How to Apply for Union Bank Loan
Union Bank offers several personal lending products for salary earners, pensioners, business owners and other eligible customers. Its current loan portfolio includes Personal Loan, UnionKash, Salary Advance, Payroll Loans, Senior Citizen Loan and other specialised facilities.
This guide focuses on how to apply for a Union Bank personal loan and explains the major borrowing options, eligibility requirements, loan amounts, repayment periods and application channels.
Union Bank Personal Loan
Union Bank currently lists a Personal Loan for customers with a Union Bank salary account. The bank states that eligible customers can access up to ₦15 million and repay over a maximum period of 60 months.
The published minimum monthly salary for this product is ₦15,000, while the salary domiciliation requirement is currently listed as one month.
How to Apply for Union Bank Personal Loan
- Maintain an eligible Union Bank salary account.
- Confirm that your salary meets the applicable requirement.
- Ensure your account and personal information are up to date.
- Contact Union Bank through an official channel or visit a branch.
- Complete the required loan request.
- Provide any supporting documents requested.
- Allow the bank to assess your credit and affordability.
- Review the loan offer.
- Accept the facility only after understanding the repayment terms.
UnionKash
UnionKash is Union Bank’s instant digital loan service. The bank describes it as a digital facility that allows eligible customers to request funds through a mobile device.
Union Bank currently lists a minimum monthly salary of ₦15,000, a maximum loan amount of ₦500,000 and a 30-day tenor for UnionKash.
How to Apply for UnionKash
Union Bank currently publishes the USSD code:
*826*41#
You can also use the Union Bank Mobile App where the UnionKash loan section is available.
- Dial *826*41# or open the official Union Bank Mobile App.
- Check your loan eligibility.
- Select the loan option.
- Review the amount offered.
- Review the repayment period.
- Accept the terms if you wish to continue.
- Complete the required authentication.
UnionKash Eligibility
Union Bank states that eligible customers should have an active salary or transaction account, good credit history and consistent account activity, together with the other criteria applicable to digital lending.
Union Bank Salary Advance
Union Bank also offers Salary Advance for eligible customers. The bank currently states that customers can access up to 50% of monthly salary and repay over a maximum period of 12 months.
The published minimum monthly salary is ₦15,000 and the salary domiciliation period is one month.
Union Bank Payroll Loans
Payroll loans are designed for salary earners whose income is paid through Union Bank. The Personal Loan under the payroll category provides access to larger amounts than UnionKash for qualifying customers.
The maximum published amount is ₦15 million with a maximum tenor of 60 months.
Union Bank Senior Citizen Loan
Union Bank also provides a facility for eligible retirees. The Senior Citizen Loan is designed for pensioners who meet the bank’s requirements.
The bank currently publishes up to ₦10 million with a maximum tenor of 60 months and a minimum monthly pension of ₦10,000.
UnionFlexi Loans
UnionFlexi is intended for high-income customers. Union Bank currently states that customers earning at least ₦30 million per annum can access up to ₦50 million, subject to the applicable requirements.
Can Business Owners Apply?
Union Bank also provides lending options for self-employed customers and business owners. Its current loan information lists self-employed loans of up to ₦5 million for eligible businesses.
What Documents May Be Required?
The documentation depends on the product. Salary-based applications may require evidence of employment and income, while business lending can require business and financial information.
For any loan application, submit only genuine documents and use official Union Bank channels.
Can You Repay a Union Bank Loan Early?
Union Bank states that customers can repay their loan or part of their loan before the end date. Contact the bank for the correct settlement process and outstanding balance.
What Can Affect Approval?
- Salary level.
- Account activity.
- Existing loans.
- Credit history.
- Employment status.
- Income consistency.
- Ability to service the requested amount.
How to Avoid Union Bank Loan Scams
Use the official Union Bank website, mobile application, USSD service or branch. Never pay an unofficial person to guarantee approval and never disclose your PIN, password or OTP.
Frequently Asked Questions
What is the UnionKash USSD code?
The current Union Bank website lists *826*41# for UnionKash.
How much can I get from UnionKash?
Union Bank currently lists a maximum of ₦500,000 for UnionKash.
What is the Union Bank Personal Loan maximum?
The published maximum for the Personal Loan is ₦15 million.
How long can I repay the Personal Loan?
The published maximum tenor is 60 months.
Can I repay early?
Yes. Union Bank states that customers can repay all or part of their loan before the end date.
Final Thoughts
Union Bank has several loan options for different customer groups. UnionKash provides a digital short-term option, while the Personal Loan provides larger financing for eligible salary-account customers. Compare the amount, repayment period and cost before accepting any facility.
