Want to get your first loan from Wema Bank today? If yes, then you’re in the right place. In this article, you’re going to learn everything you need to know about securing a digital loan from Wema Bank, how to get a loan from Wema Bank, how to repay your Wema Bank loan, USSD code to get a loan from Wema Bank and many more.
About Wema Bank/ Company Profile
Wema Bank is a bank that was established on the 2nd of May, 1945. The bank functioned as a limited liability company under its old name Agbonmagbe Bank Limited. The bank was founded by the late Chief. Mattew Adekoya Okupe. At the time when the bank was founded, the late Chief. Mattew Adekoya Okupe set up the bank’s first branch in Ebute-Metta, Sagamu, Abeokuta, and Ijebu-Igbo. For years, the bank remains the property of the late Chief. Mattew Adekoya Okupe, until the bank was taken over by Western Nigeria Marketing Board and later renamed Wema Bank Limited in 1969. Since then, Wema Bank has gone on to be Nigeria’s longest surviving indigenous bank. It was granted a commercial banking license and commenced banking activities during the same year.
Wema Bank converted to a public limited liability company in 1987. In 1990, the Bank was listed on the Nigerian Stock Exchange. It trades under the symbol: WEMABANK. It was granted a Universal Banking License in February 2001.
According to Wikipedia. Wema Bank which is known as Wema Bank Plc is a commercial bank that is fully operational in Nigeria.
The bank was licensed by the Nigeria apex bank (CBN) to perform various banking operations in the country. As of 2019, Wema Bank operates the largest digital banking system in Nigeria, Alat By Wema. This project became one of the most successful digital banking platforms in the whole of Nigeria. The digital bank was adopted by Nigerians in the whole 36 states of the country. This achievement made Wema Bank one of the fastest-growing commercial banks in Nigeria.
What Is Wema Bank Loan?
Wema Bank Loan is a digital product offered by Wema Bank Nigeria that allows you to get access to funds whenever you want for any project or urgent monetary problems. Wema bank ensures you get the right financing for your business or personal use.
With Wema Bank Loan you can get access to overdraft, term loan, import finance facility, bonds and guarantees, lease finance facility, Agric finance, etc.
Types Of Wema Bank Loans/ Funding Types
- Overdraft
- Term loan
- Import Finance Facility
- Bonds and guarantees
- Lease Finance Facility
- Agric finance
- School Fees Advance
- Wema Asset Acquisation Scheme (WASS)
- Personal Loans
Overdraft
The overdraft loan for business is a digital loan that allows your company to draw an agreed amount of funds above the credit balance in the Business bank account.
This Overdraft is great for financing short-term shortages in working capital for any business that needs urgent cash. The loan offer has a maximum of 12 months.
Term Loans
The Wema Bank term loan is another great product that allows a business to have access to funds to finance the acquisition of assets and expansion of existing businesses. The loan repayment is designed to give your business time to grow because it focuses on your business turnover.
The term loan is in three different types which are, short term (1 Year), Medium (1-5 Years), and Long term(5 Years and above). With this loan offer, a moratorium period may be offered.
Import Finance Facility
The Wema Bank import finance facility loan is a form of trading finance that gives you or your business access to loans for the sole purpose of importation of raw materials, finished goods, and many more. This loan offer also gives you access to products like bill collection and letters of credit-both which aid you in making payments for imports.
Lease Finance Facility
The lease financing is a great way for your business to acquire assets such as cars trucks, and generators. This loan offer comes in two different types- which are Finance leases and operating leases. With this loan offer, the bank can acquire the asset on your behalf, in return, you’ll need to make payments regularly until you finish paying.
Agric Finance
The Agric Finance loan is a loan product that allows Wema Bank to provide you with an agricultural production loan such as fertilizers and seedlings for your agro-business. This production loan can be used as a form of working capital finance.
School Fees Advance
This loan category extends a hand of help to you when in a fix for children’s school fees. It affords you up to 3 million naira advance and has a minimum facility amount of ₦50,000.
The loan contract spans a maximum of 3 months for nursery, primary and secondary schools, and 9 months for tertiary institutions per request. They pay the tuition fees directly to the child’s school.
Documents Required For School Fees Advance Loan
- Completed school fees advance form.
- Letter of introduction (to determine the employment status of the parent).
- An irrevocable letter of domiciliation from your employer.
- Invoice of school/ tuition fees.
