get a loan without going to the bank?

Of course, you can. Using the Wema Bank ALAT instant loan program, you can easily request a loan and receive your answer within minutes. It is fast, reliable, and has a reasonable maximum amount attached to it.

What ar the interest rates on Wema Bank loans?

It depends on the type of loan you are acquiring. Most loan interest may depend on the amount of money the borrower receives.

Can I get a loan without being a Wema Bank customer?

It will be near impossible to acquire a loan if you don’t officially use Wema Bank for your official salary current or savings account. Most loans are available for salary earners who have domiciled accounts with Wema. 

How long can I go before paying back a loan?

Each loan type has a tenor. Some are short-term loans that give a duration of at least 30 days to 12 months, while some are long-term with a duration of 12-24 months or even 48 months.

Can I get a loan to buy a house?

Yes, you can. With Wema Asset Acquisition Scheme, you can get a loan to finance the purchase of a property or purchase a new house. You can also purchase a new or second-hand vehicle with this loan scheme.

Where can I get more information on Wema Bank loans?

The loan listing page of the bank will tell you any other information you require. 

 

Wema Bank has made an array of loans available to its customers for accessing the things they love the most in life. All of these loans are listed in the article above.

You can get other funding options such as loans from other providers.

Lois Samari
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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