UBA is a commercial bank, and one of the functions of Nigerian commercial banks is to give loans to qualified customers. So, it’s definitely possible to get a loan from UBA Bank as a customer, but the question is, how?
UBA isn’t keen on loans; the steps required to qualify for its loans require more effort than the average microfinance bank, for example. However, it’s not impossible to have UBA borrow you money, and this article will show you how to get a loan from UBA Bank.
Firstly, you’ll learn about the variety of loans available at the bank to evaluate your options. Then, I’ll show you how to get any of the available loans by detailing the steps necessary to apply for them. Without further ado, let’s get into this exciting article.
What loans are available at UBA bank?
If you’re after a quick payday loan, there are better ways to go about it than UBA. Nigeria has dozens of payday lenders ready to offer you a microloan quickly, albeit with unfavorable repayment terms.
However, lifelong UBA customers can take advantage of their history with the bank to access quick loans with better conditions and a flexible repayment term. Having your salary-earning account with UBA boosts your chances of getting a decent loan by several points.
Back to the topic at hand: what loans does UBA Bank offer to customers exactly?
There are several, but here are the ones you’ll likely ever need to know about:
1. Personal Loans
UBA’s personal loans are available to every customer with a functional salary account with the bank. They come with several features and benefits, including competitive interest rates, attractive loan amounts, and a flexible repayment plan.
UBA’s personal loans require interested applicants to have a functional salary account with the bank, a valid means of identification, an accepted offer letter or employee inquiry form, and a completed loan application form, among others.
The accessible loan amount for personal loans ranges from N200,000 to N30 million, putting it on a slightly higher level than the average microloan from a Nigerian microfinance bank.
2. Working Capital Loan
As the name implies, the UBA Working Capital Loan helps willing entrepreneurs raise money to fund their existing businesses. While customers won’t need a salary account to access this loan, UBA will require them to have a verifiable credit net worth as well as collateral.
A customer must have registered the business for more than a year to access the UBA Working Capital Loan, and the said business must have been banking with UBA for at least three months before the loan application.
The facility is available as both a term loan and an overdraft, and eligible customers can access up to N50 million. UBA promises a special interest rate for women-owned businesses, making it an appealing option for women running registered businesses in Nigeria.
3. UBA School Loans
The UBA School Loan is available to registered private schools in need of funds for asset acquisition, working capital, or mortgages. It allows eligible customers to access up to N100 million payable over a five-year term, but the payment terms for smaller loans may not be that long.
A school must have been operational for at least two years to qualify for the loan. It must have government approval and all necessary authorization to run as a legitimate private school, in addition to UBA’s mandatory one-year business registration requirement.
Interested applicants can simply head over to the nearest UBA branch to see if their school qualifies for the loan facility.
Other loans from UBA include:
4. UBA Health Loan
5. UBA Click Credit Loan
6. UBA Asset Finance
7. UBA Auto Loan
8. Insurance Premium Financing
9. FX Cash-Backed Loan
10. Personal Loan-Direct
How do I get instant loan from UBA bank?
Most Nigerians don’t want a N5 million loan with a 48-month tenure; they only want something light for urgent expenses until their next salary arrives. For that to work, the loan must be quick and stress-free without requiring a visit to the bank, or, in other words, an instant loan.
The closest thing UBA Bank has to a microloan is Click Credit, a service that gives you a loan of up to N1 million within a minute for emergencies. UBA customers can access the loan through a USSD code, get credited in a minute, and pay it back in three to 12 months.
However, UBA requires applicants to have a salary account with the bank, and the account must receive no less than N50,000 monthly. Applicants don’t have to submit paperwork to prove that; the system will automatically go through their past transactions and approve or reject the loan depending on their eligibility.
Interested UBA account holders can apply for the UBA Click Credit loan in three ways: dialing the UBA loan USSD code *919*28#, sending Loan to Leo on WhatsApp, Messenger, or Apple Messages, or selecting Click Credit from the UBA mobile app.
Can a student get loan from UBA bank?
While the concept of student loans isn’t native to Nigeria, many Nigerian banks now offer microloan services to students in need. These loans usually don’t have extraneous requirements, but they also don’t involve figures as large as you’d see in a typical SME or salary-earner loan.
Unfortunately, UBA doesn’t seem to have any loan facilities targeted at students or any primarily unemployed demographic. To get a personal loan from the bank, you must provide a salary-earning account to verify that you indeed earn enough to service the loan, and students are not typical holders of salary-earning accounts.
However, that doesn’t mean a student cannot get a loan from UBA Bank; none of the bank’s loans exclude students from applying for or getting them, as long as they meet all the requirements.
If a student meets all the requirements for a UBA loan, which is possible, they can get it. Also, the bank will be more than happy to disburse any of its SME loans to a student-owned business that meets all of its requirements.
What is the code to get loan in UBA bank?
UBA has a USSD code for loans, but the code only works for its instant loan variant, Click Credit. UBA customers in need of regular personal or SME loans will have to go to the company, talk to a representative, and submit supporting documents to get a loan from the bank.
The code to get a loan in UBA Bank is *919*28# if Click Credit is all the loan you need. However, you want to ensure you meet all the requirements for the loan before dialing the code to avoid getting a disappointing rejection message.
Thankfully, the requirements aren’t as stringent as those for UBA loans; applicants only need a UBA salary-receiving account that has received N50,000 or more over the past six months to qualify. The system will run a check and automatically verify or reject all loan applications by passing them through this criterion.
How do I qualify for a UBA loan?
UBA has a set of requirements for each of its loans, and to qualify for one, you must meet all of them. So, what are these requirements, and how do you qualify for a UBA loan?
As expected, the requirements differ across the different loans the company offers: those of a regular personal loan are vastly different than those of the School Loan or Working Capital Loan, for example.
However, UBA generally requires anyone requesting a loan to have an existing banking relationship with the bank for at least three months for both SME and personal loans. So, if you’re planning to have the bank lend you some money, you better start using your account with them actively.
For business or SME loans specifically, you need a company that has been registered for up to one year. On the other hand, personal loans require the applicants to hold a salary-earning current or savings account with the bank to access the loan facilities, except for the Personal Loan-Direct.
Note that most UBA loans have more requirements, but only the two listed above appear to be common denominators across each of their loan offerings. You can get the full requirements of the loan you’re trying to access by speaking to an SME representative at the bank or by reading it on the website, depending on what kind of loan it is.
Is there a UBA loan for non-salary earners?
UBA has loans for non-salary earners, but you’ll need a business with huge inflows to access them. No jokes; the only way to get a personal loan from UBA is by having a salary-receiving account that gets at least N50,000 monthly. That’s not a particularly high bar, but there are a lot of Nigerians who don’t make that much.
In short, there’s no UBA loan for non-salary earners apart from SME loans, and you need more than salaries to access that; you need a business!
Even if you earn a salary, you’ll also need a banking relationship with UBA to access most of their loans. If you haven’t received up to six months of N50,000+ salaries consecutively with your UBA account, you shouldn’t even consider applying for any of the bank’s personal loans.
UBA isn’t the most loan-friendly bank in Nigeria, but that doesn’t mean it lacks loan facilities for loyal customers. From personal loans targeted at individuals to SME loan options for businesses, there’s a decent selection of options to consider.
This article explains how to get loan from UBA bank easily.
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