Author Taiwo Temitope-Adesope
Looking for a reliable financial solution to cover your immediate expenses or fund a significant purchase? Wema Bank, a leading financial institution in Nigeria, presents an array of financial products and services tailored to meet the diverse needs of its customers. In this guide, we'll delve into the specifics of the Wema Bank personal loan, addressing all your pressing inquiries about Wema bank personal loans, from eligibility criteria to wema bank code and loan disbursement methods.
Wema Bank is one of the pioneers of Africa’s digital bank, ALAT, and one of Nigeria’s most resilient banks.
The Wema Personal Loan is a loan facility currently available to employees who operate a Salary Current or Savings Account with Wema Bank.
This product is also available for employed staff of companies/employers pre-approved by Wema Bank and groups of salary earners under an association.
FAQs about Wema Personal Loan
What is the minimum and maximum loan amount I can borrow?
The minimum Wema Personal Loan amount you can access is N100,000.
Higher loan amounts are typically determined by factors like your income, creditworthiness, and repayment capacity.
What is the USSD Code to take out a loan from Wema Bank?
The Wema Bank Code is –94565#
What is the loan tenure or repayment period?
The loan tenure, or repayment period, for Wema Personal Loans is six months.
What is the interest rate for Wema Personal Loans?
The Wema Personal Loans attract a monthly interest rate of 2%.
Do I need collateral to secure a Wema Personal Loan?
The Wema Personal Loan is unsecured, meaning you don't need collateral to secure the loan.
What documents do I need to apply for a Wema Personal Loan?
To access the Wema Personal Loan, borrowers are required to provide their Bank Verification Number (BVN).
How is the loan disbursed?
The bank disburses the loan in the form of a lump sum directly paid into your Wema bank account in your ALAT app.
How to Apply for Wema Personal Loan on nairaCompare
1. Click on ‘Wema Personal Loan’
2. Read through the information on the product page to get more details about the product.
3. Click on ‘Apply’ to begin the application process.
4. Fill in your personal details.
5. Submit your application form for review and processing.
6. After successfully reviewing your application, you will receive an email notification confirming your application.
Before applying for a loan, it is important to compare options in order to select a loan that’s best suited to your needs and circumstance. nairaCompare has a wide range of loan options you can compare and choose from.
Visit nairaCompare and start comparing the Wema bank personal loans to loans from other trusted providers!
More About Wema Personal Loan
The Wema Personal loan is disbursed from the ALAT digital bank app through a seamless, hassle-free process.
ALAT enables customers to apply for a loan entirely online, from the comfort of their homes or offices without paperwork.
The response time between acceptance of the offer and loan disbursement is in minutes. You can now borrow as much as N2,000,000 (Two million naira) without collateral.
The loan is available to existing salary account holders, based on salary domiciliation.
Visit nairaCompare to learn more about the Wema Personal Loan and other loans available.
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Taiwo Temitope-Adesope
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