To get a loan online a lot of people are seeing it a hard task, there is a easy way on how to get loan from first bank online. Between banks and online lenders, you will have a lot subjection to make from when you need a loan. But there is no loan that is created equal and first bank loans are step above.
Also know that you must have an account with first bank before you think of taking a loan from them. There are so many type of loan that you can take from first bank. There are customers awaiting payment of their salaries, loans for payroll, students loans, first bank car loan, first bank mortgage loan. These will all be discussed in this article. You can request for this loan using any of first bank digital channel – FirstMobile & USSD, FirstOnline, and ATM.
List of Loans You Can Find In First Bank
- First Bank Student Loan
- First Bank Car Loan
- Personal Home Loan
First Advance is also the best on how to get loan from first bank online, thus loan is very good for salary earners, that receive payment constantly evey month. To be qualified you must have to received salary for the past 6 month or more. The highest amount you can get is 5 million naira, it is subject to 50% of net average 6 months salary whichever is lower. Also know that other bank obligations will be deducted by the bank. The remaining amount will be calculated for you. Below are things you should know about first advance.
The following list below are things you should know about first loan, and it features of first advance loan.
- Salary account must be domiciled with FirstBank.
- The loan can be accessed up to 3 times a day subject to maximum eligible amount
- 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.
- The Risk Acceptance Criteria for FirstAdvance is automated
- Loan amount of up to 50% of net monthly income.
- Tenor is 30days or next pay day [whichever comes first]
- Maximum single obligor limit of N500,000.00
- FirstAdvance is an enhanced and improved version of Digital SODA.
- Interest rate @ 2.5%flat collected upfront
- Management fee @ 1.0% flat
- Credit Life Insurance @ 0.50%
How To Apply For FirstAdvance Loan Using First Bank Mobile App
To get a loan from first bank mobile App here are the procedure you should follow
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’
- 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 the eligible amount.
- Followed by your transaction pin.
- Successful, Loan is disbursed to your salary account within minutes.
- Your account is debited for Management fee & VAT, Interest rate and Insurance as upfront fees and Charges.
- Upon receipt of salary or 30days (whichever comes first) your account is debited for Principal repayment.
How To Apply For For FirstAdvance Loan Using USSD Code
Many people are searching for codes use to apply for first bank loan, you are in the right place to get the code, before you will apply for first bank loan using this method. You must have activated first bank mobile banking on your device, if you have not done that – CLICK HERE if you are qualified follow this steps below.
- 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 5digit 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 30days (whichever comes first) your account is debited for Principal repayment
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First Bank Student Loan In Nigeria ( How To Apply)
First bank student loan is available for students, these loan is mostly targeted at school private school proprietor/ proprietress. The aim of this loan is to improve the quality of learning and to also help students get a better education.
If you manage a school, and you are looking for money to facility the affairs of the school or upgrade equipment to enhance and improve learning. Then this loan is for you.
Features Of First Bank Students Loan
- Flexible repayment plan over 90 days
- School must have been in account relationship with FirstBank for a minimum period of 6 months or 12 months with other banks.
- School population must be a minimum of 100 students.
- Access to a maximum amount of N10m
- Target markets are private schools duly registered with CAC and approved by State Government.
- Collateral requirement is just domiciliation of school fees with FirstBank.
How To Apply For First Bank Students Loan
To apply for first bank student loan all you need to do is visit the nearest first bank branch with your school details. Tell the customer care representative that you want to apply for first bank loan. Make it clear that the loan is First Bank Student Loan In Nigeria. He or she will guide you, till you complete the full application.
First Bank Car Loan
With first bank car loan is very easy to buy your dream car, as a company you can get a vehicle or cars for day to day business. First bank car loan can make it possible and easy for you.
Features of First Bank Car Loan
- Maximum loan amount of N15 million
- Maximum tenor is 48 months (4 years)
- 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 procedures to apply for this first bank loan. Also note that this loan is mostly for company or salary earners sometimes business people can partake.
- Download the Auto Loan Application Form
- Fill the form accurately, cross check for errors.
- Complete the form and submit at the nearest FirstBank branch
Personal Home Loan
These also help on how to get loan from first bank online, make your home become a reality using personal home loan by first bank. You can build a house by getting a loan from first bank. Most people when building your house you get stuck at middle because you lack money to complete the building but with first bank home loan can help you finish up your house.
Features Of Personal Home Loan
- Available to individuals with verifiable and steady income flow
- Property to be financed must be residential and not for commercial purpose.
- Maximum tenor is 20 years, subject to retirement age of 60 years
- No equity contribution is required for Home Equity Refinancing
- Competitive interest rates
- Simplified Documentation
- Minimum down payment of below 30%, subject to the location
- 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 the form and submit at the nearest First Bank branch.