How To Apply and Get Wema Bank Quick And Instant Loan. Getting a loan from a bank can be very tedious due to the many demands placed on a loan collector by such institutions.
When getting a loan, you think of things like collateral, high-interest rates, and the many many documents required.
But with Wema bank, you are guaranteed a process of collecting loans with minimal stress. They have made the whole loan process simpler and more realistic to obtain.
In addition to you having collateral or not.
Wema Bank Loans You Can Get Without Collateral:
You can have access to some kind of loan from Wema bank without needing Collateral. Some of these loans are:
1. Personal loan:
This loan is strictly for individuals working in an organization and have a salary account with Wema bank.
With the personal loan package, you can purchase a car, make improvements in your home, build a side hustle e.t.c.
The personal loan tenure is only for 36months and after 6months of paying regularly, you can request a top-up.
2. Term loan:
There is another package called the term loan. This is a loan to go for if you are looking at acquiring an asset, long-term financing needs, or general capacity building. This type of loan can either be short, medium, or long-term. The long term is above 5 years, medium-term is around 1 to 5 years and short term is up to a year.
3. Small Business Loan:
If you are a businessman/ woman wanting your business to grow and looking for finances to ensure its growth. Then you may like to take a look at some of Wema bank’s range of Small Business loans and financing options.
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Take a look at their options and choose the options that best suit your needs.
4. School fees advance:
This is for your wards/ pupils and children schooling only in Nigeria. This is only available to staff of the public and private organization that has a domicile account with Wema bank. They give loans ranging from #50,000 to the tune of #3000,000. The maximum tenor of 1 year for tertiary institutions and 3 months for secondary school. E.t.c.
How To Get A Wema Bank Loan
You can either contact them using their consumer loan website (www.wemabank.com) or better still physically show up in any of their bank branches. To qualify for any type of loan from Wema bank, you must be a customer with them. So the first step to take is to open an account with them to benefit from all their financial benefits.
How To Qualify For A Wema Bank Loan
Wema Bank has different bank loans you might be interested in. But not every one of these loans might be suitable for you or your business.
In addition, each loan facility comes with different requirements to be met before you can get these loans.
But there are general requirements that are you must be able to meet before you can qualify for any of the loans.
The first requirement is to have a profitable business or a source of income depending on the kind of loan you are aiming for
For a business loan, your business must already be yielding profits before you can request a loan. Having a good credit history is another requirement as it shows that you can pay off your previous debts.
Other requirements include to getting a business loan include:
- Having your business registered with the Co-operate affairs commission.
- Have a business account.
- Be an active consumer of the bank
- Have a good credit record with no outstanding debts.
How To Apply & Get Wema Bank Quick And Instant Loan.
First, do your research on the different financing products available and pick out the best for you before applying.
Doing this will aid you in knowing you have a good chance of being selected before you apply.
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Visit any Wema nearest bank to you and talk to a loan officer, explain to him the kind of loan you are looking for. He will in turn give you a form to be filled by you. You will in turn give him details of your business or finances and the purpose for the loan.
If your application is successful, loan approval from Wema bank will come in the form of an offer letter.
Some other documents that may be requested for include:
1. Company profile
2. Business plan
3. Audited financial accounts.
4. Proof of address
5. Collateral details amongst others.
Whichever kind of loan you are looking for, Wema bank can meet up such demands. If the amount you are looking for is smaller, the funds will be disbursed relatively quicker.
Also, the specific loan asked for can also determine the disbursement time.
If this article has been of help to you, do not hesitate to share and comment below. Thank you.