Union Bank offers a suite of personal loans accessible to both salaried customers and self-employed professionals. With loan amounts reaching up to ₦15 million and flexible repayment terms up to 60 months, these loans are tailored to suit a variety of financial needs and profiles in Nigeria. While interest rates are competitive, the minimum monthly salary required to qualify is ₦15,000 for most personal loan options. A small processing period of one month’s salary domiciliation is also needed, making the process relatively straightforward for bank account holders with steady income.

How to Apply for Union Bank Loans

• Ensure your Union Bank salary account is active
• Dial *826*41# on your mobile phone and follow the prompts
• Alternatively, use the Union Bank Mobile App and navigate to the loans section
• Check your eligibility and complete the application steps
• Receive your loan directly into your account after approval

Pros of Union Bank Loans

Union Bank’s personal loans offer high accessibility, especially for salaried individuals. The application is seamless, with digital channels enabling quick approvals and disbursement. Flexible repayment terms up to five years allow borrowers to manage their finances comfortably.

Cash-backed loan options provide easy access to funds for account holders with savings or investment products. Rewards such as cashback for timely repayment further incentivize responsible borrowing.

Cons of Union Bank Loans

The maximum available loan amount—₦15 million—is primarily accessible to those with higher income levels. Applicants with minimal salary or new customers may only qualify for lower amounts.

For self-employed or non-payroll customers, the maximum amount is generally lower and the required bank relationship length can be a hurdle for new clients. Some loan types require a specific turnover or relationship period.

Verdict

Union Bank personal loans provide a compelling solution for Nigerians seeking flexible, high-value financing with reasonable eligibility. I find the process user-centered and the range of options suitable for diverse needs, from salaried to self-employed customers. If you bank with Union Bank and need a sizable or quick loan, this could be one of the most convenient offers available in the NG market.