First Bank Loan, FirstAdvance and Personal Home Loan Application : Current School News

First Bank Loan, FirstAdvance and Personal Home Loan Application

Filed in Articles by on April 20, 2022

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– First Bank Loan –

Are you searching for how to get First Bank Loan? Does your business need cash support for handling capital, property development, or refurbishment? First Bank loan can provide you with the solution you need. Get the full details below.

First Bank Loan, FirstAdvance and Personal Home Loan Application

First Bank Loan

Between banks and online lenders, you have a lot of options to choose from when you need a loan. But not all loans are created equal. First Bank loans are a step above the rest.

If you need a loan, visit your local First Bank.

First Bank provides you with a lot of loan opportunities and an easier way of acquiring them. Loan includes;

Secured Overdraft

No matter your business type, this loan finances our small and medium-scale retail customers, to support their working capital requirements.

Contract Finance

This loan will help businesses finance the smooth execution of contracts awarded only by the First Bank-approved list of companies.

Secured Term Loans

Does your business have an annual turnover of N500 million and below? They aim this loan facility at supporting your business to finance capital projects.

SME Products Financing

As an SME that deals in oil and gas, cement distributorship, importation, etc. these loan facilities will support the growth of your business with the required funds.

Local Purchase Orders Finance

Need funds to carry out supply orders for your small to medium retail business? Meet all your customers’ orders in time and never run out of stock with this loan facility.

FirstEdu Loan

The FirstEdu loan is available to Private school owners who require extra funds for the smooth running of their school operations.

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Revenue Loans and Overdraft

With this credit facility, you can draw, within a specified tenor agreed amounts, exceeding the credit balance in your current account.

First Trader Solution (FTS)

The First Trader Solution is a short-term overdraft facility offered to traders in pre-approved market locations. This is for those who deal in fast-moving goods.

Health Finance Product Guideline

This is a product guide for financing Registered Pharmacies and Private Hospitals.

FirstAdvance Product

FirstAdvance is a digital lending solution designed to offer convenient and easy access to cash for payroll customers awaiting payment of their salaries.

Health Finance

They targeted the Health Finance Loan at registered pharmacies, private hospitals. Also, and other health care service providers.

The purpose of the loan is to finance working capital, stocking of drugs and medical supplies. It is also to purchase hospitals’ medical equipment.

FirstAdvance is a digital lending solution designed to offer convenient and easy access to cash for payroll customers awaiting payment of their salaries.

Additional Information

The product is meant for salary earners whose accounts someone domiciled with First Bank. Also, and have received regular salaries in the last six months or more.

The maximum amount accessible is N500,000.00 subject to 50% of the net average 6months salary.

They calculate the eligible amount after deducting all other loan obligations to the Bank. We can access this product via our digital channels: FirstMobile & USSD, FirstOnline, and ATM.

Features

1. Salary account must be domiciled with FirstBank

2. Loan amount of up to 50% of net monthly income.

3. The tenure is 30days or the next payday [whichever comes first]

4. Maximum single obligor limit of N500,000.00

5. Interest rate @ 2.5%flat collected upfront

6. Management fee @ 1.0% flat

7. Credit Life Insurance @ 0.50%

8. FirstAdvance is an enhanced and improved version of Digital SODA.

9. They can access the loan up to 3 times a day subject to the maximum eligible amount

10. The Risk Acceptance Criteria for FirstAdvance is automated.

11. They take immediately repayment after they received salary.

12. All fees, including Interest rates, are collected upfront upon disbursement of the loan.

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Personal Home Loan (Mortgage)

Buying your first home, constructing, or simply renovating? Their flexible home loan will give you the financial boost you need to support your project.

Features

1. Available to individuals with verifiable and steady income flow

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

3. Simplified Documentation

4. Minimum down payment of below 30%, subject to the location

5. Competitive interest rates

6. No equity contribution is required for Home Equity Refinancing

7. Property to be financed must be residential and not for commercial purposes.

Required Documents

1. Application letter

2. Personal Home Loan Application form

3. Last 3 months payslip

4. Statement of accounts

5. Applicant’s letter of total emolument

6. Confirmation of applicant’s employer on FBN approved list

7. Valid title document

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

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Who Can Apply

Employees in paid employment and self-employed professionals.

FAQs on First Bank Loans

Below are the frequently asked questions on First bank Loans

1. What is the code to borrow money from First Bank?

The First Bank instant loan USSD code is *891*11#.


2. What is the interest rate for First Bank Salary loan?

The interest rate of First bank is 2.5% flat, per month.


3. Which bank gives personal loan easily?

HDFC Bank customers can get Personal Loans with minimal or no documentation.


4. What is a nano loan?

Nano Finance means lending, purchasing, discounting or re-discounting bills.


5. Does First bank give loan to salary earners?

The product is meant for salary earners whose accounts are domiciled with FirstBank and have received regular salaries in the last six months or more.


6. What is digital loan?

As the name suggests, a digital loan is one that you can avail online. 


7. Is microfinance a bank?

Microfinance is a banking service provided to unemployed or low-income individuals or groups who otherwise would have no other access to financial services.


8. Can loan app block my BVN?

They will share your BVN with the authorities and they will blacklist you from using further loan products


9. How much is a 100k loan per month?

At a 4% fixed interest rate, your monthly mortgage payment on a 30-year mortgage might total $477.42 a month


10. Do u need credit to get a loan?

There are no minimum credit scores that will guarantee approval for a loan 


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CSN Team.

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