Wema

Interest Rate  (9% – 31%)

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Description

Wema


Wema, incorporated in 1945 as Agbonmagbe Bank Limited, is Nigeria’s longest surviving indigenous bank. The bank became a public limited liability company in 1987 and its shares were listed on The Nigerian Stock Exchange (“NSE”) in 1991. When the bank suffered series of set-backs, the government of the then western Nigeria came in with a rescue take-over bid, purchasing all its shares from its private owners in august 1969. As a result, on 1st of june, 1970, the bank was renamed Wema bank of Nigeria limited and the share capital raised to ₦1million

Products

  • Salary Advance – Their salary advance is designed to provide monthly overdraft to staff of companies, ministries, Parastatals and other government establishments whose salary accounts are domiciled with the Bank. Their Salary Advance is a temporary revolving overdraft with a maximum tenor of 180 days. The customer must have received their salary through their Wema bank account in the last 3 months. Application is done by completing and submitting the Salary Advance application form or through internet banking.
  • Mortgages – Their Mortgage offers credit facilities to customers whose salaries or business proceeds are domiciled with the bank to enable them to own homes in selected cities within the country. The maximum loan amount for low density residential locations in Abuja and Lagos is 150 million, whilst for medium density residential locations in Abuja, Lagos and other state capitals it is 50 million. Repayment can be made in equal monthly repayment comprising principal and interest or annual, semi-annual or quarterly principal repayment while interest will be serviced monthly. The monthly repayment shall not exceed 35% of net monthly salary.
  • Overdraft – It is available to existing salary current account holders with a maximum overdraft limit of N250,000. New customers will have access to overdrafts as soon as the first salary payment is made to the Wema bank salary account. Overdraft to be cleaned up monthly, and will be available for a 12 month tenor. The overdraft may be renewed at expiry, subject to request from customer.

Requirements

Salary Advance

  • 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) 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 RM) 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)

Mortgage

  • Completed Application Form
  • Title Document of Property
  • Offer Letter to Sell property from vendor
  • Valuation report from any of the Banks approved estate valuer

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