Updated Guide to Apply for First Bank Loan without Collateral

Updated Guide to Apply for First Bank Loan without Collateral: First Bank has updated its numerous loan products to customers, you can now apply for a first bank loan for both personal and business use

Do you have a business and have no money to finance it? If you are in need of cash to finance your personal needs to meet up with urgent needs, search no further, First Bank is ready to grant your loan request without Collateral

You can get between N10,000, N20,000, and N30,000 to N300,000 loan without being policed or stressed with Collateral, this is the aim of the First Bank Loan

Types of First Bank Loan

First Bank has the following loan to customers:

Joint Mortgage

Automobile Loans

Salary Loans

FirstCredit

Personal Home Loans

FirstCredit

The firstCredit Loan is designed to give customers fast loans without visiting their bank, you give instant loans without collateral

You don’t need documentation or explanation, you only use the code *894 to apply

Benefits and Features of FirstCredi Loan

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

>EasyBuy VIP App Review: How to Get A Quick Loan from EasyBuy

>How to Access Nigerian Students Loan | Up to N10M Interest-Free Loan

>EasyCredit Loan Review: How to Get a Loan from EasyCredit

>How to Apply for NMFB Operational Business Loans (OBL) 2023/2024

>JP Morgan Islamic Banking USA | Free Interest Loan

>GEEP Loan 2023: How To Apply For Farmermoni (N250,000)

Eligibility for FirstCredit Loan

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

A penal charge of 1% monthly 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

How to Apply

Dial *894#

Choose Loans

Choose FirstCredit

Choose to 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

First Bank Personal Loans

This loan will help you with building your residential apartment without stress, it has the following benefits and features

Features and Benefits

Easy 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.

Available to individuals with verifiable and steady income flow

The maximum tenor is 20 years, subject to a retirement age of 60 years

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’ pay slip

Statement of accounts

How to Apply

Download the Home Loan Application Form

Complete the form

Submit it at the nearest FirstBank branch

First Bank Joint Mortgage

If you want to buy a property with your spouse, this loan product is specially designed for you. But you must be working to apply for this loan product

Features and Benefits

Applicants are joint and co-owners of the property

The loan obtainable is N70 million

Flexible repayment structure

Loan repayment is distributed between the spouses easing up repayment pressure

Competitive interest rates

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

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

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)

Copy of the approved building plan

Copy of the bill of quantities

Requirements for Outright Purchase

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).

Copy of the approved building plan.

Copy of the bill of quantities/cost estimates if the property is to be renovated.

Valuation report of the property.

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

Note

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

Submit it to the Retail Team at the nearest FirstBank branch

Updated Guide to Apply for First Bank Loan without Collateral

First Bank Automobile Loans

If you want to buy a car both for business and pleasure, this loan product is specifically for you

It assists you purchase your dream car without stress or cumbersome procedures

Features and Benefits

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.

Three-year manufacturer’s car warranty

Maximum loan amount of N15 million

The maximum tenor is 48 months (four years)

A 20% equity contribution is required

22% interest rate

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

Salary domiciliation

Required Documents

Payslip for the last three months

Statement of account

Letter of total emolument

Application letter

Auto Loan application form

Proforma Invoice from FirstBank-approved vendors

How to Apply

Download the Auto Loan Application Form

Complete the form and submit it at the nearest FirstBank branch

First Bank Salary Loan

This product is subdivided into;

FirstAdvance

Agent Credit

Featured Salary Loans

Personal Loan Against Salary

When you have urgent financial needs to settle, this loan is for you, it has the following Features

Minimum documentation is required.

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

Equity contribution is not required.

How to Apply

For need the following docs;

Confirmation of applicant’s employer on FBN approved list.

Letter of irrevocable domiciliation of salary for the duration of the facility

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

FirstAdvance

Sometimes your salary may delay, and you may be stranded, the first bank has a salary loan product to help you get your salary in advance, mind you, you must be a salary earner and have an account with First Bank

Features

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 three 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

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

Maximum single obligor limit of N500,000.00

How to Apply

Apply for the through FirstMobile App Or

USSD CODE-*894*11# or *894#

Follow the instructions carefully

Updated Guide to Apply for First Bank Loan without Collateral