Let’s help you do the heavy lifting of buying a new car, pre-owned imported vehicles or a mid-size generator with an asset loan payable in up to four years. WAAS is also open to businesses that want to motivate their staff with group loans.
Pursuant to the Stamp Duty Act Cap 58, Laws of the Federation of Nigeria 2004 (as amended), the Finance Act 2019 (as amended) and the Press release of the Federal Inland Revenue Service (FIRS), on payment and collection of Stamp Duty taxes, the bank shall deduct and remit, as required, all Stamp Duty taxes on the principal amount of the facility and related dutiable instruments.
- Loan facility is as low as N500,000.00
- Covers assets like pre-owned and new vehicles, and mid-size generators only
- Facility runs from 6 to 48 consecutive months
- Eliminates cash flow burden associated with outright purchase of asset/equipment
- Allows beneficiary to own now, use now & pay later through pre-agreed convenient repayments
- Enables organizations to motivate their staff through the group asset acquisition schemes
- Competitive interest rate and fee structure
- Equity contribution of as low as 20%
A. For Salaried Individual with Account Domiciled in Wema Bank
- Properly completed WAAS Application Form
- Letter of Introduction from employer’s HR (Branch verified)
- Means of Identification (National Driver’s License, International Passport, National ID & office ID Card)
- Latest 3 months pay slip
- Authenticated & recent 3 months bank Statement
- Residential Utility Bill + Customer Visitation Form for KYC
- Pro-forma Invoice issued in the name of Wema Bank
- Favourable Credit Bureau Report and completed CRMS 100 Form
- 1 month salary Credit to Wema Bank Salary Account
- Employer Endorsed Salary Domiciliation Letter
- Direct Debit Authorization & Irrevocable Undertaking To Fund Personal Current Account
B. For Salaried Individuals where Account Not Domiciled in Wema Bank
- Properly completed WAAS Application Form
- Letter of Introduction from employer’s HR (Branch verified)
- Means of Identification (National Driver’s License, International Passport, National ID& office ID Card)
- Latest 3 months pay slip
- Authenticated & recent 3 months bank Statement
- Residential Utility Bill + Customer Visitation Form (KYC)
- Pro-forma Invoice from the bank approved vendor issued in the name of Wema Bank
- Favourable Credit Bureau Report and completed CRMS 100 Form
- Irrevocable Standing Order From Client’s Bank in favour of Client’s Wema Bank Personal Current Account
- Direct Debit Authorization & Irrevocable Undertaking to fund Personal Current Account.
C. For Self Employed Professional
- Completed Application Form
- Personal Current Account with Wema Bank
- Letter of Introduction duly endorsed by a company director
- Means of Identification (Statutory and Official)
- Authenticated & recent 12-month bank Statement
- Residential Utility Bill + Customer Visitation Form (KYC)
- Certificate of Registration/incorporation
- Particulars of Directors
- Corporate/Company Profile
- Pro-forma Invoice issued in the name of Wema Bank
- Favourable Credit Bureau Report and completed CRMS 100 Form
- Direct Debit Authorization & Irrevocable Undertakin
- Duly completed loan application form & executed offer section
- Letter of introduction signed by an authorized signatory of employer
- Irrevocable letter of salary domiciliation (duly executed by employer’s authorized signatory)
- The signatories must be independently verified by a representative of Wema Bank
- Proof of income (3 months’ pay slip or 3 months account statement)
- Proof of address (Physical visitation and report by RM) supported with a copy of recent utility bill.
- Proof of identity (Staff ID is acceptable but National ID, International Passport or Driver’s License may be required where necessary)