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Loan And Grant

First Bank Loan: How to Borrow Money from First Bank

by myeduproject September 16, 2023
written by myeduproject September 16, 2023
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First Bank Loan: How to Borrow Money from First Bank

First Bank Loan: How to Borrow Money from First Bank: If you are operating a small or medium-sized business, and you want an expansion or capital for an upgrade, you may want to try the first bank loan without collateral.

This post will educate you on how to be eligible for a First Bank Loan at ease, in the comfortns of your house, the good thing about the first bank loan is that it is tied with one single-digit interest rate

First Bank understands how difficult it is to source funds for various businesses, that is why it has made loan products available to all interested customers and parties

More so, the first bank loan has no collateral, no one will police you from collecting the loan borrowed, that is why you must consider this option when borrowing.

The best beat is that First Bank loan covers all your loan requests, any loan you need, whether it is for business, school fees, medical, personnel, or others

Updated Guide to Apply for First Bank Loan without Collateral  
Updated Guide to Apply for First Bank Loan without Collateral  

Types of First Bank Loan

Before borrowing from First Bank, it is very important to know the various loan products offered, these include

Automobile Loans

Salary Loans

FirstCredit

Personal Home Loans

Joint Mortgage

FirstCredit

This product is easy and straightforward to access, you don’t need to step foot in the banking hall to, all you need to do is use your mobile phone or tablet.

Benefits

No collateral required

No hidden fees

Easy and convenient access to loans to meet needs.

Quick loan request and disbursal

No physical documentation is required

Application Procedures

Dial *894#

pick Loans

Select FirstCredit

Pick get a new loan

Pick 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

Pick your favorite loan amount

The loan is paid into your account

FirstCredit Loan Eligibility

Customers must have correctly updated phone numbers

Customers must have a favorable credit record with Credit Bureaus.

The customer’s account must have been operational in FirstBank for at least six months.

The customer must be linked to a valid BVN.

Minimum Loan Amount:

N1,000 (One Thousand Naira)

Maximum Loan Amount:

N300,000 (Three Hundred Thousand Naira)

Loan Tenor:

Maximum of 30 days

Interest Rate: 10% flat

Insurance: 1% per transaction

Warning-

A monthly penal charge of 1% and a daily interest of 0.3% applies upon default.

Interest on the disbursed amount will be taken upfront on loan disbursal

Insurance fee is also taken upfront on loan disbursal

First Bank Personal Loans

Your needs may be to buy a new house, or if possible renovate the existing one, whichever, the First Bank personal loan got you covered, it is straightforward to access and has longer tenure

How to Apply

Download the Home Loan Application Form

Complete the form and

submit it at the nearest FirstBank branch

Features

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.

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

Required Documents

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

Application letter

Personal Home Loan Application form

Last three months’ payslip

Statement of accounts

First Bank Joint Mortgage

This product is designed to help you access funds for your landed properties, it allows you and your spouse or business partner to access loans to buy properties jointly

Both employees in paid employment and Self-employed professionals are qualified for the First Bank Mortgage loan.

Features

Applicants are joint and co-owners of the property

The loan obtainable is N70 million

Maximum tenor of 240 months (20 years), subject to 60 years retirement age

Minimum equity contribution of 20-30% depending on the location

Applicants are legitimate couples or registered partners

Repayment capacity is on both applicants

Applicants are both financially committed

Benefits

Competitive interest rates.

Flexible repayment structure

Loan repayment is distributed between the spouses easing repayment pressure

Required Documents

Three passport-size photographs

Means of identification- driver’s License/international passport/national identification

Utility bill of residence/company address

Letter of recent remuneration

Current account with FirstBank

Letter of Introduction from the employer

Consumer Loan Request Form

Status Enquiry of Employer form

The last three to six months’ payslips

Three to six months’ Bank Account Statement

Requirements for Construction

Valuation Report on the property and if there has been any construction on-site, photographs of the property showing front, back, and side views

Equity contribution of 20%-30% of the property cost excluding the cost of the land depending on the location

Cash-flow projection on loan repayment

Copy of the title documents to the property (ownership must be in the name of the customer)

A copy of the approved building plan

Bill of quantities

Requirements for Outright Purchase

Photographs of the property showing front, back, and side views.

