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
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