Wema Bank

The major scares most people experience when contemplating taking loans in Nigerian banks today are; the collateral involved, the excess documents requirements, overbearing interest rates and the series of obligations and processes it takes to eventually seal the loan.

Whew! Tiresome right? Well, Wema Bank is offering instant loans without any collateral, minimal documentation, very low interest rates that you can get real quick, right now!

Wema Bank loans pride itself in simplifying processes and providing more realistic ways to access instant loans whether you have collateral or not. This article will cover a list of instant loans you can access on Wema Bank today.

Types of Wema Bank Instant Loan without Collateral

  1. School Fees Advance: this loan facility is designed to finance the payment of your child’s/ward’s school fees for schools/institutions in Nigeria only. It is available to members of staff of public and reputable private organizations whose salaries are domiciled with the Bank i.e. individuals who have a salary account with Wema Bank.

The minimum facility amount that can be requested  is ₦50,000 while the maximum facility amount is up to ₦3,000,000. Nursery/Primary/Secondary schools have a maximum tenor of 3 months and a maximum tenor of 12 months applies for tertiary institutions. School fees will be paid directly to the child’s school so you don’t have to worry about anything.

  1. Wema Asset Acquisition Scheme (WAAS): Let’s help you do the heavy lifting of buying a new car, pre-owned imported vehicles or a mid-size generator with an asset loan payable in up to four years. WAAS is also open to businesses that want to motivate their staff with group loans. The loan facility is as low as ₦500,000 and it covers assets like pre-owned and new vehicles, and mid-size generators only. Facility runs from 6 to 48 consecutive months.
  2. Personal Loan: this is a loan facility currently available to employees who operate a Salary Current or Savings Account with Wema Bank. It is also available for formally employed staff of companies/employers pre-approved by Wema Bank and groups of salary earners under an association. With this product, you can cover medical bills, purchase a car, make home improvements, give your side hustle a little boost, pay for training to improve yourself, and do so much more!

The personal loan will be disbursed into a salary account domiciled with the Bank.

This product has a maximum loan tenure of 36 months. Loan Top-up is available only after 6 months of regular monthly down payments.

  1. Term Loans: It is designed to finance asset acquisition, general capacity expansion and long-term financing needs. It could also be used for specific expansionary purposes or clearly identifiable cash projects of specific amounts. Term loans may be short term (up to 1 year), medium-term (1 – 5 years) or long term (above 5 years).
  2. Lease Finance Facility: this type of loan is granted to finance the acquisition of an asset e.g., motor vehicles, generating sets etc. Leasing refers to a mode of financing that allows the use of equipment in return for agreed lease payments. It is a financing option for the acquisition or use of an asset. Two major types of leasing exist namely: Finance and Operating Lease. The owner of the equipment or asset is referred to as the ‘Lessor’ while the user is called the ‘Lessee’.
  3. Small Business Loans (SME) Loans: Wema Bank offers a range of suitable small business loans or financing options to help your business grow. We understand that a small or medium scale business has its challenges, business needs and expansion needs and have provided a variety so you can pick what suits you best.
  4. Business Support Facility: This facility is designed to help business finance stock and other business needs. It is available to customers trading in all business segments with regular credit/debit transactions and open to persons trading in their personal names as well. Minimum loan amount ₦100,000 while maximum loan amount is ₦5,000,000. Maximum tenor is 12 months and interest rates are very favorable.
  5. CBN SME Loan: you can leverage CBN SME Loan to grow and expand your business. At Wema, we offer an array of MSME banking solutions designed to meet your dynamic business needs. We can help you grow your business by providing highly competitive offerings and financial advisory services for Micro, Small businesses, and Medium Enterprises (MSMEs).

From managing your working capital, aiding business expansion, business protection, and increasing your yield. You can leverage a CBN SME loan to scale your business.

How To Get Wema Bank Instant Loan without Collateral

Wema Bank instant loans without collateral can be initiated by visiting any of their physical offices between 8m – 4pm. You can also contact them at the comfort of your home or office or wherever you are through the consumer loan portal on their official website www.wemabank.com.

Why not open an account with Wema Bank now to benefit from all the available financial support? Remember, this could be the step to the big break in your life, business or child’s education. Trust Wema Bank Instant Loans with your money needs today!

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Comments expressed here do not reflect the opinions of vanguard newspapers or any employee thereof.