First bank loan is exactly what you need when you are short of cash or when you need to make a business decision that revolves around money.
Getting a loan in Nigeria has been deemed to be very difficult. The truth is that nothing is very difficult as long as you know the type of loan you can access. Most people do not have the right information, then conclude that loans are only given to established business owners and business moguls.
Salary owners, self-employed, small and medium enterprise owners have the kind of loans they can access. This article will pinpoint and discuss some of the the right kind of loans to meet an emergency as well as business needs.
FIRST BANK LOANS AND HOW TO APPLY
1. Personal Home Loan (Mortgage)
Are you currently in paid employment or a self-employed professional and you feel it is time to start making plans for the future?
One of those plans is to be freed from rent payments. With Personal Home Loan (Mortgage), you can buy your first home, build or renovate. First bank has a loan plan that has been designed to help you with funds to make sure those dreams are not just dreams.
The minimum loan that can be accessed is N1 million and maximum loan amount on a mortgage is N50 million. Customers must also make a down payment of 30% of the cost of the property as part of the requirements of the loan.
The title of the property will be used as collateral. In the case of default, the bank can sell the property, reclaim their money plus interest, and give back what is due to you. Spouses can also obtain a joint mortgage.
Documents Needed For Personal Home Loan (Mortgage)
- Application letter and personal home loan application form.
- Statement of accounts and last 3 months payslip.
- Applicant’s letter of total emolument.
- Confirmation of applicant’s employer on FBN approved list.
- Valid title document.
- Letter for irrevocable domiciliation of salary for the duration of the facility.
Features and benefits of Personal Home Loan (Mortgage)
- It is available to individuals with a regular source of income
- The maximum tenor is 20 years.
- It requires Documentation.
- Customers must make a down payment of below 30%, subject to the location.
- Competitive interest rate and no equity contribution is required for Home Equity Refinancing.
- The property must be residential and not for commercial or retail purposes.
How To Apply For First Bank Personal Home Loan (Mortgage)
- To apply for Personal Home Loan (Mortgage) from first bank, download First bank’s mortgage form.
- Complete the form.
- Submit to First Bank Customer Care Representative at any of their branches.
2. Personal Loan Against Salary
Instead of waiting for the payday before doing things that need immediate attention, you can apply for Personal Loan Against Salary from First Bank.
This special loan can be used to take care of house rent, school fees, upkeep, or any pressing financial obligations before the pay-day arrives.
Successful applicants can get up to 36 months repayment option, subject to the retirement age of 60 years and the Repayment Structure is Flexible. A guarantor is also not required to get the loan but you must complete soft documentation before the loan can be granted.
Your salary account must also be with First bank. Once approved, you can expect payment within a few hours. Do note that credit insurance premium is mandatory for this product.
How To Apply For First Bank’s Personal Loan Against Salary
- To apply for the Personal Loan Against Salary, download and complete Personal Loan Application form.
- Draft an application letter.
- Attach Statement of accounts, Applicant’s letter of total emolument, confirmation of applicant’s employer on FBN approved list, letter of irrevocable domiciliation of salary for the duration of the facility.
- Submit all forms and documents at the nearest First Bank Branch.
3. Automobile Loan
Are you looking forward to your first car or need to upgrade to a better one, now you can with a First bank Automobile loan.
The bank understands how tough it is to get the needed amount required to get a new car. The loan plan has been designed to make it easier for you to repay as agreed.
To access the loan, salary account must be domiciled with first bank, vehicles must be new and from FirstBank-approved vendors. There is a 22% interest rate on the total cost of the asset and a 20% equity contribution is also required.
The benefits to enjoy on Automobile loan are Free fuel card available for 1 year, Free car registration, A year free car servicing or car serviced at 15,000km mileage (whichever comes first), and 3 years manufacturer car warranty.
The maximum loan amount first bank customers can get is fifty million and the maximum tenor is 48 months (4 years). Customers should also know that vehicles purchased via Automobile loan must be insured through FBN Insurance brokers.
Required Documents To Obtained Automobile Loan
- Application letter and loan application form
- Proforma Invoice from FirstBank approved vendors
- Current 3 months payslip and account statement.
- Letter of total emolument.
