The United Bank for Africa (UBA) has launched ‘Click Credit’, a loan product designed to address the urgent needs of customers who have salary accounts with the bank.
According to a statement released by the bank, customers can apply for loans up to N5 million and pay back over a 12-month period at an interest rate of 1.58% per month.
The bank said salary earners who earn at least N25,000 and are aged between 18 and 59 are eligible for the loan without the need for collateral or paperwork at no extra fees.
Commenting on the product, Jude Anele, UBA’s group of retail banking, said some customers have begun to enjoy the service after eligibility was confirmed in less than a minute.
“As Africa’s most innovative and technology-driven financial institution with an array of novel products and services tailored to the needs of its millions of customers, we have launched Click Credit, which is straightforward and more affordable than many other loan products in the market. It’s a unique feature is that it meets a critical credit need for our customers,” he said.
Anele explained that the product has been rolled out in Nigeria before subsequent release in other countries where UBA operates.
On her part, Dupe Olusola, UBA’s group head of marketing, said the bank is committed to empowering its customers to fund their urgent needs.