Union bank is a ubiquitous name in the Nigerian banking industry. For your financial advancement, they provide a variety of loans to make your plans and goals a reality. Their loan process is straightforward and accommodates the needs of all types of individuals, including wage earners, retirees, and business owners. Detailing their loan services is provided below.

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What union bank loan services are available?

They classified Union bank loans into the following three categories:

Payroll loans: 

Payroll loans are available to individuals whose salary account is held at Union Bank. As a deal enticement, you also receive a cash bonus for timely repayment. However, this only applies to loans with terms of two to five years. The available payroll loan programs include:

Personal loan:

This loan provides you with up to N15 million for your personal requirements. It has a maximum maturity of five years and is available only to bank-domiciled employees.

Salary advance: 

This offers up to 50% of your salary in advance and has a maximum term of twelve months. To qualify, your salary account must have been domiciled with Union Bank for at least one month.

Back to school finance:

Every parent must send their child to school, and salary advance makes it feasible for them to do so. It offers up to N15 million in tuition financing with a maximum term of 12 months to pay for your child's school fees.

Senior citizen loan:

As a retired service member, you can receive up to N10 million to finance a personal endeavor and pay it back over a five-year period.

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Union flexi loans:

Finally, this loan is only available to those earning up to N30 million per year. If so, you can attain up to N50,000,000 and pay it back within 60 months.

Digital loans:

They provide digital financing in case you need cash quickly. Therefore, it saves you the stress of scrambling for cash when funds are limited. It is essentially an installment loan that allows you to borrow up to 50 percent of your salary and repay it within a month.

Features

1.Maximum term of thirty days

2.Minimum monthly salary of N15,000

3.The maximum loan amount of N100,000

4.Your salary account must be domiciled for a minimum of three months.

5.Loan limit of 50% of total income

You can obtain the loan via the following methods:

1.Union bank automated teller machines { ATMs}

2.USSD dialling of *826*41#

3.Union Bank mobile application

Non payroll loans:

This is for independent contractors and business proprietors. Non-payroll loans include a variety of services that help you satisfy your financial obligations. The services offered are:

1.Self-employed loans

2.Self-employed revolving overdraft

3.Cash backed loans

How do I apply for a Union bank loan?

Simply follow the steps below to apply:

1.Check out their official loans page 

2.Select your preferred loan and take note of the details and documents required

3.Click the apply for a loan button at the bottom of your preferred loan

4.Complete the online form that follows and select the submit button.

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Conclusion

Union bank remains one giant in the industry and boasts numerous years of offering excellent customer services. Their loans are easy, quick, and accessible to anyone. It also caters to the needs of employees, SMEs, and tech-oriented customers.