It is always helpful when commercial banks in conjunction with CBN give loans to Nigerians because it will be easily accessible and have easy requirements.
Wema always have different loans that suit different businesses either micro, small or medium enterprises .. MSMEs
CBN aim to increase the productivity of the country’s business person by offering loans to MSMEs with low interest.
Wema bank is not only business friendly bank but helps the situation of the country with different loans like Business Loans, Pharma loans, Medi loans, School Support Facility Loans also Development Bank of Nigeria (DBN) Facility loans.
Let me quickly take you through the process and requirements
Wema Bank Business Loan
This is the type of loan available for all established businesses and MSMEs to upscale their business.
Wema provide different business loan supports like Business Support Facility, School Support Loan, Development Bank of Nigeria Loan (DBN), and Creative Industry Financing Initiative (CIFI)
You can easily apply by working at any of wema bank branches to complete the application
But do I need collateral?
Only DBN Loan require collateral others depend on the product interest
How is the repayment like
It varies depending on the facility:
Business Support Facility – 12 Months, DBN – 5 Years, CIFI – 10 Years, School Support Loan – 12 Months, Term Loan for Gaming Value Chain 12 Months all rates vary from 9% to 31%
And also you can Liquidate your loan if your tenor is not yet complete but you feel like also partial liquidation is available.
Development Bank of Nigeria (DBN) Facility SME loan
Wema is an SME-friendly bank they partner with DBN to provide affordable loans to SMEs in the country
Some features
Small Corporates can get up to N720m while SMEs can access up to N200m
Up to 5 years tenor with a competitive interest rate
The loan can be for a working capital loan or fixed asset acquisition
Requirements
- Customer application later
- Company profile and business plan
- Provision of acceptable collateral
- Proof of address
- Details of the promoters of the business
- Copies of registration documents
Pharma Loan
This type of loan really shows that wema really care about the health of the country. This is the type of loan for pharmacies and drug store owners with working capital to finance their business and can get up to N5m without collateral.
Features
- It’s available to all licensed retail pharmacies
- Also available for new customers but the business must be more than a year
- The interest rate is Competitive with a maximum of 12 months tenor
- It ranges from a minimum of 100k to a maximum of 5M
- Its accessible to mobile and internet banking customers
Requirements
Application latter
- 12months bank statements
- You are to bring a copy of your current practice license of the Pharmacist and certificate of retention of premises
- Also, the Personal Guaranty of the Promoter supported with the affidavit or statement of net worth
- Certificate of registration
- Insurance covering burglary & special peril noting Wema Bank as the first loss payee
They have medi loans and school support loans too and if you want to check about this products and other loan products fees, APR percentages, transaction fees, interest rates, you can visit any of Wema Bank branhces in Nigeria or the head office at 54 Marina Rd, Lagos Island 102273, Lagos
