Wema bank is one of the bank that give loan instantly in Nigeria without collateral or paper work though most of this loan is below #1,000,000 but even at that the heavy loans are also simple to get.
They are not like other bank which we make you go through different process before you can get a loan. Wema bank caters for all segment of the population, whether you are a business man or you need loan for personal reasons you can always count on them.
The problem now is how to get a loan from them right? This is the exact purpose of this article and not only that you will learn the requirements of the loan and other thing you need to know about wema bank loan.
Types of loan offers by Wema bank
Below are the types of loan offers by wema bank
Wema bank personal loan
Personal loan product of Wema is easy to get you don’t need to go to their bank before you get the loan, with just a click on you phone your account will be credited before 48hrs.
It is targeted at those who have salary account and non salary account.
The pay back period of the loan is up to 36 months. The maximum amount of loan you can get here depends on your salary, Wema bank will give you 70% of your net salary for instance, if you are getting up to #100,000 per moth the amount of loan you can get will be #70,000
Requirement for Wema personal loan
There are requirement you need to meet before you will get this loan and they are
- You must have account with wema bank
- You must have BVN
- You must have government issued ID card
- Letter of introduction from your employer
School fees advance loan
You can only get this loan product from Wema bank branches not on your phone.
it is targeted at parent who want to pay their wards school fees be it nursery, primary and tertiary. In this loan product you can get up to 3m naira but the pay back period for nursery and primary is just 3 months while that of tertiary is 9 months.
Before you can get this kind of loan from wema you need to provide the following
- School invoice
- School identity
- Adrees
- Utility bill
Wema Bank Asset Acquisition Scheme (WASS)
WASS is another loan product from Wema bank targeted at those that want to buy asset, the only problem is that the asset must be new.
The maximum loan you can get is #500,000 and the pay back period is up to 36 months. Below are the requirements you need to meet before you can get the loan
- Bank statement of account spanning three months
- Utility bill
Small Business loan (SME)
Another loan from wema bank is SME loan targeted at those who have business
How to get a loan from Wema bank
Now that you know the types of loan offers by Wema bank what is next is how to get loan from them
There are two way to get loan from Wema bank and they are
- Visit their bank branch
For loan that are more than 1m naira you need to visit their bank branch closer to your location location
2. Online
If it is below #1m such as personal loan you can get that form Wema Alat app or website
How to pay back Wema bank loan
This depends on the types of loan you obtain, for small loan you don’t need to go to the bank, Wema bank will deduct the money automatically from your bank account.
But if it is big loan like school fees advance loan you will need to visit the Wema bank branch in your location
Conclusion
Wema bank is one of the bank that give loan easily and instantly in Nigeria but that does not mean you should collect more than you can pay back. Loan can take you back in the life journey, obtain loan that you know you can pay back.
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