In the current climate, where instant loans have become a lifeline for balancing personal and business finances, Wema Bank emerges as a reliable partner, shouldering the responsibility of supporting Nigerian small and medium-scale enterprises, keeping families together, and preserving individuals’ sanity amidst the looming economic depression. However, despite this promising offer, many Nigerians remain skeptical due to concerns about the arduous paper trail and bureaucratic hurdles inherent in the traditional banking system. However, there are easy ways on how to get a loan from Wema bank which is transforming the system today as we know it.
The apprehension surrounding guarantors and collateral requirements has deterred individuals from seeking loans from conventional banks. Nevertheless, the banking landscape is witnessing a transformative shift, as financial institutions like Wema Bank are revolutionizing loan accessibility. By adopting innovative practices, these banks are breaking down barriers, granting loans with reduced or no collateral, and streamlining the application and disbursement process, ensuring a faster and easier experience for borrowers.
This strategic adaptation to the evolving needs of Nigerian borrowers signifies a promising step towards financial inclusion and empowerment. Wema Bank’s commitment to providing hassle-free loan solutions is poised to alleviate the burden on individuals and businesses, contributing to a more resilient economy in the face of ongoing challenges.
As more banks embrace these forward-thinking approaches, the barriers that once discouraged Nigerians from seeking financial assistance will continue to crumble. The trend towards simplified loan procedures and reduced reliance on collateral underscores a brighter future where access to credit becomes more equitable and responsive to the needs of all Nigerians.
What are the types of instant loans Wema Bank offers?
Here is a rundown of the types of instant loans provided by Wema Bank:
1. Personal Loans
These loans are designed by Wema Bank to help workers with Wema Bank salary accounts or current accounts. These loans are also available to groups of salary earners under a registered association and formally employed pre-approved by Wema Bank.
The loan has a maximum tenure of 36 months (three years) and gives you a maximum of N2 million or seven times your net income.
What are the benefits of taking a Wema Bank Personal loan?
The benefits of taking this loan include:
a) It disburses funds to applicants within 48 hours.
b) It also is stress-free as one can apply for the loan from the comfort of his office.
c) The loan also does not require a maintenance fee.
d) It also gives the applicant the ability to access Wema Bank’s mobile and internet services to apply for the loan.
What are the requirements to access Wema Bank’s personal loan
The requirements to access the loan include:
- As a new customer, you will need to provide a salary domiciliation and three months of evidence of consistent salary payment by your employer.
- You also need to complete the loan application form
- You will submit the details of your address supported by a recent utility bill.
- You also need to provide proof of identity with either your staff ID card and/or your National Identity Card, your Driver’s Licence or your international passport.
- You will also be required to provide a letter of introduction from your employer.
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2. School fees Advance Loans
This loan helps parents and guardians pay the school fees of their tuition or ward. It gives up to N3 million to help you with the fees and comes with a minimum of N50,000. For nursery, primary and secondary schools, this loan extends for three months.
One feature of this scheme is that they pay the money directly to the school or educational institution. Also, It has a 9 months tenure for tertiary institutions and all these are done per request.
What are the documents required when applying for a Wema Bank School Fees Advance?
You will be asked to provide the following to get the School fees advance loan:
i. An irrevocable letter of domiciliation from the employer of the parent or guardian applying for the loan.
ii. A letter of introduction to show if the parents or guardian of the beneficiary is employed.
iii. The duly completed form of the School fees advance loan.
iv. The invoice for the school/tuition fees.
v. Proof of the address of the applicant through a recent utility bill.
vi. The payslip of the applicant’s parent or guardian for the last three months.
vii. A valid proof of identity including an international passport, driver’s licence, national identity card or voter’s card.
viii. A statement of the salary account of the applicant for the past six months.
3. The Wema Asset Acquisition Scheme (WASS)
This loan scheme helps applicants when they need to acquire assets with financial assistance. The loan helps you with business financing with a minimum amount of N500,000 and helps acquire assets like mid-sized electricity generating sets and vehicles －both new and pre-owned.
Why is the WASS loan scheme beneficial to me?
The WASS loan is great for you because it does the following:
- The loan repayment is well structured with competitive interest rates.
