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Wema Loan – How to Get Loan from Wema Bank

Last updated on August 7th, 2023 at 02:44 pm

The major scare when taking loans in Nigerian banks today, are the endless documents requirements, coupled with a series of obligations and processes you have to go through.

Wema Bank loans pride itself in making things easier, by offering realistic requirements and simple processes to get loans.

The paper works don’t go away, neither does guarantors (depending on loan type and sum). However, they have built a system that is both quick, efficient, with categories that cater to every financial pressing need..

How to get Wema Bank loan

Wema Bank loan process can be initiated by visiting any of their physical offices between 8 AM – 4 PM. You can also contact them at the comfort of your home or wherever you are, through the consumer loan portal on their official website (

Types of available loans for Wema bank

They design the Wema Bank loan system to cover all of your needs, both personal and external obligations.  There are three categories which include:

1. School Fees Advance

This loan category extends a hand of help to you when in a fix for children’s school fees. It affords you up to 3 million naira advance and has a minimum facility amount of ₦50,000.

The loan contract spans for a maximum of 3 months for nursery, primary and secondary schools, and 9 months for tertiary institutions per request.  They pay the tuition fees directly to the child’s school.

Documentations required for this Loan are:

  1. Completed school fees advance form.
  2. Letter of introduction (to determine the employment status of the parent).
  3. An irrevocable letter of domiciliation from your employer.
  4. Invoice of school/ tuition fees.
  5. Valid proof of identity (Driver’s License, National ID, International Passport, or Voter’s Card).
  6. Proof of address, i.e. utility bill.
  7. Last three months’ payslip.
  8. Six month’s salary statement of account for customers whose account is not domicile or cannot be with Wema bank.

2. Wema Asset Acquisition Scheme (WASS)

This category covers loans you might need when acquiring a new asset. It also offers its services regarding staff loans for businesses. The minimum WASS loan facility stands at ₦500,000 and covers assets like new and pre-owned vehicles, and mid-sized generators only. 

The facility runs from 6 to 48 consecutive months and finances only brand new assets.  


  1. Low equity contribution of 20%.
  2. Well-structured fee payment and competitive interest rates.
  3. It provides group asset acquisition schemes that enable organizations to motivate staff.
  4. Easy own now, use now and pay later.
  5. It removes the financial burden associated with outright asset purchases.

Documentations required

For individuals with account domiciled in Wema bank:

  1. Completed WAAS application form.
  2. Letter of introduction from your employer’s HR.
  3. Means of identification.
  4. Last 3 months payslip and bank statement.
  5. Utility bill and customer KYC form.
  6. Pro-forma invoice issued in the bank’s name.
  7. Credit Bureau report and completed CRMS 100 form.
  8. Wema bank salary account 1-month credit.
  9. Domiciliation letter endorsed by your employer.
  10. Debit authorization and irrevocable undertaking to fund personal account.

For individuals with account not domiciled in Wema bank, you would require:

Irrevocable standing order from your external bank in favour of your Wema bank account, and personal current account details, in addition to all the documents listed above.

For self-employed professionals:

  1. Completed Application Form.
  2. Personal Current Account with Wema Bank.
  3. Letter of Introduction endorsed by your company’s director.
  4. Means of Identification (Statutory and Official).
  5. Recent 12-month bank Statement.
  6. Utility bill with customer form (KYC).
  7. Certificate of Registration/incorporation.
  8. Particulars of Directors.
  9. Corporate/Company Profile.
  10. Pro-forma Invoice issued in the name of Wema Bank.
  11. Credit Bureau Report and completed CRMS 100 Form.
  12. Direct Debit Authorization & Irrevocable Undertaking.
  13. Duly completed loan application form.
  14. Letter of introduction signed by your authorized employer.
  15. An irrevocable letter of salary domiciliation.
  16. A representative of Wema Bank must independently verify Signatories.
  17. 3 months’ payslip or account statement as proof of income.
  18. Proof of address and a recent copy of utility bill.
  19. Proof of identity with staff ID (National ID, international passport or driver’s license may be required).

3. Personal loans

Personal loans are exclusive facilities for salary earners only. It is accessible by employees who operate salary savings or a current account with the bank. 

Other parties that can benefit from this include; formally employed staff of companies pre-approved by Wema bank and groups of salary earners under a registered association.

Loan details and benefits

  1. Easy mobile and internet banking services.
  2. No maintenance fee on the current account.
  3. Quick disbursement (48 hours).
  4. Stress-free application process from your office.
  5. Loan top-up after 6 regular months of down payments.
  6. Maximum loan tenor of 36 months.
  7. Highest obtainable loan amount of 7 times of net income subject to a maximum of 2 million.
  8. New customers would provide salary domiciliation and 3 months of evidence of consistent salary payment.

Documents Required:

  1. Completed loan application form.
  2. Letter of introduction (from employer).
  3. An irrevocable letter of salary domiciliation.
  4. 3 months’ payslip as proof of income.
  5. Proof of address supported by a recent utility bill.
  6. Proof of identity with staff ID (National ID, international passport or driver’s license may be required).

Recommended: ALAT by Wema

How soon do I have to pay back my Wema bank loan?

The duration depends on the type of loan, and other precise details in the loan contract. Requirements and obligations are always stated plainly on the loan form, to inform you of all it entails. Ensure you read through thoroughly.


Wema bank loans are easily accessible, covering your peculiar needs as they arise. Contact Wema bank for their convenient loan services today.