How to Get a Loan from First Bank

How to Get a Loan from First Bank

How to Get a Loan from First Bank: Undoubtedly, First Bank Nigeria is one of Nigeria’s most distinguished, influential, and oldest banks.

It was founded in 1894 as the Bank of British West Africa and began operations on a minor scale in Lagos, Nigeria. Since then, it has proven to be one of the banking sector’s giants in terms of size and client satisfaction.

When it comes to the services offered by this bank, we can state that they give a wide range of financial services, ranging from retail to corporate, with loans and mortgages being the most common.

In this post, we will discuss the numerous types of loans accessible to First Bank customers, their qualifications, and how to apply for any of your options.

How to Get a Loan from First Bank

First Bank has variety of loans and mortgages designed to offer funding for you to start a new business, buy your ideal home, or improve your vehicle. Some of the loans readily available are:

  • First Credit
  • Personal Home Loans
  • Joint Mortgage
  • Automobile Loans
  • Salary Loans
  • Other financing options

How to Get a Loan from First Bank with First Credit

FirstCredit is a solution that provides you with a quick and easy loan to fund your purchases. Loans can be acquired from anywhere without having to visit a bank. This is how to apply:

  1. Dial *894#
  2. Select Loans
  3. Select FirstCredit
  4. Select get new loan
  5. Select the account number with which you want to apply for the loan
  6. Grant data usage consent and accept terms and conditions
  7. You are presented with 4 loan amount options
  8. Choose your desired loan amount
  9. Loan is disbursed into your account

Features of the First Credit Loan

  • Customer’s account must have been operational in FirstBank for at least 6 months.
  • Customer must be linked to a valid BVN.
  • Customers must have correctly updated phone numbers
  • Customer must have positive credit record with Credit Bureaus.
  • 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: 8% flat
    Insurance: 5% per transaction
  • A penal charge of 1% monthly and daily interest of 0.3% applies upon default
  • Interest on disbursed amount will be taken upfront on loan disbursal
  • Insurance fee is also taken upfront on loan disbursal

Benefits

  • Easy and convenient access to loans to meet needs.
  • Quick loan request and disbursal
  • No physical documentation required.
  • No collateral required
  • No hidden fees

How to Get Personal Home Loans from First Bank

The Personal Home Loan program allows employees to acquire and own residential properties with simplicity. Here is how to apply:

  1. Download the Home Loan Application Form.
  2. Complete the form and submit at the nearest First Bank branch

Features of the Personal Home Loans

  • Available to individuals in paid employment
  • Maximum tenor is 20 years, subject to retirement age
  • Simplified documentation
  • Minimum of 20% equity contribution
  • Competitive interest rates
  • Property to be financed must be residential in First Bank approved locations and not for commercial purpose.
  • Your Salary Account must be domiciled with FirstBank for the period the facility is in place

Documents Required for Application

  • 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.
  • Personal Home Loan Application form
  • Letter for irrevocable domiciliation of salary for the duration of the facility.

How to Get a Joint Mortgage from First Bank

With the First bank Joint Mortgage program, you and your spouse can easily purchase a property that each party would not have been able to afford on their own. Follow these steps to apply easily:

  1. Download the Home Loan Application Form.
  2. Complete the form and submit at the nearest First Bank branch

Features of the Joint Mortgage Program

  • Applicants are legitimate couples
  • Repayment capacity is on both applicants
  • Applicants are both financially committed
  • Applicants are joint and co-owners of the property
  • Loan obtainable is up to N70 million
  • Maximum tenor of 240 months (20 years), subject to retirement age
  • Minimum equity contribution of 20-30% depending on the location.

Benefits

  • Flexible repayment structure
  • Loan repayment is distributed between the spouses easing up repayment pressure
  • Competitive interest rates.

The Required Documents

  • 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.
  • Personal Home Loan Application form
  • Letter for irrevocable domiciliation of salary for the duration of the facility.

How to Get Automobile Loans from First Bank

The Automobile Loan product (Auto Loan) enables employees to purchase brand new vehicles from trustworthy vendors with a flexible repayment plan over time. Follow these steps to apply:

N.B.: Only salaried individuals in paid employment are to apply.

Features of the Automobile Loans

  • Maximum loan amount of N20million
  • Up to 48 months tenor (four years)
  • Equity contribution is 30% of invoice value
  • Finance available only for brand new vehicles.
  • Open to salaried income person whose salary is domiciled in First Bank or who want to move salary account to First Bank
  • Flexible repayment structure
  • Highly competitive interest rates
  • Access to a wide range of vehicle brands and models
  • Improve the affordability of vehicles

Required Documents

  • Auto Loan application form
  • Proforma Invoice
  • Valid copy of acceptable Identification e.g. Driver’s license, International Passport or National Identity card.
  • Letter of irrevocable domiciliation of salary for the duration of the facility.

