What Is A UBA Bank Cash Collaterised Loan? According to UBA, this a consumer loan which makes it possible for you to obtain credit in Naira, the US dollar, Pound sterling and the Euro using your cash deposits, investments and their equivalents with UBA, UBA Capital & Trust and any other financial institution acceptable to UBA.
BENEFITS OF THE UBA CASH COLLATERISED LOAN
1. Up to 80% of your deposits or investments in loans if the request and collateral are in the same currency
2. Up to 50% of your deposits or investments in Naira loans if the collateral is in a foreign currency
3. Considerate, structured and convenient repayment terms
4. Competitive interest rates
5. Easy and speedy access to credit without the loss of existing assets.
WHO CAN APPLY FOR THE UBA BANK CASH COLLATERISED LOAN
1. Individuals who have cash deposits, investments and their equivalents
2. Individuals whose salaries must have been paid through UBA for at least 3 months
3. UBA account holders
4. Employees who will be discussing or selling consumer credit products
HOW TO APPLY FOR THE UBA BANK CASH COLLATERISED LOAN
1. Complete a UBA Consumer Loan Application form which you may download online or pick up from any of our branches.
2. Complete a Letter of Set Off or Lien or Deposit Hypothecation Agreement in the name of the owner.
3. Complete a Letter of Confirmation of Collateral.
4. Execute a Memorandum of Charge over the investment or cash deposit.
5. Provide roll over instructions where necessary.
6. Submit your application to the customer service officer in your branch along with your original Certificate of Deposit or Savings Passbook.
7. Where the pledged cash deposit is not in your name, you would also need to do the following and submit with your application:
Execute a Guarantee form
Complete a Domiciliation of Proceeds form
Where the pledged deposit or investment is in the name of a limited liability company or registered association, you would also need to submit the following with your application:
Your Constitution or Memorandum and Articles of Association and
Your Executed Board Resolution of the organization authorizing the pledging of the cash deposit to the bank on another parties behalf of another party.