- Valid proof of identity (Driver’s License, National ID, International Passport, or Voter’s Card).
- Proof of address, i.e. utility bill.
- Last three months’ payslip.
- Six months’ salary statement of account for customers whose account is not domicile or cannot be with Wema bank.
Wema Asset Acquisition Scheme (WASS)
Benefits
- Low equity contribution of 20%.
- Well-structured fee payment and competitive interest rates.
- It provides group asset acquisition schemes that enable organizations to motivate staff.
- Easy own now, use now and pay later.
- It removes the financial burden associated with outright asset purchases.
Documentations required
- Completed WAAS application form.
- Letter of introduction from your employer’s HR.
- Means of identification.
- Last 3 months’ payslip and bank statement.
- Utility bill and customer KYC form.
- Pro-forma invoice issued in the bank’s name.
- Credit Bureau report and completed CRMS 100 form.
- Wema bank salary account 1-month credit.
- Domiciliation letter endorsed by your employer.
- Debit authorization and irrevocable undertaking to fund personal account.
For self-employed professionals:
- Completed Application Form.
- Personal Current Account with Wema Bank.
- Letter of Introduction endorsed by your company’s director.
- Means of Identification (Statutory and Official).
- Recent 12-month bank Statement.
- Utility bill with customer form (KYC).
- Certificate of Registration/incorporation.
- Particulars of Directors.
- Corporate/Company Profile.
- Pro-forma Invoice issued in the name of Wema Bank.
- Credit Bureau Report and completed CRMS 100 Form.
- Direct Debit Authorization & Irrevocable Undertaking.
- Duly completed loan application form.
- Letter of introduction signed by your authorized employer.
- An irrevocable letter of salary domiciliation.
- A representative of Wema Bank must independently verify Signatories.
- 3 months’ payslip or account statement as proof of income.
- Proof of address and a recent copy of the utility bill.
- Proof of identity with staff ID (National ID, international passport, or driver’s license may be required).
Personal Loan
The Wema Bank personal loan is an exclusive loan offer for salary earners only. This loan facility is available to only individuals who operate a salary account either savings or current account with Wema Bank. Those who can benefit from this loan facility are formally employed a staff of companies pre-approved by Wema bank and groups of salary earners under a registered association.
Loan Details and Benefits
- Easy mobile and internet banking services.
- No maintenance fee on the current account.
- Quick disbursement (48 hours).
- Stress-free application process from your office.
- Loan top-up after 6 regular months of down payments.
- Maximum loan tenor of 36 months.
- The highest obtainable loan amount of 7 times of net income is subject to a maximum of 2 million.
- New customers would provide salary domiciliation and 3 months of evidence of consistent salary payment.
Documents Required For Personal Loan
- Completed loan application form.
- Letter of introduction (from employer).
- An irrevocable letter of salary domiciliation.
- 3 months’ payslip as proof of income.
- Proof of address supported by a recent utility bill.
- Proof of identity with staff ID (National ID, international passport, or driver’s license may be required).
How To Apply For Wema Bank Loan
To apply for any digital loan with Wema Bank, visit this link https://www.wemabank.com/borrow-money-online-or-access-wema-bank-loan/ to know more about available loan offers before applying for anyone.
Wema Bank Loan Interest Rate
Wema Bank doesn’t have a specific interest rate for its loan because there are so many different loan products available and each of these loan products has its interest rate and requirements. If you want to get the exact interest rate of the loan you want to apply for and the repayment tenor, you can use the Wema Bank loan Calculator. The calculator will show you everything you need to know before you apply for the loan.
Wema Bank quick loan code (USSD Code For Wema Bank Loan)
If you’re not having access to the internet and you wish to get a digital loan from Wema bank, you can go ahead to use its Unstructured Supplementary Service Data by dialing *945*65# to access the loan products available on Wema Bank.
Wema Bank Personal Loan Calculator
The Wema Bank personal loan calculator is a calculator which you can use to know the interest rate of any loan amount you wish to get from the bank before applying for it.
How To Contact Wema Bank For Loan Or Inquiries
For any inquiries or issues, you can contact Wema Bank Customer care with the details below. They are available 24-hour.
contact center, Purple Connect, on 08039003700, 07000 PURPLE, 070022552528 or send an email to [email protected] or [email protected].
Conclusion
Wema Bank has become one of the most adopted digital banks in Nigeria and this doesn’t stop there. The bank keeps increasing the quality of its service all the time.
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