If you need money for a startup or to boost your business (invest in your business) the easiest way to raise that money is to take a loan. Though there are many reasons why people want to get a loan. In this article, I will be showing you how to get your first bank loan. This method is the best and quickest way, one can take a loan from the first bank.
Note that you must be an account holder with the first bank before you can take a loan from them. The question that many people ask is the first bank loan available for all her customers. In this article, this question and more will be answered.
There are so many kinds of loans that you can take from the first bank. There are loans for payroll customers awaiting payment of their salaries, First Bank student loan in Nigeria, First Bank mortgage loan, First Bank car loan, Loan offer for First Bank users, etc. I will be discussing it all on this page.
Below are loans available for first-bank users, check the requirements for each and know if you are qualified.
Types Of First Bank Loans
- First Bank Student Loan
- First Bank Car Loan
- Personal Home Loan
This loan is designed to help you fund your daily transactions and it can be accessed from anywhere without going to the bank. This loan doesn’t require any collateral or documentation to process it. You must be a customer with the first bank; it can be processed from your smartphone.
The minimum amount of this loan is N1,000 and the maximum is N300,000. the loan repayment is just for 30 days with an interest rate of 10% flat. To apply CLICK HERE
How To Apply For FirstCredit Loan With USSD Code
- Dial *894#
- Select Loans
- Select FirstCredit
- Select Get a new loan
- Select the account number with which you want to apply for the loan
- Grant data usage consent and accept terms and conditions
- You are presented with 4 loan amount options
- Choose your desired loan amount
- The loan is disbursed into your account
FirstAdvance (Best Loans and Mortgages)
FirstAdvance is one of the best loans and mortgages. This loan is suitable for salary earners, that receive payments constantly every month. As a salary earned to be qualified, you must have received your salary for the past six months or more constantly. The highest accessible amount for you is 5,000,000.00 naira ( five million naira). It is subject to 50% of the net average 6-month salary, whichever is lower. You can request this loan using any of the first bank digital channels – FirstMobile & USSD, FirstOnline, and ATM.
NOTE: Other bank obligations will be deducted by the bank. The remaining amount will be calculated for you.
Things To Know About FirstAdvance
The following are things you should know about the first bank loan. These are the feature of the FirstAdvance loans.
- The salary account must be domiciled with FirstBank
- Loan amount of up to 50% of net monthly income.
- Tenor is 30 days or the next payday [whichever comes first]
- Maximum single obligor limit of N500,000.00
- Interest rate @ 2.5%flat collected upfront
- Management fee @ 1.0% flat
- Credit Life Insurance @ 0.50%
- FirstAdvance is an enhanced and improved version of Digital SODA.
- The loan can be accessed up to 3 times a day subject to the maximum eligible amount
- The Risk Acceptance Criteria for FirstAdvance are automated.
- Repayment is taken immediately after salary is received, while a lien is placed on an unfunded account.
- All fees, including Interest rate, are collected upfront upon disbursement of the loan.
How To Apply For FirstAdvance Loan Using First Bank Mobile App.
Below are steps to apply for FirstAdvance, follow the procedures below to apply.
To apply for the FirstAdvance,
- To apply for FirstAdvance on FirstMobile App
- Download the recent FirstMobile App CLICK HERE.
- Log on to the FirstMobile App
- Open menu options on the top left-hand side
- Select ‘Loans’
- Next, select ‘FirstAdvance’
- The next Menu Option shows your eligible amount and the applicable pricing and fees.
- Next, Accept the Terms & Conditions
- Next, input desired loan amount not more than the eligible amount.
- Followed by your transaction pin.
- A successful, Loan is disbursed to your salary account within minutes.
- Your account is debited for Management fees & VAT, Interest rates, and Insurance as upfront charges.
- Upon receipt of salary or 30 days (whichever comes first), your account is debited for Principal repayment.
