Wema Bank Plc is a Nigerian commercial bank. It is licensed by the Central Bank of Nigeria; the regulator of the nation’s banking sector. The bank is headquartered in Lagos, Nigeria, and has a network of over 350 branches and 700 ATMs across the country.
Wema Bank is the pioneer of Africa’s first fully digital bank, ALAT. ALAT is a mobile-only bank that allows customers to open an account and manage their finances without ever having to visit a branch. ALAT customers can send and receive money, pay bills, invest, and save, all from their smartphones.
How to get Wema Bank loan
To get a Wema Bank loan, you can visit any of their physical offices or apply online through their website. You will need to provide some basic information, such as your name, address, and income. You may also need to provide proof of employment and a recent bank statement. The interest rate on Wema Bank loans will vary depending on your credit score and the amount of money you borrow.
Types of available loans for Wema bank
- Personal loans: These loans are available to salary earners and offer up to 7 times your net income, subject to a maximum of 2 million naira. The interest rate is 17.75% per annum and the loan tenor is up to 36 months.
- Business loans: These loans are available to businesses of all sizes and offer up to 100 million naira. The interest rate is 19.75% per annum and the loan tenor is up to 60 months.
- Mortgage loans: These loans are available to individuals who want to buy a house. The loan amount can be up to 300 million naira and the interest rate is 18.75% per annum. The loan tenor is up to 30 years.
- Car loans: These loans are available to individuals who want to buy a car. The loan amount can be up to 30 million naira and the interest rate is 19.75% per annum. The loan tenor is up to 7 years.
- Education loans: These loans are available to students who want to further their education. The loan amount can be up to 10 million naira and the interest rate is 17.75% per annum. The loan tenor is up to 5 years.
- Wema Asset Acquisition Scheme (WASS): This loan category covers loans you might need when acquiring a new asset. It also offers its services regarding staff loans for businesses.
- School Fees Advance: This loan category extends a hand of help to you when in a fix for children’s school fees. It affords you up to 3 million naira advance and has a minimum facility amount of ₦50,000.
To apply for a loan from Wema Bank, you can visit any of their branches or apply online. You will need to provide some basic information, such as your name, address, and contact details. You will also need to provide proof of income and employment.
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The interest rate on a loan from Wema Bank will vary depending on the type of loan you apply for and your credit history. You can find more information about the interest rates on Wema Bank’s website.
Once you have applied for a loan, Wema Bank will review your application and let you know if you have been approved. If you are approved, the funds will be disbursed to your account within 48 hours.
To learn more about the different types of loans available from Wema Bank, you can visit their website or contact their customer service department.
How soon do I have to pay back my Wema bank loan?
It depends on the type of loan you have taken from Wema Bank. For instance, the repayment term for a Personal Loan is up to 36 months, while the repayment term for a Salary Based Loan is between 3 to 24 months. You can check the repayment term for your specific loan on Wema Bank’s website or by contacting their customer service.
Wema Bank offers a variety of loan options with different repayment terms. It is important to carefully review the terms and conditions of your loan agreement to understand when your payments are due. If you have any questions or need assistance, Wema Bank’s customer service department is available to help. Whether you choose to visit their website or contact them directly, they will be able to provide you with the necessary information regarding your loan repayment.
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