How To Apply For First Bank’s Automobile Loan
- Download the application form by clicking www.firstbanknigeria.com/wp-content/uploads/2016/03/Automobile-Loan-Form.pdf.
- Complete the form.
- Submit all forms and documents at any First Bank Branch near you.
4. FirstEdu Loan
Private school owners who need funds to run the school properly can also access loans from the bank.
Private pre-primary, primary, secondary schools, A’ level Tuition Providers registered with both State Ministry of Education and Corporate Affairs Commission can apply for FirstEdu Loan.
The school must be registered with CAC and must have an active account with the bank for at least 12 months. The school is also expected to have a minimum of 100 students.
Firstedu loan has a maximum loan amount of twenty million naira and with its tenor ranging from 90 days to 12 months. Asset acquisition is up to N20m for 24 months. Collateral will be the school fees
Accompanying Documents To Secure FirstEdu Loan
- Evidence of Government Approval of school.
- School Memorandum and Articles of Association (MEMART) where applicable.
- Documents showing the number of students in the school.
- Documents showing how long school has been in the business.
- Any other documents that may be required by the bank.
How To Apply For FirstEdu Loan
- To apply for FirstEdu loan, Download the Retail Loan Application Form.
- Complete the downloaded form.
- Submit the forms and documents at any branch of First Bank Plc.
5. First Trader Solutions (FTS)
As a trader who deals in fast-moving goods, you can enjoy a short-term overdraft facility. The loan comprise of two variants, the Main FTS (180-day variant) and the Exceptional FTS (90-day variant).
This loan type provides an opportunity for traders to improve turnover through the injection of money received from First Bank. Depending on the variant you go for, you can enjoy a loan with or without collateral. It also comes with a very good interest rate and also available to all supermarkets.
The loan tenor is 90 or 180 days. For the 90 days, there will not be any need to tender collateral while the other will request for soft collateral. The collateral could be anything with a decent worth that could guarantee repayment.
To apply for the loan, customers will need to contact the bank and request for an application form. They can also get in touch with First Bank Customer Care Rep via their secured online platforms.
6. FirstAdvance Product
If you are a salaried employee with any organization and need a quick emergency loan to take care of things, then you should look to FirstAdvance Loan Product.
FirstAdvance product is a loan designed to offer salary income earners easy access to cash pending the time they are paid by their employers. The product is for salary income earners whose salary accounts are with First Bank Nigeria and have received regular salaries in the last six months.
The loan amount customers can access is up to N500,000 subject to 50% of net monthly income. The amount you are entitled to will be determined after deducting all other loan obligations to the Bank.
FirstAdvance’s tenor is 30days or next payday whichever comes first and with an Interest rate that stands at 2.5% flat collected upfront. Other fees include a management fee at 1.0% flat.
The loan amount is taken immediate salary is paid into the account. In the case of an unfunded fund, a lien is placed on it.
This loan product can be accessed via FirstMobile, USSD, FirstOnline, and ATM. Below are steps to apply for the loan:
How To Apply FirstAdvance Product (First bank instant loan)
- To apply for an instant loan or firstadvance product from First bank, dial USSD code *894*11# from the phone number linked to your account. Follow prompts to complete the loan application. Your transaction pin will be asked to process the loan application.
- Alternatively, download ‘FirstMobile App‘ from Google Play Store or Apple Store.
- Log into the First Bank Mobile App using your login details.
- Tap ‘Menu’ and select ‘LOAN’.
- On the next page, you will see how much you can borrow and all applicable fees.
- Accept the Terms & Conditions.
- Enter the amount you wish to borrow and enter your 5 digit security/transaction pin to authenticate the transaction.
- The loan amount will be disbursed to your salary account within minutes.
7. SME Products Financing
Small and medium enterprises are parts of the movement that contribute massively to the economy of any nation. Therefore, there are SME products have been designed to create solutions for business growth and sustainability.
SME Products Financing include Import Finance, Oil and Gas Contract Finance, Cement Distributorship Finance, Invoice Discounting Finance, Bonds & Guarantee, Telecommunications Distributorship Finance, Petroleum Dealership Finance, and Fast Moving Consumer Goods (FMCG) Key Distributorship Finance.
To apply for any of the loan products under SMEs Products Finance, simply walk into any First Bank Branch and speak with any of the retail team or customer care representatives.