Personal Loan (Fixed Term Loan)
If you are employed by a recognized organization and you operate a Salary Current or Savings Account with them, and you need a loan, their Personal Loan is for you.
Features and Benefits
- Available to existing salary account holders, based on salary domiciliation.
- New customers, will in addition to salary domiciliation, provide evidence of consistent salary payment for most recent 3 months.
- Maximum loan amount is 7 multiples of net monthly salary, subject to a maximum of N2 million
- Maximum loan tenor of 36 months.
- Loan Top-up available after 6 months of regular monthly down payments.
- 48 hours loan disbursement.
- Available to confirmed employees only.
- Apply for loans & overdrafts at the convenience of your office
- Low turnaround time for loan & overdraft disbursement (48 hours)
- Zero account maintenance fee on the current account
- Access to mobile & Internet Banking services
- Duly completed loan application form & executed offer section
- Letter of Introduction signed by an authorized signatory of employer
- Irrevocable letter of salary domiciliation (duly executed by employer’s authorized signatory). Please note that the signatories must be independently verified by a representative of Wema Bank
- Proof of income (3 months’ pay slip or 3 months account statement)
- Proof of address (Physical visitation and report by bank representative) supported with a copy of recent utility bill
- Proof of identity (Staff ID is acceptable but National ID, International Passport or Driver’s License may be required where necessary)
SCHOOL FEES ADVANCE
Get to pay your children’s school fees with ease. Do you need a short-term loan to pay the School Fees of your children? Use Wema School Fees Advance.
Features and Benefits
- Minimum Facility Amount of N50, 000.
- Maximum Facility Amount of N3, 000,000.
- Maximum tenor of 3 months (For Nursery/Primary/Secondary schools) and Maximum tenor of 9 months (for tertiary institutions) per request
- School/Tuition fees will be paid directly to the child/ward’s school
- Repayment: Equal monthly repayments or bullet repayment comprising of principal and interest
- Shall not exceed 60% of parent/guardian net monthly salary
- Maximum number of children is four subject to DSR (Debt Service Ratio) restriction
- Supports the parent/guardian’s desire to give their child quality education
- Access to funds for early payment of child/ward’s school fees
- Borrowers employer does not have to be listed with the Bank
- No collateral needed
- Easy renewal of loan
- Flexible repayment terms
- Cheaper interest rate on loan based on operation of Royal kiddies/Purple account
- Completed School Fees Advance application form
- Letter of introduction: This is to determine the employment status of the parent/guardian
- Irrevocable letter of domiciliation from the employer: This is to ensure that the parent/guardians salary will remain with Wema Bank until the advance is liquidated
- Invoice of School/tuition fees
- Proof of identity (Driver’s license, National ID, International Passport or Voters card) Employment ID is not sufficient
- Proof of address i.e. utility bill
- Last three month’s pay slip
- Six months’ salary statement of account (for customers whose salary accounts cannot be or are not domiciled with Wema Bank)