Insurance Premium Financing
Are your insurance premiums weighing you down?
Secure What Matters Most with Ease
With our Insurance Premium Financing offer, we make it easy for you to protect everything you hold dear.
We will pay to insure your assets against loss and you can repay conveniently over a year.
Features
- Convenient repayment period of 12 months.
- Attractive interest rate (the interest rate will be on floating terms subject to changes in money market conditions, for the period of the loan).
- Maximum loan amount of N5million for registered businesses and N1million for individuals.
- Minimum loan amount of N50,000.
- Minimum equity contribution of 2 months’ Instalments.
Requirements For individuals
- Functional account.
- Duly completed loan application form.
- Evidence of ownership of asset to be financed.
Requirements For SMEs and Corporate Organizations:
- Functional business account.
- Duly completed loan application form.
- Board Resolution.
- Company and Director(s) Information.
- List of Asset(s) to be financed.
Who is it for?
- Individuals.
- Small and Medium Enterprises (SMEs).
- Corporate Organizations.
Participating insurance companies
NSIA
Leadway Pension Insurance
- Visit any of the participating insurance bodies to obtain an invoice for premium payment
- Then, visit a UBA branch to complete a loan application form and also submit required documents.
- Fund your account with equity contribution of 2 months’ instalments.
- The loan will then be credited into your account and moved to the insurance’s account along with the equity contribution.
- Insurance company will send proof of payment to you.
How to apply
Loan calculator
Select the loan amount, rate, and duration to get started
Get started now by opening an account of dial *919#
Frequently Asked Questions
Get answers to your questions about insuring your assets with ease. From application processes to coverage details, loan limits, and repayment terms, our FAQs provide everything you need to understand UBA Insurance Premium Financing.
What is insurance premium financing?
A loan to part-finance a premium paid for insurance policy.
What does insurance premium financing cover?
Insurance Premium Financing covers the following:
- Comprehensive Vehicle Insurance.
- Fire Insurance on Asset.
- Burglary Insurance on Asset.
- Comprehensive Insurance on Property.
How do I apply?
You can apply on our loan application portal or visit the nearest branch.
What is the minimum loan amount that can be offered individual/corporate?
N50,000.
What is the maximum loan a registered business can apply for on Insurance premium financing?
N5,000,000.
What is the maximum loan amount on UBA Auto loan product?
N15,000,000.
What is the maximum loan an individual can apply for on Insurance premium financing?
1,000,000.
I am an artisan, I run a Barbing saloon and I am willing to insure my tools, can I apply for the premium loan?
Yes, you can, you must however have an account with UBA.
How much premium can I get as an artisan?
Your average return in six months will be used to calculate your eligibility amount.
What is the interest rate?
24%.
If I default in my repayment structure what will happen to the policy?
Policy will be terminated by insurance company.
What are the insurance types?
- Comprehensive Vehicle Insurance.
- Fire Insurance on Asset.
- Burglary Insurance on Asset.
- Comprehensive Insurance on Property.
What is the maximum tenor?
12 months.
Can I liquidate my loan before the given tenor?
Yes, you can have your account funded and visit the nearest branch for loan liquidation.
What is the minimum equity contribution?
Yes, you can have your account funded and visit the nearest branch for loan liquidation.