How to Get Salary Loans from First Bank

Salary Loans on First Bank has three features, and we have helped you break them down im details to suit your need. These features are:

  • Personal Loan Against Salary
  • First Advance
  • Agent Credit

How to Get a Personal Loan Against Salary

The Personal Loan Against Salary (PLAS), which is aimed at salary account holders, is intended to offer financing for individuals in paid employment to cover long-term personal demands such as holidays, tuition payments for children, rent responsibilities, house furnishing, or future investment.

Salary account holders who have an existing Personal Loan with the bank and have met their monthly payments obligations can receive a Top Up on their existing loan. We also provide Personal Loan Buy-Over for workers of authorized organizations who wish to transfer their salary account to First Bank.

Follow the steps below to get this done:

  1. Download the Personal Loan Application form.
  2. Get your valid copy of acceptable Identification e.g. Driver’s license, International Passport or National Identity card.
  3. Letter of irrevocable domiciliation of salary from your employer undertaking to domicile salary for the duration of the facility.
  4. Complete the form and submit at the nearest FirstBank branch

Available Features

  • You get up to 60 months repayment option, subject to your retirement age.
  • A guarantor is not required.
  • The processing time is quick.
  • 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
  • Flexible repayment structure.

How to Get the First Advance Loan

First Advance is a digital loan product meant to provide payroll customers with simple and easy access to cash while they await their payments.

The product is intended for salaried individuals whose accounts are with FirstBank and who have earned regular salaries in the last two months or more. The maximum amount available is N1,000,000, subject to 50% of net monthly wage.

The acceptable amount is determined after deducting all other loan obligations to the Bank. This product is available via our digital channels, FirstMobile and USSD.

  1. Through FirstMobile App Or
  2. USSD CODE-*894*11# or *894#

To Apply for Through FirstMobile App

  1. Download the recent FirstMobile App.
  2. Log on to the FirstMobile App
  3. Open menu options on the top left-hand side
  4. Select ‘loans’
  5. Next, select ‘FirstAdvance’
  6. Next Menu Option shows your eligible amount and the applicable pricing and fees.
  7. Next, accept the terms and conditions
  8. Next, input desired loan amount not more the eligible amount.
  9. Followed by your transaction pin.
  10. Successful, loan is disbursed to your salary account within minutes.
  11. Your account is debited for management fee & VAT, interest rate and insurance as upfront fees and charges.
  12. Upon receipt of salary or 30 days (whichever comes first) your account is debited for Principal repayment.

To 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 is displayed
  • Input five digit transaction PIN to accept terms and conditions
  • Loan is disbursed into your salary account within minutes.
  • Your account is debited for 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. 

Features of the First Advance Loan

  • Salary account must be domiciled with FirstBank
  • Loan amount of up to 50% of net monthly income.
  • Tenor is 30 days or next pay day [whichever comes first]
  • Maximum single obligor limit of N1,000,000.00
  • Interest rate @ 3% flat collected upfront.
  • Management fee @ 1.0% flat
  • Credit Life Insurance @ 1.0%
  • The loan can be accessed up to five times a day subject to maximum eligible amount.
  • The Risk Acceptance Criteria for FirstAdvance is automated.
  • Repayment is taken immediately salary is received, while a lien is placed on unfunded account.
  • All fees, including Interest rate are collected upfront upon disbursement of the loan.

How to Get Agent Credit from First Bank

Firstmonie Agent Credit is a digital lending solution designed to provide bridge finance to help our Agents to solve liquidity challenges resulting from depleted account balances, even when the Agents have physical cash at hand.

The Agent can access this fund, pending cash lodgment at our nearest Branch. This is how you can apply:

  1. Click this link, Firstmonie App , and
  2. Follow the prompts.

Features of the First Bank Agent Credit

  • Loan amount is 25% of average daily credit turnover for a period of three months subject to Maximum loan amount of N1Million.
  • Tenor is 24hours during the Weekdays and maximum of 72hours or next working day during the Weekends and Public Holidays.
  • Agent must have been in account relationship with FirstBank for a minimum of 3 months.
  • Interest rate @ 0.3% flat on disbursed amount.
  • Insurance: @0.1% per transaction.
  • Keyman Insurance of N1,000 per annum.
  • Minimum loan amount is N20,000.
  • Positive Credit Check.
  • Satisfactory KYC (Know Your Customer) Report.

Benefits

  • Get up to N1 million to fund more transactions.
  • Access to fund before cash lodgment at the branch.
  • Available for use every day, including peak periods (weekdays, weekends and public holidays).
  • Business expansion and increase in income.

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