Are you searching for how to access a quick loan, get a loan, borrow money online, collect a loan, obtain a loan, take a loan as Wema bank customer Or you are confuse on type of loan that fit your need and you don’t know how to choose the best loan portfolio to offset your immediate needs as well expand your business growth with capital inflow which service as working capital, asset purchase and many more.
In this article, we’ll give step by step guide and requirements you need to access a quick loan, get a loan, borrow money, collect a loan, obtain a loan, take a loan from Wema bank.You will also learn the types of Wema Bank Instant Loan without Collateral.
Types of available loans for Wema bank
There are different type of loan package from Wema bank designed for customers which include School Fees Advance,Wema Asset Acquisition Scheme,Personal Loan,Term Loans,Lease Finance Facility,Small Business Loans (SME) Loans,Business Support Facility and CBN SME Loan
1. School Fees Advance
The wema bank School Fees Advance is a short term loan designed for payment of School Fees of your children/ ward.The loan contract spans for a maximum of 12 weeks for nursery, primary and secondary schools, and 9 months for tertiary institutions per request.Borrower can get up to 3 million naira advance and has a minimum facility amount of ₦50,000. It is available to members of staff of public and reputable private organizations whose salaries are domiciled with the Bank.
Required Document to get Wema bank School Fees Advance
Before you can aspply for wema bank School Fees Advance you should ready to present the following documents
1. Completed school fees advance form.
2. Letter of introduction (to determine the employment status of the parent).
3. An irrevocable letter of domiciliation from your employer.
4. Invoice of school/ tuition fees.
5. Valid proof of identity (Driver’s License, National ID, International Passport, or Voter’s Card).
6. Proof of address, i.e. utility bill.
7. Last three months’ payslip.
8. Six month’s salary statement of account for customers whose account is not domicile or cannot be with Wema bank.
2. Wema Asset Acquisition Scheme (WASS)
This kind of credit facility is designed to buy a new asset such as a new car, pre-owned imported vehicles or a mid-size generator. It also offers group loans to staff of reputable organization.The minimum WASS loan facility stands at ₦500,000 and covers assets and the Facility runs from 6 to 48 consecutive months and finances only brand new assets.
Benefits of Wema Asset Acquisition Scheme (WASS)
1. Low equity contribution of 20%.
2. Well-structured fee payment and competitive interest rates.
3. It provides group asset acquisition schemes that enable organizations to motivate staff.
4. Easy own now, use now and pay later.
5. It removes the financial burden associated with outright asset purchases.
For individuals with account domiciled in Wema bank:
1. Completed WAAS application form.
2. Letter of introduction from your employer’s HR.
3. Means of identification.
4. Last 3 months payslip and bank statement.
5. Utility bill and customer KYC form.
6. Pro-forma invoice issued in the bank’s name.
7. Credit Bureau report and completed CRMS 100 form.
8. Wema bank salary account 1-month credit.
9. Domiciliation letter endorsed by your employer.
10. Debit authorization and irrevocable undertaking to fund personal account.
For self-employed professionals:
1.Completed Application Form.
2. Personal Current Account with Wema Bank.
3. Letter of Introduction endorsed by your company’s director.
4. Means of Identification (Statutory and Official).
5. Recent 12-month bank Statement.
6. Utility bill with customer form (KYC).
7. Certificate of Registration/incorporation.
8. Particulars of Directors.
9. Corporate/Company Profile.
10. Pro-forma Invoice issued in the name of Wema Bank.
11. Credit Bureau Report and completed CRMS 100 Form.
12. Direct Debit Authorization & Irrevocable Undertaking.
13. Duly completed loan application form.
14. Letter of introduction signed by your authorized employer.
15. An irrevocable letter of salary domiciliation.
16. A representative of Wema Bank must independently verify Signatories.
17. 3 months’ payslip or account statement as proof of income.
18. Proof of address and a recent copy of the utility bill.
19. Proof of identity with staff ID (National ID, international passport, or driver’s license may be required).
3. Personal loan
This loan package is designed for salary earners . It is accessible by employees who operate salary savings or a current account with the bank. Other parties that can benefit from this include; formally employed staff of companies pre-approved by Wema bank and groups of salary earners under a registered association.
The Loan top-up after 6 regular months of down payments with Maximum loan tenor of 36 months.New customers would provide salary domiciliation and 3 months of evidence of consistent salary payment.
Documents Required for wema bank Personal loan:
1. Completed loan application form.
2. Letter of introduction (from employer).
3. An irrevocable letter of salary domiciliation.
4. 3 months’ payslip as proof of income.
5. Proof of address supported by a recent utility bill.
6. Proof of identity with staff ID (National ID, international passport, or driver’s license may be required).
4. Wema bank Term Loans
The Wema bank term loans are designed to finance asset acquisition, general capacity expansion and long-term financing needs.The Term loans may be short term (up to 1 year), medium-term (1 – 5 years) or long term (above 5 years). Borrower should considered their source/mode of payment, installments in line with obligor’s capacity/turnover
The revenue generated from the project acts as both the source of repayment and is also a comfort for the exposure.This type of financing is usually for large, complex and big-ticket projects
How can apply for wema bank Term loan?
1. A mass transit project
2. A telecommunication local services, long-distance and value-added project
3. A power generation, transmission or distribution project by laying a network of new transmission or distribution lines
4. A petroleum extraction, refinery, pipeline project
5. A factory establishment or capacity expansion project.
Requirements documents to apply for wema bank term loan:
1. 3-year Audited Financials
2. Company Profile
3. Business Plan & Cashflow Projection
4. Adequate collateral covering 150% of loan value
5. Positive Credit Check (Credit Rating) from two (2) Credit Bureaus
5. Small Business Loans – SME Loans
This is suitable small business loans or financing options to help your business grow
6. Lease Finance Facility
This is a financing option for the acquisition or use of an asset. Two major types of leasing exist namely: Finance and Operating Lease.
Lessor – owner of equipment/asset.
Lessee – user of equipment/asset.
The owner of the equipment or asset is referred to as the ‘Lessor’ while the user is called the ‘Lessee’.Long-term financing of fixed assets. Typically assets financed should be generic assets that can be easily realised in the event of default.
An agreement between the lessor and the lessee by which the former permits the latter the use of the equipment (asset) for an agreed period of time, in return for lease rentals which the lessee pays to the lessor. Associated risks include technology, factory defect, competition, and diversion.
7. CBN SME Loan
The CBN SME Loan is a credit facility for Micro, Small businesses, and Medium Enterprises (MSMEs)It’s designed to meet dynamic business needs. The financial institution can help you grow your business by providing highly competitive offerings and financial advisory services.
8. Wema bank Business Support Facility
The Wema bank Business Support facility is designed to help business finance stock and other business needs.
Features & Benefits of Wema bank Business Support Facility
1. It Available to customers trading in all business segments with regular credit/debit transactions
2. Open to persons trading in their personal names
3. Minimum loan amount N100,000. Maximum loan amount N5,000,000
4. Open to new to bank customers.
5. Top up available
6. Maximum tenor is 12 months
7. Competitive interest rate
8. Access to mobile & internet banking services
Documents Required to apply for Wema bank Business Support facility
Before you can apply for Wema bank Business Support facility you should be ready to provide the following documents:
1. Application letter
2. 12 months bank statement
3. Proof of address
4. Personal Guaranty of the Promoter/Obligor supported with sworn affidavit of statement of net worth
5. Insurance covering burglary and special peril noting Wema Bank as first loss payee
Source: Wema bank online portal