Union Bank is one of the largest commercial banks in Nigeria, and ranked 556th in the world. As of 2022, analysts estimated its total assets to be US$6.3 billion (NGN2.793 billion). Union Bank underwent a long transition history from its founding in 1917 as Colonial Bank to its commencement of operations under its current name in 1979. It is headed by Mr Mudassir Amray, who became the Chief Executive Officer in June 2022. Union Bank has its headquarters in Lagos with several branches across Nigeria. Over two thousand employees are estimated to be working with the bank. It also has over 900 Automated Teller Machines (ATMs) across Nigeria with close to 300 service centres. Union bank offers financial services to individuals, small businesses, and large organizations, offering several banking facilities to its customers one of them being loans. In this article, we discuss the types of loans from Union Bank.
Union Bank categorizes all its loans under payroll loans, offering several options.
This type of loan offfer is available to salary earners who receive their salaries in a Union Bank account. The loan has a threshold of fifteen (15) million Naira as well as a repayment tenure of up to five (5) years.
Features:
This is a type of loan for employees and salary earners who need immediate funds for unexpected expenses or emergencies before their regular payday. They get access to up to fifty percent (50%) of their salaries and are equally able to spread the repayment over a twelve month period.
Features:
This loan helps to cover the costs associated with education expenses at the beginning of a new school year/term. Union Bank’s back to school loan has a threshold of fifteen (15) million Naira but also varying repayment plans.
Features:
These loans are tailored to address the unique financial circumstances and challenges faced by senior citizens (in essence, retirees). This type of loan provides retirees with access to credit while considering their unique financial needs.
Features:
This is a type of loan for higher income earners. It considers the annual salary of its client. Union Bank’s Flexi loan is available to those whose yearly income is at least thirty (30) million Naira.
Features:
Mortgage loans are loans specifically used to purchase real estate properties, such as homes or land. This type of loan usually has a longer repayment plan as well as a higher loan amount. Union Bank’s mortgage loans have a threshold of one hundred and fifty (150) million Naira as well as a loan tenure of fifteen (15) year and a yearly interest rate of about sixteen percent (16%). Union Bank’s mortgage loans are of two types – Equity Release and Outright Purchase.
Features of Equity Release:
Documents required for Equity Release:
Documents Required for Outright Purchase:
Union Bank mortgage loan offer is currently only available to customers in Lagos, Abuja, PortHarcourt, Ibadan, Kano and Enugu.
Additional Information on Types of Loans from Union Bank
It is important to note that most of the loans discussed above require you to own a functional bank account with Union Bank. It is also imperative that you are willing to provide all necessary documents required for the specific loan being applied for. General personal details required to apply for Union Bank loans are listed below:
For pre-approved customers
(Please note, you will be contacted if you have been pre-approved for a loan)
For all other customers
For more information on these loans, visit the Union Bank website.
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