All over the world the COVID 19 pandemic left in its trail a significant dose of woes on many, who lost quite a lot in business, assets and loved ones. Globally Businesses are still smarting from the pangs of the contagion. Nigeria fragile economy is even worse hit and has been grappling to recover fully from the economic recession it is currently enmeshed in. A lot of Businesses have since crumbled due to the harsh business climate and low purchasing power of Nigerians. Amid these challenges, more and more businesses need credit facilities to stay afloat but have been starved off the needed funds to do so because of the seeming apathy of banks in giving credit to businesses.
However, a few banks, namely, United Bank for Africa and Zenith bank, stood out from the crowd, shedding this toga of indifference to SME’s. Instead they have become the lifeline of these businesses helping them overcome the trying times and stimulating unprecedented economic growth in the process. United Bank for example was innovative enough to help weather the storm with several loan facilities that practically helped change the narrative and eventually catalyse growth… UBA lent to its customers, a total of N178 billion, in the three months under review to put its loan portfolio to customers at N2.733 trillion, from N2.555trillion…
Some of their products which made the difference are listed below:
The bank’s products are tailored specifically to meet the varying needs of all its customers.
Target Audience
- Students
- Young Professionals
- Established Professionals
- Self-employed
- SMEs
- Salary earners (Including those whose salary is not domiciled in the bank.
- Artisan
- Nigerians living in diaspora
CLICK CREDIT
This is an automated loan with no form of documentation, paperwork or queue. Customers can get up to 1 million naira instantly and pay through a period of 12 months. This loan product of UBA is known for speed, efficiency and competitive rate. This product is available to all salaried customers.
Customers can apply by:
- Dialing *919*28#
- Sending “Loan” to Leo
- Clicking on the “Click Credit” feature on Mobile app or Internet banking
Required Documents
- No document required
UBA Structured Loans
- Personal Loans
- Auto Loans
- Asset Finance
- Mortgage
Personal Loans
A product designed to aid the finance of the day-to-day personal needs of our customers. Available to employees of enlisted counterparties whose salaries and other emoluments are currently being paid through UBA OR are willing to transfer their accounts to UBA.
Required Documents
- Letter of introduction and awareness from Employer
- Copy of customer’s Staff ID
- Copy of customer’s Valid ID
- Duly Accepted offer letter
- Duly filled loan application form
Asset Finance
This product is designed to facilitate the purchase of physical assets ranging from household appliances to alternative power solutions and devices by our retail customers through approved partnering vendors, giving them the convenience to pay over a period. Customers must be employees of Bank’s approved counterparties.
Required Documents
- Letter of introduction and awareness from employer
- Copy of customer’s staff ID
- Copy of customer’s valid ID
- Proforma invoice in UBA/customer’s name
- Duly filled loan application form
- Accepted offer letter
Mortgage
UBA Mortgage Loan is a product designed to part-finance the acquisition of residential real estate by salary earners whose employers are listed on the Bank’s approved counterparty list.
The product is targeted at High Net Worth Individuals (HNIs) with predictable and sustainable income. The product is to enable customers buy fully developed properties or draw equity from their home as loans for specific purposes
UBA Personal Loan – Direct
UBA Personal Loan – Direct is a variant of UBA Personal Loan product targeted at civil servants whose salaries are not domiciled with UBA. The product is designed to offer personal loans to civil servants who have difficulties in changing their salary accounts from other banks to UBA.
This loan is available to:
- Federal Civil Servants that are enrolled on IPPIS Platform.
- State Civil Servants – State Civil Servants (this will be limited to states whose salary are managed by ICT firm)
Required Documents
- Duly filled loan application form
- Copy of customer’s staff ID
- Copy of customer’s valid ID
- Customer’s instruction letter
UBA FX Cash Backed Loan
UBA FX Cash Backed Loan is a term loan designed for Nigerians that operate FX accounts with the Bank. Customers can get up to 10 million naira for investment purposes or to meet the financial needs of relatives in Nigeria.
The product is targeted at the following categories of customers:
- Domiciliary Account Holders
- Nigerians in Diaspora with FX accounts with UBA
- Beneficiaries of Remittances from abroad
- Income Earners in FX
- Customers with cash-funded FX deposits.
SME LOANS
Working Capital Loan
The UBA Working Capital loan offers up to NGN50M to help business owners meet their cash flow needs and expand their business. A flexible collateral cover will be required depending on the loan amount and the nature of customer’s business.
This loan product is targeted at
– Customers with verifiable credit net worth whose cash flow patterns meet the requirement for lending
– Other structured groups / business clusters
UBA Asset Finance for SMEs
With the UBA SME Asset finance loan, you can get funding to purchase new assets and also expand your business. It is available to registered SMEs in the following business types:
- Food & Drink
- Wholesale/Retail Trade & Key Distributors
- Entertainment & Recreation
- Agri-Business
- Green Economy and Fintechs
- Exports
- Professional Firms & Service Providers.
- Educational Institutions
- Other viable Business Segments
UBA School Loans
This is a medium to long term facility aimed at meeting working capital, asset and mortgage needs of registered privately–owned schools. The bouquet comprises of a 4-month time loan, a 3-year asset finance loan and a 10-year mortgage loan.
UBA Health Loan
The UBA Health Loan is designed to provide financing to registered hospitals, pharmacies, medical laboratories, diagnostic centres, optical and dental clinics for their business expansion/upgrade, equipment purchase as well and support their cash flow needs.
