About the Loan
The UBA No Wahala Loan Suite gives military and paramilitary personnel access to a range of financing solutions designed to support the things that matter. Whether it’s taking care of a personal need, getting a vehicle, acquiring an asset or securing a home, the No Wahala Loan Suite has you covered.
N0 Wahala Suite Offerings
Personal Loan
- For your personal needs, access up to ₦20 million, repayable over 60 months.
Asset Finance
- Need to acquire an asset? Access up to ₦15 million, and spread payments across 36 months.
Auto Loan
- Access funds for your next vehicle. Get up to ₦50 million, with up to 48 months to repay.
Asset-Backed Loan
- Put your eligible investments to work and access financing based on the applicable Loan-to-Value (LTV), with a 12-month repayment period and rollover option.
MREIF Mortgage Scheme
- Take a step towards owning your home with access to up to ₦100 million, and up to 20 years to repay, subject to retirement age.
Exclusive Rates
- Enjoy reduced interest rates on selected loan offerings as military or paramilitary personnel.
- 27% p.a. on your Personal Loan instead of the standard 37% p.a. rate for regular loans.
- 25% p.a. on Asset Finance instead of the standard 32% p.a. rate.
- 25% p.a. on Auto Loan instead of the standard 30% p.a. rate.
Requirements
- IPPIS or Letter of Awareness, valid ID (NIN, Driver’s License, International Passport, Voter’s Card) and your Military or Paramilitary staff ID.
How to Apply
Please fill out the form.
Frequently Asked Questions
Here is everything you need to know about the UBA No Wahala Loan.
What are the current interest rates?
Personal Loan: 27% p.a.
Asset Finance: 25% p.a.
Auto Loan: 25% p.a.
Asset-Backed Loan: 10% spread on Fixed Deposit, 26% p.a. for Treasury Bills and 26% p.a. for Federal Government Bonds
MREIF Mortgage: 9.75%–12% p.a. blended rate
What is the Debt Service Ratio (DSR)?
The DSR is 40% for Personal Loan, Asset Finance, Auto Loan and MREIF Mortgage. For Asset-Backed Loan, the amount is determined by the applicable LTV of the pledged investment.
Is there a management fee?
Yes. A 1% management fee applies across the five products.
Is Credit Life Insurance applicable?
Yes, depending on the product. Personal Loan: 1.5%; Asset Finance: 1%–1.5%; Auto Loan: 1.5% one-off upfront; Asset-Backed Loan: Not applicable; MREIF Mortgage: Negotiable.
Is property insurance required?
It applies to Asset Finance, Auto Loan and MREIF Mortgage, based on the applicable terms.
Where can I get further assistance?
Customers can contact Consumer Lending, the Consumer Lending Regional Coordinators, or UBA's 24-hour Customer Fulfilment Centre (CFC).
Contact Address:
consumerlending@ubagroup.com | consumerlendingregionalcoordinators@ubagroup.com
For further assistance, contact our 24-hour Customer Fulfilment Centre (CFC): +2342012808822 | +2347002255822 | cfc@ubagroup.com