Wema Bank Loan Code | How To Borrow Money From Wema Bank

Last Updated on March 15, 2022

Wema Bank Loan code: Borrowing money from Wema Bank has come a long way, and they have introduced a new way to get a quick loan. You do not need to visit the nearest branch and provide documents before you can get a loan. In today’s guide, I will share with you the code you can use to borrow money from Wema Bank with your phone.

Getting a loan in Nigeria is inevitable, whether it’s from a loved one or an institution; almost everyone probably has a story where they had to obtain a loan. The Wema Bank loan is designed to finance that need which made you request for it in the first place.

Are you seeking the code to borrow money from Wema Bank in Nigeria? You have come to the right place. In this article, I will share with you the code you can use to borrow money from Wema Bank.

Wema Bank Loan Code

The code to borrow money from Wema Bank Nigeria is *945*65#. You can access the code on your mobile phone number linked to your Wema Bank account. Also, it is accessible from all networks in Nigeria, including GLO, MTN, Etisalat, 9mobile, and Airtel.

However, borrowing money from Wema Bank through the USSD code is available to all Wema Bank mobile banking customers. Before you can use the code to borrow money from Wema Bank, you must activate their USSD banking service on your phone.

Take note that access to the Wema Bank loan code is only available on your mobile phone number linked to your bank account.

Different Types of Wema Bank Loans

Wema Bank has a wide range of offers for getting a loan in Nigeria that suits personal and business needs. You might get confused in the process of choosing the right fit. For this reason, we have created this exhaustive list of every single Wema Bank loan available and how you can get any one of them.

The types of loans you can borrow at Wema Bank include:

1. School Fees Advance

This loan category extends a hand of help to you when in a fix for children’s school fees. It affords you up to 3 million naira advance and has a minimum facility amount of ₦50,000.

RELATED: Stanbic IBTC Loan Code | How To Borrow Money From Stanbic IBTC

The loan contract spans for a maximum of 3 months for nursery, primary and secondary schools, and 9 months for tertiary institutions per request.  They pay the tuition fees directly to the child’s school.

Documentations required for this Loan are:

1. Completed school fees advance form.
2. Letter of introduction (to determine the employment status of the parent).
3. An irrevocable letter of domiciliation from your employer.
4. Invoice of school/ tuition fees.
5. Valid proof of identity (Driver’s License, National ID, International Passport, or Voter’s Card).
6. Proof of address, i.e. utility bill.
7. Last three months’ payslip.
8. Six month’s salary statement of account for customers whose account is not domicile or cannot be with Wema bank.

2. Wema Asset Acquisition Scheme (WASS)

This category covers loans you might need when acquiring a new asset. It also offers its services regarding staff loans for businesses. The minimum WASS loan facility stands at ₦500,000 and covers assets like new and pre-owned vehicles, and mid-sized generators only. 

The facility runs from 6 to 48 consecutive months and finances only brand new assets.  

Benefits

1. Low equity contribution of 20%.
2. Well-structured fee payment and competitive interest rates.
3. It provides group asset acquisition schemes that enable organizations to motivate staff.
4. Easy own now, use now and pay later.
5. It removes the financial burden associated with outright asset purchases.

Documentations required

For individuals with account domiciled in Wema bank:

1. Completed WAAS application form.
2. Letter of introduction from your employer’s HR.
3. Means of identification.
4. Last 3 months payslip and bank statement.
5. Utility bill and customer KYC form.
6. Pro-forma invoice issued in the bank’s name.
7. Credit Bureau report and completed CRMS 100 form.
8. Wema bank salary account 1-month credit.
9. Domiciliation letter endorsed by your employer.
10. Debit authorization and irrevocable undertaking to fund personal account.

For individuals with account not domiciled in Wema bank, you would require:

Irrevocable standing order from your external bank in favour of your Wema bank account, and personal current account details, in addition to all the documents listed above.

For self-employed professionals:

1. Completed Application Form.
2. Personal Current Account with Wema Bank.
3. Letter of Introduction endorsed by your company’s director.
4. Means of Identification (Statutory and Official).
5. Recent 12-month bank Statement.
6. Utility bill with customer form (KYC).
7. Certificate of Registration/incorporation.
8. Particulars of Directors.
9. Corporate/Company Profile.
10. Pro-forma Invoice issued in the name of Wema Bank.
11. Credit Bureau Report and completed CRMS 100 Form.
12. Direct Debit Authorization & Irrevocable Undertaking.
13. Duly completed loan application form.
14. Letter of introduction signed by your authorized employer.
15. An irrevocable letter of salary domiciliation.
16. A representative of Wema Bank must independently verify Signatories.
17. 3 months’ payslip or account statement as proof of income.
18. Proof of address and a recent copy of utility bill.
19. Proof of identity with staff ID (National ID, international passport or driver’s license may be required).

3. Personal loans

Personal loans are exclusive facilities for salary earners only. It is accessible by employees who operate salary savings or a current account with the bank. 

Other parties that can benefit from this include; formally employed staff of companies pre-approved by Wema bank and groups of salary earners under a registered association.

Loan details and benefits

1. Easy mobile and internet banking services.
2. No maintenance fee on the current account.
3. Quick disbursement (48 hours).
4. Stress-free application process from your office.
5. Loan top-up after 6 regular months of down payments.
6. Maximum loan tenor of 36 months.
7. Highest obtainable loan amount of 7 times of net income subject to a maximum of 2 million.
8. New customers would provide salary domiciliation and 3 months of evidence of consistent salary payment.

Documents Required:

1. Completed loan application form.
2. Letter of introduction (from employer).
3. An irrevocable letter of salary domiciliation.
4. 3 months’ payslip as proof of income.
5. Proof of address supported by a recent utility bill.
6. Proof of identity with staff ID (National ID, international passport or driver’s license may be required).

How soon do I have to pay back my Wema bank loan?

The duration depends on the type of loan, and other precise details in the loan contract. Requirements and obligations are always stated plainly on the loan form, to inform you of all it entails. Ensure you read through thoroughly.

Conclusion

Banking systems provide many new convenient features for customers, and Wema Bank is no exception. They offer some of the best loans for its customers to assess, and their loan services are diversified, meaning there’s something for everyone.

What’s your take on this? We believe this article proves immensely. Please feel free to share this with your friends and colleagues. You can do that by using the social media sharing buttons below. Also, please don’t fail to let us know how you feel about this guide using the comment box below.