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May 27, 2019

WEMA BANK PERSONAL LOAN

 

Wema Asset Acquisition Scheme (WAAS)

The asset finance facility you need.

Features and Benefits

  • Loan facility is as low as N500, 000.
  • Covers assets like new vehicles and mid-size generators only
  • Only brand new assets will be financed
  • Facility runs from 6 to 48 consecutive months
  • Eliminates cash flow burden associated with outright purchase of asset/equipment
  • Allows beneficiary to own now, use now & pay later through pre-agreed convenient repayments
  • Enables organizations to motivate their staff through the group asset acquisition schemes
  • Competitive interest rate and fee structure

Documents Required

  1. For Salaried Individual with Account Domiciled in Wema Bank
  2. Properly completed WAAS Application Form
  3. Letter of Introduction from employer’s HR (Branch verified)
  4. Means of Identification (National Driver’s License, International Passport, National ID & office ID Card)
  5. Latest 3 months pay slip
  6. Authenticated & recent 3 months bank Statement
  7. Residential Utility Bill + Customer Visitation Form for KYC
  8. Pro-forma Invoice issued in the name of Wema Bank
  9. Favorable Credit Bureau Report and completed CRMS 100 Form
  10. 1 month salary Credit to Wema Bank Salary Account
  11. Employer Endorsed Salary Domiciliation Letter
  12. Direct Debit Authorization & Irrevocable Undertaking To Fund Personal Current Account

 

  1. For Salaried Individuals where Account Not Domiciled in Wema Bank
  2. Properly completed WAAS Application Form
  3. Letter of Introduction from employer’s HR (Branch verified)
  4. Means of Identification (National Driver’s License, International Passport, National ID& office ID Card)
  5. Latest 3 months pay slip
  6. Authenticated & recent 3 months bank Statement
  7. Residential Utility Bill + Customer Visitation Form (KYC)
  8. Pro-forma Invoice from the bank approved vendor issued in the name of Wema Bank
  9. Favorable Credit Bureau Report and completed CRMS 100 Form
  10. Irrevocable Standing Order From Client’s Bank in favor of Client’s Wema Bank Personal Current Account
  11. Direct Debit Authorization & Irrevocable Undertaking to fund Personal Current Account.

 

  1. For Self Employed Professional
  2. Completed Application Form
  3. Personal Current Account with Wema Bank
  4. Letter of Introduction duly endorsed by a company director
  5. Means of Identification (Statutory and Official)
  6. Authenticated & recent 12-month bank Statement
  7. Residential Utility Bill + Customer Visitation Form (KYC)
  8. Certificate of Registration/incorporation
  9. Particulars of Directors
  10. Corporate/Company Profile
  11. Pro-forma Invoice issued in the name of Wema Bank
  12. Favorable Credit Bureau Report and completed CRMS 100 Form
  13. Direct Debit Authorization & Irrevocable Undertaking
  14. Duly completed loan application form & executed offer section
  15. Letter of introduction signed by an authorized signatory of employer
  16. Irrevocable letter of salary domiciliation (duly executed by employer’s authorized signatory)
    > The signatories must be independently verified by a representative of Wema Bank
  17. Proof of income (3 months’ pay slip or 3 months account statement)
  18. Proof of address (Physical visitation and report by RM) supported with a copy of recent utility bill.
  19. Proof of identity (Staff ID is acceptable but National ID, International Passport or Driver’s License may be required where necessary)

WEMA BANK AGRICULTURE FINANCE

Get working capital finance to meet your expenses

Agricultural Finance refers to facilities granted for the following purposes:

  • Agricultural Production Loans for inputs like seeds, fertilizers, pesticides, etc. Production Loans also include working capital finance to meet expenses of various natures attributable to farming.
  • Farm Development Finance for improvement of agricultural land, orchards, nurseries, agro-allied industries, bakeries, animal husbandry, horticulture, etc.) And construction of storage facilities, etc. for storage of seeds, raw agriculture/farm produces.
  • Agricultural Finance Lease for the purchase of agricultural machinery and equipment like tractors, threshers, etc.
  • Non-fund based facility (e.g., Letters of Credit) for procurement or importation of agricultural supplies etc. by corporate and non- corporate farmers.
  • Non-farm credit includes financing for livestock such as dairy, poultry and fisheries, etc.

Agriculture Financing shall not include loans to traders and intermediaries engaged in trading/processing of agriculture commodities. Such lending would be covered under Prudential Guidelines for Corporate/ Commercial Banking or SME Financing.

However, agricultural financing can be extended to entities (including corporate farms, partnerships and individuals) engaged in farming activity, as well as processing, packaging and marketing of mainly their own agricultural produce, provided 75% of the agriculture produce being processed, packaged and marketed is produced by the above-mentioned entities themselves.

Documents Required

  1. Confirmation of cheque/draft from authorized signatories of the issuing institution
  2. Number of returned cheques in the last 6 months

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