LOAN TERMS:
Lender
LOAN TERMS:
Union Bank of Nigeria
Eligibility
LOAN TERMS:
For teachers who must be earning a minimum monthly salary of N15,000. They must have received a minimum of one month salary with UBN plus 3 months statement from the other bank.
The age range is 21 to 60 years.
Loan Limit
LOAN TERMS:
Maximum Limit: N15,000,000 (fifteen million naira) depending on the applicant’s assessment score.
Interest Rate
LOAN TERMS:
Maximum Interest Rate: 22% p.a.
Insurance: 1%
Management Fee: 1%
Max Tenor
LOAN TERMS:
The repayment period is a maximum of: 5 years or 60 months
Security Required
LOAN TERMS:
Salary domiciliation.
Insurance.
Personal Guarantee (N15m and above)
Documents Required
LOAN TERMS:
Standard Letter of undertaking.
Duly filled Application form and Offer letter.
Account statement.
Document in Transit.
Retail loan Checklist.
Personal Guarantee (N15m and above).
Approval Time
LOAN TERMS:
About two to seven working days from the time you submit all the required documentation
