How To Get First Bank Loan ( Easiest Method) – All First Bank Users Loan

Banking & Finance

If you need money for a startup or to improve your business (invest in your business), taking out a loan is the simplest way to get it. Although there are numerous reasons why people seek a loan. In this essay, I’ll show you how to get your first bank loan. This is the best and quickest option to obtain a loan from first bank.
Before you can get a loan from First Bank, you must have an account with them. Many individuals wonder if the initial bank loan is offered to all of her customers. This and other questions will be addressed in this essay.
There are numerous types of loans available from the first bank. Loans for payroll customers awaiting salary payment, First Bank student loan in Nigeria, First Bank mortgage loan, First Bank vehicle loan, Loan offer for First Bank users, and so on. On this page, I will go over everything.

Check out the loans available for first-time bank customers below, and see if you qualify.

FIRST BANK LOAN TYPES

 

• FirstAdvance

• Student Loan from First Bank

• First Bank Auto Loan

• Home Loan for Individuals

FIRSTADVANCE (BEST LOANS AND MORTGAGES)

FirstAdvance is a great loan and mortgage company. This loan is appropriate for salaried individuals who get consistent monthly payments. To be qualified as a salary earner, you must have consistently received salary for the preceding six months or more. You have a maximum available amount of 5,000,000.00 naira ( five million naira). It is limited to 50% of the net average 6-month pay, whichever is less. You can apply for this loan through any of First Bank’s digital channels, including FirstMobile and USSD, FirstOnline, and ATMs.

NOTE: The bank will deduct other bank obligations. The remainder will be computed for you.

 

What You Should Know About FirstAdvance

The following are some facts about your first bank loan. These are the characteristics of the FirstAdvance loan.

• The salary account must be held at FirstBank.

• Loan amount of up to 50% of monthly net income

• The term is 30 days or until the following pay day [whichever comes first].

• N500,000.00 maximum single obligor limit

• Interest rate of 2.5% flat collected in advance

• A fixed 1.0% management fee

• 0.50% credit life insurance

• FirstAdvance is an improved version of Digital SODA.

• The loan can be accessed up to three times per day, subject to the maximum allowable amount.

• FirstAdvance’s risk acceptance criteria are automated.

• Repayment is made as soon as the salary is received, and a lien is placed on the unfunded account.

• All fees, including the interest rate, are collected upfront upon loan disbursement.

HOW TO APPLY FOR A FIRSTADVANCE LOAN WITH THE FIRST BANK MOBILE APP.

To apply for FirstAdvance, please follow the processes outlined below.

To be considered for the FirstAdvance,

• Download the FirstMobile App to apply for FirstAdvance.

• Launch the FirstMobile App.

• Select a menu choice from the top left-hand corner.

• Click on ‘Loans.’

• Next, choose ‘FirstAdvance.’

• The next menu option displays your qualified amount as well as the appropriate pricing and costs.

• Next, agree to the Terms and Conditions.

• Next, enter the desired loan amount, which must be less than the eligible amount.

• This is followed by your transaction pin.

• Loan is successfully disbursed to your pay account within minutes.

• As upfront fees and charges, your account is debited for Management fee & VAT, Interest rate, and Insurance.

• Your account is debited for principal repayment upon receipt of salary or after 30 days (whichever comes first).

HOW TO APPLY FOR A FIRSTBANK LOAN USING A USSD CODE

 

If you’ve been looking for codes to apply for initial bank loans, you’ve come to the perfect place. If you are qualified, please apply using the instructions below.

 

• Dial *894# to access FirstBank’s USSD Banking, then select 3. [Obtain Loans]

• or *894*11#

• The following menu displays the amount of your qualified loan.

• Enter the desired amount and click Send.

• The interest rate, management fees, and insurance are all visible.

• Enter your 5-digit transaction PIN to accept the terms and conditions.

• Your loan will be deposited into your pay account within minutes.

• Management costs, interest rates, insurance, and VAT are deducted from your account as upfront fees and charges.

• Your account is debited for principal repayment upon receipt of salary or after 30 days (whichever comes first).

NIGERIA’S FIRST BANK STUDENT LOAN ( HOW TO APPLY)

 

The loan available to students is known as FirstEdu. This loan is intended for private school proprietors/proprietresses. The goal of this loan is to help students receive a higher education and improve their learning standards.

If you are the principal of a school and are searching for funds to help with school operations or to modernize equipment to enhance and improve learning. Then this is the loan for you.

FirstEdu Loan Benefits

• 90-day flexible repayment plan

• Access to a maximum of N10m

• The only collateral required is the domiciliation of school fees with FirstBank.

• The school must have had an account with FirstBank for at least 6 months or 12 months with other banks.

• The target markets are private schools that have been officially registered with CAC and approved by the state government.

• The school must have a minimum of 100 students.

 

How to Get a FirstEdu Loan

If you’d want to apply for this loan. Bring your school information to the local First Bank branch. Inform the customer service person that you wish to apply for your first bank loan. Make it clear that the loan is from the First Bank of Nigeria. He or she will assist you till you have completed the entire application.

 

Car Loan from First Bank

It is quite simple to purchase your ideal car. As a business, you can obtain automobiles or cars for day-to-day operations. To make things easier, a first bank automobile loan is provided. Get your dream car now with your first bank loan.

First Bank Car Loan Benefits

• N15 million maximum loan amount

• The maximum term is 48 months (4 years)

• A 20% equity investment is required.

• Interest rate of 22%

• Vehicles to be financed must be brand new and purchased from a FirstBank-approved seller.

• Payroll domiciliation.

 

FIRST BANK CAR LOAN REQUIREMENTS

• Letter of application

• Auto Loan Application

• Proforma Invoice from approved FirstBank vendors

• Last three months’ pay stubs

• Account statement

• Letter of total emolument.

 

APPLYING FOR A FIRST BANK CAR LOAN

The following are the steps to take in order to apply for your first bank loan.

• Save the Auto Loan Application Form to your computer.

• Fill out the form completely and double-check for errors.

• Fill out the form and return it to your nearest FirstBank branch.

NOTE: This loan is open to salaried individuals and businesses, while businessmen may also apply.

PERSONAL HOUSING LOAN (MORTGAGE)

Make your first home a reality with a Personal Home Loan from First Bank. To build or finish your property, you can acquire a loan from the first bank. This loan is offered to both salaried and self-employed individuals ( entrepreneur).

PERSONAL HOME LOAN FEATURES

• Available to those with a verified and consistent source of income

• The maximum tenor is 20 years, with a retirement age of 60 years.

• Documentation Simplified

• A down payment of less than 30% is required, depending on the area.

• Reasonable interest rates

• Home Equity Refinancing requires no equity contribution.

• The property to be funded must be residential and not commercial in nature.

REQUIREMENTS

• Letter of application

• Application for a Personal Home Loan

• Last three months’ pay stubs

• Accounts statement

• Total remuneration letter from the applicant

• Confirmation that the applicant’s employer is on the FBN approved list

• A legal title document

• Letter of irreversible salary domiciliation for the length of the facility.

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