- It gives a low equity contribution of 20%.
- It makes assets easy to own allowing applicants to use them now and pay later.
- It eases financial problems and aids the outright purchasing of assets.
- It helps motivate staff of organisations by providing group asset acquisition schemes.
What are the documents I require when applying for the WASS loan?
This loan is best enjoyed by people with domiciled accounts with Wema Bank. They have to provide:
- A letter of introduction from the Human Resources department of your organization.
- You also need the duly completed WASS application form.
- You need a valid means of identification including a national identity card, voter’s card or an international passport.
- You will need a credit bureau report and a completed CRMS 100 form.
- You will need to provide three months’ payslip from your employer and the accompanying bank statement.
- You will need a 0ne month credit from your Wema Bank account.
- You will also provide a Pro-forma invoice issued in the bank’s name.
- A domiciliation letter endorsed by your employer.
- A KYC form and a utility bill.
- And lastly, an irrevocable undertaking to fund your persona, account and debt authorization.
For customers who do not have an account domiciled in Wema Bank, they would require:
- An irrevocable standing order from their bank in favour of your Wema bank account.
- You will also provide your personal current account details.
- And all the documents listed in the previous listing.
People who are self-employed need the following:
- You need the duly completed WASS application form.
- You need a valid means of identification including a national identity card, voter’s card or an international passport.
- You will need a statutory or official means of identification.
- You will need a credit bureau report and a completed CRMS 100 form.
- You will need to provide three months’ payslip from your employer and the accompanying bank statement.
- Personal Wema Bank current account.
- You will also provide a Pro-forma invoice issued in the bank’s name.
- A domiciliation letter endorsed by your employer.
- Direct Debit Authorization & Irrevocable Undertaking.
- A KYC form and a utility bill.
- And lastly, an irrevocable undertaking to fund your persona, account and debt authorization.
- You will also provide a Pro-forma invoice issued by Wema bank.
- Verification of signatories by Wema Bank representatives.
- Proof of address.
- 12-month bank statement.
- Certificate of Registration/Incorporation.
- You must provide the particulars of your company’s directors.
- Your corporate/company profile.
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4. Lease Finance Facilities:
These loans help you acquire assets like cars, motorcycles, electricity-generating sets and many more in return for agreed lease payments. These loans may fall under the Finance lease (where risks and rewards incidental to the ownership of the leased asset are transferred to the lessee but not the actual owner) or operating lease (where the contract allows for an asset’s use but does not convey ownership rights of the asset).
5. Small Business Loans:
These loans are there to help finance small businesses, helping them grow and expand in a treacherous economy.
6. Business support facilities
Available for customers trading in all business sectors with regular credit/debit transactions, this loan is open to people trading with personal names.
It gives a minimum of N100,000 and a maximum of N5 million with favourable interest rates and a tenor of 12 months max.
7. CBN SME Loan
Powered by the Central bank of Nigeria, this loan helps grow and expand an array of Small and Medium-scale businesses. The loan offers highly competitive offerings and financial advisory services for SMEs.
Is there a USSD code to access Wema Bank Loans?
Yes, there is a USSD loan to access Wema Bank loans and it is: *945*65#. This code also helps access other banking services. But understand that this code may give you access to minimum banking services.
How to Get a Loan from Wema Bank
You can either get a loan from Wema bank via their USSD code service, their app or by visiting any of the bank branches. Follow the steps below for how to get a loan from Wema Bank by visiting the branch:
- Visit any official Wema Bank branch
- Obtain a loan application form
- Provide the necessary documents
- Cross-check for interest rates and other terms and conditions
- Submit your form and an agent will reach out to you if your application is successful. Your account will be credited.
How can I contact Wema Bank?
There is also their official website at www.wemabank.com or their customer care numbers at 7000PURPLE (07000787753), +234-8039003700.
You can also send an SMS to 07051112111 or drop us an e-mail at purpleconnect@wemabank.com.
In conclusion
It is better to visit the Wema Bank branch for bigger banking transactions or issues relating to these loans. There, you will have the opportunity to have a first-hand interaction with the bank through their customer service representatives and get answers to your pressing questions.
