How To Apply For Wema Bank Collateral Free SME Loans

In a bid to help fight against poverty in Nigeria, Wema Bank introduced a collateral-free loan to support Small and Medium Enterprises (SMEs) across the country. In this piece, we will show you how to access Wema bank collateral-free SME loans.

It is crucial to keep in mind that the Wema Bank SME loan is ‘collateral free’, and you can access up to N10,000,000 to meet your short-term business needs. You may also like to check out list of banks offering loans without collateral in Nigeria.

This facility is open to business owners who are in ‘segments’ such as trade, pharmacies, schools, hospitals, clinics and diagnostic centres. Also, the loan is open to both new and existing customers of the Bank, including those doing business with their personal names.

How much loan you can access from Wema Bank

Businesses that are into trading or general commerce can access up to N5,000,000 loan.
School owners can access up to N10,000,000.
Health sector businesses owners like Pharmacies, hospitals, clinics and diagnostic centres can access up to N5,000,000.

Note: the loan is without collateral, and the repayment period is 12 months.

Wema bank has earlier suspended loan repayments for SMEs for 3 months to mitigate the crippling effects of the poverty on small and medium scale business in Nigeria. With this, we can say Wema bank is SMEs friendly bank, feel free to get your loan from them.

Requirements for Wema bank SME loans

National Identification Number (NIN)
Bank Verification Number (BVN)
Valid means of identification
Business profile and plan.

How to apply for Wema bank SME loans

To apply for Wema bank loan, kindly visit any of the Wema bank branches nearest to you. The online application is yet to activated for SME loan. We will inform you when the online application open.