Equity contribution of 20%-30% of the property cost excluding the cost of the land, depending on the location.

Cash flow projection on loan repayment.

Vendor’s offer letter.

Copy of the title documents to the property (ownership must be in the name of the vendor).

A copy of the approved building plan

Bill of quantities/cost estimates if the property is to be renovated

Valuation report of the property

Things to Note

If the loan is approved, fire and Special Peril Insurance policies are required through FBN Insurance Brokers.

Irrevocable domiciliation of salary for the duration of the facility

Security is a Legal Mortgage on the property being constructed/purchased.

A mortgage Protection Assurance Policy is required.

Application Procedures

Download the Consumer Loan Application Form

Complete the form and submit it to the Retail Team at the nearest FirstBank branch

First Bank Automobile Loans

While it may take you time to buy your favorite car, with First Bank Automobile Loans, you can have your dream car the next minutes

If you own a business and need a car for daily run-around, this loan is also for you

Features

A 20% equity contribution is required

22% interest rate

Vehicles to be financed must be new and from FirstBank-approved vendors

Salary domiciliation

Maximum loan amount of N15 million

The maximum tenor is 48 months (four years)

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Benefits

Three-year manufacturer’s car warranty

A year of free car servicing or car serviced at 15,000km mileage (whichever comes first)

Free fuel card available for one year

Free car registration.

Required Documents

Statement of account

Letter of total emolument

Application letter

Auto Loan application form

Proforma Invoice from FirstBank-approved vendors

Payslip for the last three months

How to Apply

Download the Auto Loan Application Form

Complete the form and submit it at the nearest FirstBank branch

First Bank Salary Loan

When you have urgent financial needs but cannot get any immediate help, the First Bank Salary Loan has you covered.

It gives you urgent financial help before your salary comes, therefore you don’t need to panic or worry

Categories of Salary Loans

Personal Loan against Salary

FirstAdvance

Personal Loan Against Salary

The First Bank Salary Loan has a distinctive feature that helps customers tackle pressing financial needs before payday

Features

Equity contribution is not required.

Minimum documentation is required.

Your Salary Account must be domiciled with FirstBank for the period the facility is in place with a flexible repayment structure.

You get up to 36 months of repayment option, subject to a retirement age of 60 years and the repayment structure is flexible.

A guarantor is not required.

The processing time is quick

How to Apply

Complete the form and submit it at the nearest FirstBank branch

Application letter

Personal Loan Application form

 Payslip

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

FirstAdvance

If you are salary earners whose accounts are domiciled with FirstBank and have received regular salaries in the last six months or more, you are eligible for this loan offer

FirstAdvance is a digital lending solution designed to offer convenient and easy access to cash for payroll customers awaiting payment of their salaries.

Features

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%

All fees, including Interest rate, are collected upfront upon disbursement of the loan.

The salary account must be domiciled with FirstBank

Loan amount of up to 50% of net monthly income

Tenor is 30 days or next payday [whichever comes first]

FirstAdvance is an enhanced and improved version of Digital SODA.

The loan can be accessed up to three times a day subject to the maximum eligible amount

The Risk Acceptance Criteria for FirstAdvance is automated.

Repayment is taken immediately after salary is received, while a lien is placed on an unfunded account.

How to Apply

Apply using USSD Code

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 and Insurance are displayed

Input a five-digit transaction PIN to accept terms and conditions

The loan is disbursed into your salary account within minutes.

Your account is debited for a management fee, interest rate, insurance and VAT as upfront fees and charges.

Upon receipt of salary or 30 days (whichever comes first), your account is debited for Principal repayment.

Apply Through FirstMobile App Or USSD CODE-*894*11# or *894#

Download the recent FirstMobile App from Google Play Store or Apple Store on your smartphone

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 and conditions

Next, input the 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 rate, and insurance as upfront fees and charges.

Upon receipt of salary or 30 days (whichever comes first), your account is debited for Principal repayment.

In conclusion

To borrow money from First Bank is not rocket science, you can borrow any amount depending on your financial capacity to pay back

Please ensure you get more details from the bank before taking out a loan, this will help you understand all the requirements and loan interest

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