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Union Bank Nigeria Asset Finance Loan Requirements and Application

Union Bank Nigeria Asset Finance offers loans to businesses looking to invest in assets that will increase productivity and profitability, and ultimately lead to more business growth and revenue generation. Here are the requirements of this loan program, as well as an application form you can fill out online.These products and services are only available in Nigeria; visit your local branch if you live outside of the country.

What is a loan from Union Bank asset finance?

A loan from Union Bank asset finance is a type of loan that is specifically designed to help finance the purchase of assets such as operational vehicles or equipment, office equipment  and generators etc. The loan can be used for both new and pre-owned assets, and can be applied for online. In order to qualify for a Union Bank asset finance loan, you will need to have a good credit history and a steady income.

Why should I apply for Union Bank asset finance loan?

There are many reasons to apply for an asset finance loan from Union Bank Nigeria. Firstly, the application process is entirely online, so you can do it from the comfort of your own home. Secondly, the loan can be used for a variety of purposes, including business expansion, equipment purchase, and working capital. Thirdly, Union Bank Nigeria offers competitive interest rates and repayment terms. Fourthly, there is no collateral required for the loan. Fifthly, if approved, Union Bank Nigeria will provide the funds for the asset purchase.

What are the Loan Amounts available?

The loan amounts available through Union Bank Nigeria Asset Finance Loan Application Online range from minimum Amount of N200,000 to maximum Amount of N5,000,000 at a reasonable interest rate, the maximum Tenor is 48 months and No collateral is required. Asset being financed is the collateral for the loan. The amount you are eligible for will be based on your credit score, income, and the value of the asset you are using as collateral. .

What kind of assets are eligible?

To be eligible for an asset finance loan from Union Bank Nigeria, the asset must be listed on the bank’s website as an eligible asset. These assets include: vehicles, machinery, equipment, and generators. All Union Bank Nigeria asset finance loans come with low interest rates which vary depending on the type of asset you are financing.

How much down payment do I need to make?

The amount of down payment you’ll need to make on your Union Bank Nigeria Asset Finance Loan Application will depend on the total cost of the asset you’re looking to finance. In most cases, you’ll need to put down at least 30% of the purchase price in order to get approved for financing. Keep in mind that the more money you’re able to put down upfront, the lower your monthly payments will be. So if you can afford it, try to pay as much as possible upfront.

What should I have ready before going to Union Bank?

Before applying for an asset finance loan with Union Bank Nigeria, you’ll need to have the following items ready:

  • Provide Cashflow statement
  • Customer’s request letter to Union Bank
  • Provide Audited Financials(if applicable)
  • Proforma Invoice of asset to be financed
  • Provide a Copy of Corporate Affairs Commission (CAC) registration certificate
  • And Other documents will be required subject to what we are financing

Steps in applying for an asset finance loan at Union Bank.

1. Complete the Union Bank Nigeria Asset Finance Loan Application form online at Union Bank Website.
2. Include all required documentation with your application.
3. Submit your completed application and documentation to Union Bank.
4. Wait for a decision from Union Bank.
5. If approved, sign the loan agreement and begin making payments. 6. You can also make additional repayments or increase the amount of your monthly repayments at any time by completing a payment request. 7. The loan is paid off when it reaches its maturity date in 15 years (or when you pay off the full balance). 8. If you want to sell or transfer ownership of the asset before then, you will need to ask Union Bank for permission first or complete an early repayment request form.