How To Apply For For FirstAdvance Loan Using USSD Code
If you have been searching for codes to apply for your first bank loan, then you are at the right place. If you are qualified, follow the steps below to apply.
Before you will apply for your first bank loan using this method. You must have activated your first bank mobile banking on your device, if you have not done that – CLICK HERE to read the full guide.
- Dial *894# to connect to FirstBank’s USSD Banking, select 3, [Get Loans]
- or *894*11#
- The next menu shows your eligible loan amount
- Input desired amount and send
- Interest rate, Management fees & Insurance is displayed
- Input a 5digit transaction PIN to accept the Terms and conditions
- The loan is disbursed into your salary account within minutes.
- Your account is debited for Management fees, Interest rates, Insurance, and VAT as upfront fees.
- Upon receipt of salary or 30 days (whichever comes first) your account is debited for Principal repayment
First Bank Student Loan In Nigeria ( How To Apply)
FirstEdu is the name of the loan available for students. This loan is targeted at school private school proprietors/proprietresses. This loan aims to help improve the standard of learning and help students get a better education.
If you manage a school, and you are looking for money to facilitate the affairs of the school or upgrade equipment to enhance and improve learning. Then this loan is for you.
Features Of FirstEdu Loan
- Flexible repayment plan over 90 days
- Access to a maximum amount of N10m
- The collateral requirement is just the domiciliation of school fees with FirstBank
- The school must have been in an account relationship with FirstBank for a minimum period of 6 months or 12 months with other banks.
- Target markets are private schools duly registered with CAC and approved by State Government.
- The school population must be a minimum of 100 students.
How To Apply For FirstEdu Loan
If you are interested to apply for this loan. Visit the nearest first bank branch with your school details. Tell the customer care representative that you want to apply for your first bank loan. Make it clear that the loan is the First Bank Student Loan In Nigeria. He or she will guide you, till you complete the full application.
First Bank Car Loan
It is very easy to buy your dream car. As a company, you can get vehicles or cars for the day-to-day running of the business. The first bank car loan is available to make this easy. Get that your dream car now with your first bank loan.
Features of First Bank Car Loan
- Maximum loan amount of N15 million
- The maximum tenor is 48 months (4 years)
- A 20% equity contribution is required
- 22% interest rate
- Vehicles to be financed must be new and from FirstBank-approved vendors
- Salary domiciliation.
Requirements Of First Bank Car Loan
- Application letter
- Auto Loan application form
- Proforma Invoice from FirstBank approved vendors
- Current 3 months pay slip
- Statement of account
- Letter of total emolument.
How To Apply For First Bank Car Loan
The following are the procedures to apply for this first bank loan.
- Download the Auto Loan Application Form
- Fill out the form accurately, and cross-check for errors.
- Complete the form and submit it at the nearest FirstBank branch
NOTE: This loan is available for salary earners and companies, although businessmen can also take part.
Personal Home Loan (Mortgage)
Make your first home become a reality using Personal Home Loan from the first bank. You can get a loan from the first bank to build or complete your house. This loan is available for employees in paid employment or self-employed customers (entrepreneurs).
Features Of Personal Home Loan
- Available to individuals with verifiable and steady income flow
- The maximum tenor is 20 years, subject to a retirement age of 60 years
- Simplified Documentation
- Minimum down payment of below 30%, subject to the location
- Competitive interest rates
- No equity contribution is required for Home Equity Refinancing
- The property to be financed must be residential and not for commercial purposes.
- Application letter
- Personal Home Loan Application form
- Last 3 months’ payslip
- Statement of accounts
- 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.
How To Apply for Personal Home Loan
- Download the Home Loan Application Form.
- Fill out the form and submit it at the nearest First Bank branch.
Hope you have applied for your desired first bank loan. If you’ve any questions about this topic, use the comment box below to notify us. In my next article, I will show you how to get your first bank quick loan. The money to loan out is not as big as the ones discussed above.
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