{"@context":"https://schema.org","@type":"Article","mainEntityOfPage":{"@type":"WebPage","@id":"https://alat.ng/articles/personal-and-small-business-loans-from-wema-all-you-need-to-know-"},"headline":"Personal and Small Business Loans from Wema, All You Need to Know\r\n","description":"Do you need a quick loan for some personal financial obligation (child education, medical care, asset acquisition, etc) or for your business? This article will explain everything you need to know about personal and SME loans.","articleBody":"

Do you need a quick loan for some personal financial obligation (child education, medical care, asset acquisition, etc) or for your business? This article will explain everything you need to know about personal and SME loans (https://wemarestore.azurewebsites.net/smes/sme-loans/) from Wema Bank (https://wemarestore.azurewebsites.net/) including how to apply.

WEMA Bank Personal Loans (https://www.wemabank.com/personal-and-small-business-loans-from-wema-all-you-need-to-know/#wema-bank-personal-loans

WEMA Bank Business Loans (https://www.wemabank.com/personal-and-small-business-loans-from-wema-all-you-need-to-know/#wema-bank-business-loans) .

Pharma Loan (https://www.wemabank.com/personal-and-small-business-loans-from-wema-all-you-need-to-know/#pharma-loan)

Medi Loan (https://www.wemabank.com/personal-and-small-business-loans-from-wema-all-you-need-to-know/#medi-loan)

School Support Facility Loan (https://www.wemabank.com/personal-and-small-business-loans-from-wema-all-you-need-to-know/#school-support-facility-loan).

Development Bank of Nigeria (DBN) Facility (https://www.wemabank.com/personal-and-small-business-loans-from-wema-all-you-need-to-know/#development-bank-of-nigeria-dbn-facility)

WEMA Bank Personal Loans

Every now and then, people find themselves in dire need of money whether it's for personal or business reasons. It is a well-known fact that running a business comes with a lot of challenges, and capital is a major one. Businesses that are capital intensive may require the owner to seek loans from family, friends, or external sources. Loans are needed to finance and upscale businesses as well as take care of personal needs.

In our personal lives, emergencies can crop up which inevitably demands that we make a move to get a loan. This could be a home or device repair, an unexpected travel emergency, or medical expenses, and getting a loan would go a long way in preventing one from being stranded. Also, lack of information also makes us go in the wrong direction.

Generally, qualifying for a business loan in Nigeria hinges on the profitability of the business (clearly stated in the business plan), while for personal loans, it's determined by the individual's ability to pay back.

There are several agencies that offer loans in Nigeria but Wema Bank offers some of the best options and makes access to loans considerably easier.

WEMA Bank Business Loans

Here are some of the business loans (https://wemarestore.azurewebsites.net/ufaqs/what-is-a-business-loan/) offered by Wema bank:

Pharma Loan

This loan is targeted at supporting pharmacies and drug store owners with working capital to finance their business. Applying customers can get up to N5m without collateral.

Features & Benefits of Pharma Loan

Available to all licensed retail pharmacies.
Must have been in business for a year or more.
Minimum loan amount N100,000. Maximum loan amount N5,000,000
Open to new customers.
The maximum tenor is 12 months.
Competitive interest rate
Access to mobile & internet banking services
Required Documentation for Pharma Loan
Customer’s application letter
Certificate of Incorporation/Registration
12 months bank statement
Copy of current practice license of the Pharmacist.
Copy of certificate of retention of premises.
Personal Guaranty of the Promoter/Obligor supported with the affidavit or the statement of net worth.
Insurance covering burglary and special peril noting Wema Bank as first loss payee.

Medi Loan

Wema Medi Loan is designed to meet the short-term working capital needs of private hospitals, clinics, and diagnostic laboratories. Customers can get up to N5m to meet the operational needs of their medical institutions.

Features & Benefits of Medi Loan

Available to all licensed private hospitals, clinics, and diagnostic centers.
Minimum loan amount N100,000. Maximum loan amount N5,000,000
Open to new to bank customers
The maximum tenor is 12 months.
Competitive interest rate.
Access to mobile & internet banking services.
Required Documentation for Medi Loan
Customer’s application letter
Certificate of Incorporation/Registration
12 months bank statement
Copy of current practice license of the Doctor or Medical Lab Scientist as issued by the Medical & Dental Council of Nigeria or Medical Laboratory Council of Nigeria.
Personal Guaranty of the Promoter/Obligor supported with sworn affidavit or statement of net worth.
Insurance covering burglary and special peril noting Wema Bank as first loss payee.

School Support Facility Loan

This loan facility is designed to support the running costs of educational institutions. Privately owned schools can get up to N10,000,000 to meet the school’s recurrent expenditure.

Features & Benefits of School Support Facility Loan

Available to privately owned creches, nursery, primary, secondary and vocational schools
Minimum of N3,000,000 annual fees collections
The school must have operated for at least 2 academic sessions.
Minimum loan amount N200,000. Maximum N10,000,000
The maximum tenor is 12 months.
Competitive interest rate
Access to mobile & internet services
Termly or monthly repayment
Open to new customers
Required Documentation for School Support Facility Loan
Customer’s application letter
Copy of certificate showing approval and registration with the appropriate regulatory authority.
Copy of Certificate of Incorporation/Registration
12 months bank statement
Proof of address
Personal Guaranty of the Promoter/Obligor supported with sworn affidavit or statement of net worth.
Insurance covering burglary and special peril noting Wema Bank as first loss payee.

Development Bank of Nigeria (DBN) Facility

As an SME-friendly Bank, Wema bank has partnered with DBN to provide funding to SMEs at a very affordable rate and engender inclusive growth.

Features & Benefits of DBN Loan

The product finances working capital and fixed asset acquisition.
SMEs can access up to N200m and Small Corporates can get up to N720m.
Up to 5 years maximum tenor
Competitive interest rate
Required Documentation for a DBN Loan
Customer’s application letter
Business Plan and Company Profile
12 months bank statement
Provision of acceptable collateral
Proof of Address
Copies of Incorporation documents
Details of the Directors/Promoters of the business.

So, if you want to make your business journey a little easier, consider getting any of these loans. Simply click here to get a loan from any (https://wemarestore.azurewebsites.net/personal/consumer-loans/) Wema bank branch with the required documentation and confirm if you're eligible for a loan.

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