Buy a new car, home appliances and alternative power solutions from select discount partners and pay back at your convenience with our convenient financing options.
With a flexible repayment plan that spans up to five years, you can own any asset of your choice!
Benefits
- Access to assets from selected premium dealers
- Access to assets at a discounted rate
- Convenient and flexible repayment plan, up to 60 months period
- Repayment rewards for non-defaults
- Option for fairly used assets available
- Option for equity contribution available
- Competitive interest rates
- Loan amount of up to N50m
Eligibility
Open to all new and existing payroll customers
Documentation
- One-month statement of account showing salary domiciliation in Union bank
- Letter of introduction/undertaking for salary account domiciliation
- Duly completed loan application form.
- Valid means of Identification (International Passport, National Driver’s License, National ID Card and Voters’ Card).
- Duly accepted offer letter
- Transfer instruction
- Sales and lease agreement form
- Proforma invoice with 30 days validity from vendor
Discount partners
We have carefully handpicked top dealers in automobiles, electronics and alternative power solutions. Now you can explore the discounts and see the best fit for you!
Your dream car is a click away! Get up to 4% discount when we finance the purchase of your vehicle at CFAO motors.
How to access
- Visit the nearest outlet to you. Click here to view the list of outlets.
- Make your selection
- Obtain a proforma invoice
Enjoy a 5% discount on durable and innovative electronic products from SIMS Nigeria Limited when you finance the purchase through us.
How to access
- Visit the closest SIMS Nigeria showroom to you or visit https://simsng.com/
- View products and make your selection
- Obtain a proforma invoice
How to apply
- Get pro-forma invoice (PFI) for preferred items from any of the discount partners
- Visit a Union bank branch to complete a loan application form
- Execute an offer letter detailing the loan terms and requirements, following approval—-execute other necessary documentation
- Pick up preferred items from the vendor
| Automobile | Website |
| AFFORDABLE CARS | https://www.affordablecarsng.com/ |
| COSCHARIS MOTORS LTD | https://coscharisgroup.net/coscharis-motors |
| DANA MOTORS LTD | http://www.danagroup.com/dfm-nigeria/ |
| HYUNDAI MOTORS NIGERIA LTD | https://www.hyundai.com/ng/en/hyundai-story/local-company/local-company |
| INEH-MIC AUTOMOBILE COMPANY LTD | https://inehmicmotors.com.ng/ |
| MASSILLIA MOTORS LTD | https://www.mitsubishi-motors.com.ng/en/concessions/mitsubishi-nigeria-massilia-motors/mitsubishi-ijora |
| Automobile | Address |
| OJ AND ELLA MOTORS LTD | House D83, Gat Oboh Drive, B.I.S Drive, Millennium Estate Oniru, Lagos, |
| CONSTANT AUTOS LTD | 164 Awolowo Rd, Oba Akran, Lagos. |
| THP LTD | 272 Akin Adesola St, Victoria Island, Lagos.
|
| WESTSTAR ASSOCIATES LTD | Off Gottlieb Daimler Road, Off Lekki-Epe Expressway, Lekki Lagos.
|
| XPOWADIH NIG LTD | 19 Aidejo street, Victoria Island, Lagos |
| AUTOBRIDGE LTD | Plot 16 Akin Adesola St, Eti-Osa Victoria Island |
Frequently Asked Questions
What is Asset Financing?
The Asset Finance Scheme was developed to aid financing of various types of assets such as vehicles and generators. The primary repayment source for this form of financing is your domiciled salary with the bank.
Are there any age restrictions?
Age range is between 20yrs to 65yrs (depending on retirement age)
What is the minimum salary I need to earn to access this and is there an opportunity for equity contribution?
- A minimum salary of – N15,000 monthly
- Equity Contribution – As low as 10% (depending on asset type)
Is there an insurance cover for the asset
Yes, there is an insurance cover on the borrower and on the asset. Insurance covers death, permanent disability, and job loss. Damage insurance (Fire & Burglary) and comprehensive insurance on vehicles only which will be renewed every anniversary of the loan.
What is the maximum loan amount I can access and for how long?
- Max Loan Amount – Up to N50Mn (depending on Asset Type)
- Max Tenure – 5years (depending on Asset Type)
What are the interest rates?
Interest rate ranges between 20% and 25% (subject to company category)
What kind of product can be purchased under the asset finance scheme?
Asset financing can be used to finance the purchase of new or used vehicles and inverters.
What documents do I need to provide to get started?
You would need a letter of undertaking, application form, proforma invoice of the asset, executed lease & sales agreement form, executed transfer instruction
Support
We are available 24/7!
You get priority service with UnionCare; our fully automated Contact Centre.
Contact us via these channels:
Email – customerservice@unionbankng.com
Call – +234 (0) 700 700 7000 or +234 (1) 271 6816.
WhatsApp – +234 (0) 907 007 0001
