Are you facing the stress of paying bills or perhaps have an incredible business idea but lack the necessary capital to bring it to life? If your answer is a resounding yes, then your search for solutions ends here. Wema Bank loans offer a convenient way to address your pressing financial needs and kickstart your dream business effortlessly. Experience the freedom of obtaining instant loans from Wema Bank and utilize the funds to settle bills or turn your entrepreneurial vision into reality. Read on to discover how you can access a quick loan from Wema Bank.
An Overview of Wema Bank
Wema Bank, originally established on May 2, 1945, began its journey as a private limited liability company under the name Agbonmagbe Bank Limited, founded by the Late Chief Mathew Adekoya Okupe. Over the years, the bank has not only expanded its operations but has also earned a reputation as one of the most esteemed banks in Nigeria. With its headquarters located in Lagos State, Nigeria, Wema Bank provides professional banking services while also taking pride in offering simple loan solutions to its valued customers.
Types of available loans for Wema bank
The Wema bank loans are designed to take care of all your expenses, both personal and non-personal use. Basically, this loan is divided into three main categories, which are:
1. School Fees Advance
The school fees advance is one of the types of Wema bank loan that is designed to assist needy parents or guardians to pay their children’s school fees. Basically, you can take out up to N3 million in school fees advance and it has a minimum credit amount of ₦50,000.
The loan duration runs for just 3 months for primary and secondary schools and only 9 months for tertiary schools. After this duration, Wema bank will require you to reimburse the loan. Wema’s school advance loan will be paid directly to your Ward’s school.
What documents do I need to obtain Wema bank School Fees Advance?
Basically, important documents you need to present to Wema bank to take out this loan include the following:
- Completed Wema school fees advance application form.
- Letter of introduction (to specify your employment status as the parent).
- An irrevocable domiciliation letter from your employer.
- Valid means of identity (could either be your driver’s License, International Passport, National ID, or your Voter’s Card).
- Invoice of your ward’s school/ tuition fees.
- Proof of address, i.e. like your utility bill.
- Payslip for the last three months.
- The statement of account for your six months’ salary if you don’t bank with Wema.
2. Wema Asset Acquisition Scheme
This loan category caters for you whenever you want to acquire a new asset. Also, it covers staff whenever they need business loans. The minimum amount of WAAS loan you can obtain is ₦500,000 and the loan duration spans 6-48 months. It covers only pre-owned and new vehicles and medium-sized generators only.
What are the benefits of Wema Asset acquisition scheme?
Here are some advantages of the Asset acquisition scheme by Wema bank:
- Low equity contribution of only 20%.
- Well-structured loan fee payment that offers competitive interest rates.
- It offers group asset acquisition schemes that allow organizations to motivate staff.
- Easy way to own now, use now while you pay later.
- It takes away the financial burden linked with total asset purchases.
What documents do I need to obtain the Wema Asset acquisition scheme loan?
If you have an account domiciled with Wema bank, you need to provide the following:
- A Completed WAAS application form.
- Letter of introduction directly from your employer’s HR.
- A valid means of identification.
- Your last 3 months’ payslips and your bank statement.
- Customer KYC form and utility bill.
- A Pro-forma invoice is issued in Wems bank’s name.
- Credit Bureau report as well as a completed CRMS 100 form.
- Wema bank salary account for 1-month credit.
- Domiciliation letter approved by your employer.
- Debit authorization and an irrevocable undertaking to finance personal accounts.
If you have accounts that are not domiciled in Wema bank, you would need an Irrevocable standing declaration from your external bank. This order should be in favour of your Wema bank account. Also, you will need your personal current account details alongside all the documents stated above.
If you are a self-employed professional, you need to provide the following documents:
- Completed WAAS Application Form.
- A Personal Account (current) with Wema Bank.
- Letter of Introduction authorized by your company’s director.
- Means of Identification (both statutory and official).
- 12-month bank Statement.
- Utility bill and customer form (KYC).
- Certificate of incorporation or registration.
- Particulars of Directors.
- Corporate/Organization Profile.
- Pro-forma Invoice that is issued Wema Bank’s name.
- Credit Bureau Report and a completed CRMS 100 Form.
- Direct Debit Authorization alongside an Irrevocable Undertaking.
- Completed loan application form.
- An irrevocable letter of your salary domiciliation.
- Letter of introduction endorsed by your authorized employer.
- 3 months’ payslip or account statement as proof of income.
- One of Wema Bank’s representatives must independently verify all Signatories.
- Proof of address as well as a recent copy of your utility bill.
- Proof of identity and your staff ID (International passport, National ID, or your driver’s license may be needed).
Reac Also – Access Bank Loans – Types and How to Apply
3. Personal loans
Personal loans are one of Wema bank loans restricted to only salary earners. Basically, this kind of loan is accessible to only employees who have an active salary account (savings or a current one) with Wema bank.
However, other parties l can benefit from this loan. They include: formally employed workers of corporations pre-approved by Wema bank and also groups of salary earners that are under a registered association.
What are the features and benefits of Wema personal loans?
Here are some great benefits of Wema personal loans:
- Easy internet and mobile banking services.
- Zero maintenance fee on your current account.
- Fast disbursement (48 hours).
- The application process is stress-free and convenient. Loan top-up after regular 6 months of down payments.
- A maximum loan tenor of 36 months.
- The maximum obtainable loan amount is 7 times your net income and is liable to a maximum amount of 2 million.
- New customers would have to provide salary domiciliation and at least 3 months of proof of regular salary payment.
What are the documents required to obtain a Wema bank loan?
To obtain a personal loan from Wema bank, you need the following:
- Completed loan application form.
- Letter of introduction (from your employer).
- An irrevocable letter of salary domiciliation.
- Proof of income from your 3 months’ payslip
- Proof of address endorsed by a recent utility bill.
- Proof of your identity and a staff ID (the bank may need your national ID, international passport, or your driver’s license).
How can I get a Wema Bank loan?
Here are two ways you can get a Wema bank loan:
1. By visiting any Wema bank branch close to you between 8 AM – 3 PM and stating your request for a loan.
2. Alternatively, you can contact the bank from the convenience of your home through their customer care numbers. You will find these numbers and their official email address below.
What is the Wema bank loan interest rate and when can I pay back my Wema bank loan?
The Wema bank loan duration and interest rate vary depending on the category of loan, and other details specified in the loan contract. The loan terms and conditions will be explicitly stated on the loan application form, hence, you must go through it thoroughly.
Recommended – UBA Loan Code – 3 Steps To Get Instant USSD Loans From UBA
How can I contact Wema Bank?
Here are the numerous ways you can contact Wema bank:
Phone Numbers: +234-803-900-3700, +234-01-277-7700-9, or 07000PURPLE (07000787753)
Email Address: purpleconnect@wemabank.com
WhatsApp Number: 09044411010
Website: www.wemabank.com
Conclusion
Wema bank loans are very easy to access and are fast, hence, they may be a perfect way out when you are in a financial crisis. Also, these loans are categorised based on needs so whatever you need the loan for will determine the type of loan to apply for. Contact Wema bank immediately to access their soft loan services today.
