Loans/Finance

How To Apply For Wema Bank Collateral-Free SME Loans

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In a bid to help fight against COVID19 pandemic, Wema Bank introduced a collateral-free loans to support Small and Medium Enterprises (SMEs) across Nigeria. In this piece, we will show you how to acc ess Wema bank collateral-free SME loans in Nigeria.

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The Wema Bank SME loan is collateral free, and you can access up to N10 million to meet your short–term business needs. Also 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. Check out List of Federal Government Free-Interest Loans (See how to apply).

Contents

1 How much loan you can access
2 Requirements for Wema bank collateral-free SME loans
3 How to apply for Wema bank collateral-free SME loans
4 Wema bank personal loan
5 Other loan opportunities for you
6 Related

Also Read: CBN Introduces N500m Grant For Undergraduates And Graduates

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.

Also Read: Secret to getting high loan limit from lending apps

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.