UBA, A brand that made a difference through lending in a turbulent time
All over the world the COVID 19 pandemic left in its trail a significant dose of woes on many, who lost quite a lot of loved ones. Globally Businesses are still smarting from the pangs of the contagion. Nigeria’s fragile economy is even worse hit and has been grappling to recover fully from the economic recession it is currently enmeshed in. A lot of businesses have since crumbled due to the harsh business climate and low purchasing power of Nigerians. Amid these challenges, more and more businesses need credit facilities to stay afloat but have been starved off the needed funds to do so because of the seeming apathy of banks in giving credit to businesses.However, a few banks, including, United Bank for Africa, stood out from the crowd, shedding this toga of indifference to SME’s and individuals. Instead they have become the lifeline of these businesses helping them overcome the trying times and stimulating unprecedented economic growth in the process. United Bank for example was innovative enough to help weather the storm with several loan facilities that practically helped change the narrative and eventually catalyse growth… UBA lent to its customers, a total of N178 billion, in the three months under review to put its loan portfolio to customers at N2.733 trillion, from N2.555 trillion… Below are some of the banks products which made the difference and transformed lives:Our loan products are tailored specifically to meet the varying needs of all our customers. The bank is now starting a campaign aimed at creating more awareness for a variety of our loan products targeted at people from different works of life Target Audience StudentsYoung ProfessionalsEstablished ProfessionalsSelf-employedSMEsSalary earners (Including those whose salary is not domiciled in the bank.ArtisanNigerians living in diaspora CLICK CREDITThis is an automated loan with no form of documentation, paperwork or queue. Customers can get up to 1 million naira instantly and pay through a period of 12 months. This loan product of UBA is known for speed, efficiency and competitive rate. This product is available to all salaried customers.Customers can apply by:Dialing *919*28#Sending “Loan” to LeoClicking on the “Click Credit” feature on Mobile app or Internet bankingRequired DocumentsNo document requiredUBA Structured LoansPersonal LoansAuto LoansAsset FinanceMortgage Personal LoansA product designed to aid the finance of the day-to-day personal needs of our customers. Available to employees of enlisted counterparties whose salaries and other emoluments are currently being paid through UBA OR are willing to transfer their accounts to UBA.Required DocumentsLetter of introduction and awareness from EmployerCopy of customer’s Staff IDCopy of customer’s Valid IDDuly Accepted offer letterDuly filled loan application form Asset FinanceThis product is designed to facilitate the purchase of physical assets ranging from household appliances to alternative power solutions and devices by our retail customers through approved partnering vendors, giving them the convenience to pay over a period. Customers must be employees of Bank’s approved counterparties.Required DocumentsLetter of introduction and awareness from employerCopy of customer’s staff IDCopy of customer’s valid IDProforma invoice in UBA/customer’s nameDuly filled loan application formAccepted offer letter MortgageUBA Mortgage Loan is a product designed to part-finance the acquisition of residential real estate by salary earners whose employers are listed on the Bank’s approved counterparty list. The product is targeted at High Net Worth Individuals (HNIs) with predictable and sustainable income. The product is to enable customers buy fully developed properties or draw equity from their home as loans for specific purposes UBA Personal Loan – DirectUBA Personal Loan – Direct is a variant of UBA Personal Loan product targeted at civil servants whose salaries are not domiciled with UBA. The product is designed to offer personal loans to civil servants who have difficulties in changing their salary accounts from other banks to UBA.This loan is available to: Federal Civil Servants that are enrolled on IPPIS Platform. State Civil Servants – State Civil Servants (this will be limited to states whose salary are managed by ICT firm)Required DocumentsDuly filled loan application formCopy of customer’s staff IDCopy of customer’s valid IDCustomer’s instruction letter UBA FX Cash Backed LoanUBA FX Cash Backed Loan is a term loan designed for Nigerians that operate FX accounts with the Bank. Customers can get up to 10 million naira for investment purposes or to meet the financial needs of relatives in Nigeria.The product is targeted at the following categories of customers:Domiciliary Account HoldersNigerians in Diaspora with FX accounts with UBABeneficiaries of Remittances from abroadIncome Earners in FXCustomers with cash-funded FX deposits. SME LOANSWorking Capital LoanThe UBA Working Capital loan offers up to NGN50M to help business owners meet their cash flow needs and expand their business. A flexible collateral cover will be required depending on the loan amount and the nature of customer’s business.This loan product is targeted at– Customers with verifiable credit net worth whose cash flow patterns meet the requirement for lending– Other structured groups / business clusters UBA Asset Finance for SMEsWith the UBA SME Asset finance loan, you can get funding to purchase new assets and also expand your business. It is available to registered SMEs in the following business types:Food & DrinkWholesale/Retail Trade & Key DistributorsEntertainment & RecreationAgri-BusinessGreen Economy and FintechsExportsProfessional Firms & Service Providers.Educational InstitutionsOther viable Business Segments UBA School LoansThis is a medium to long term facility aimed at meeting working capital, asset and mortgage needs of registered privately–owned schools. The bouquet comprises of a 4-month time loan, a 3-year asset finance loan and a 10-year mortgage loan. UBA Health LoanThe UBA Health Loan is designed to provide financing to registered hospitals, pharmacies, medical laboratories, diagnostic centres, optical and dental clinics for their business expansion/upgrade, equipment purchase as well and support their cash flow needs.The post UBA, A brand that made a difference through lending in a turbulent time appeared first on Linda Ikeji Blog.
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