How To Apply For Wema Bank Collateral-Free SME Loans

To help fight against COVID-19 pandemic, Wema bank introduced collateral-free loans to support Small and Medium Enterprises (SMEs). In this post, we will show you how to access Wema bank collateral-free SME loans in Nigeria.

The Wema Bank SME loan is collateral free, and you can access up to N10 million to meet your short-term business needs.

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

Businesses that are into trading or general commerce can access up to N5 million loan.
School owners can access up to N10 million.
Health sector businesses owners like Pharmacies, hospitals, clinics and diagnostic centres can access up to N5million.

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 with effect from April 1st, 2020, to mitigate the crippling effects of the COVID-19 pandemic 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 collateral-free SME loans

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

How to apply for Wema bank collateral-free SME loans

To apply for Wema bank SME 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. see list of federal government free-interest loan.