How To Get First Bank Loan | First Bank Customers Loan

Take note that you must have an account with the first bank in order to obtain a loan from them. Many individuals wonder if the initial bank loan is offered to all of her clients. This and other pertinent questions will be addressed in this post.
There are several types of loans available from the first bank. There are loans for payroll clients who are awaiting salary payment, a First Bank student loan in Nigeria, a First Bank house loan, a First Bank auto loan, and a loan offer for First Bank customers, among others. All of this will be discussed on this page.
The following are loans offered to first-time bank customers; review the qualifications for each and determine whether you qualify.

The Different Types Of First Bank Loans

• FirstAdvance

• Student Loans from First Bank

• First Bank Automobile Loan

• Home Loan for Individuals

InitiallyAdvance (Best Loans and Mortgages)

FirstAdvance is one of the most reputable lending and mortgage companies. This loan is appropriate for salaried individuals who get paid on a consistent monthly basis. To qualify as pay earned, you must have received salary continuously for the previous six months or longer. The maximum amount that you may access is 5,000,000.00 naira ( five million naira). It is limited to 50% of the net average six-month pay, whichever is less. You can apply for this loan using any of the first bank’s digital channels, including FirstMobile and USSD, FirstOnline, and ATM.

NOTE: The bank will deduct any other bank liabilities. The remaining balance will be computed automatically for you.

 

What You Should Know About FirstAdvance

The following are some important points to consider when applying for your first bank loan. These are the characteristics of a loan from FirstAdvance.

• The salary account must be a FirstBank account.

• Loans up to 50% of net monthly income.

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

• N500,000.00 maximum single obligor limit

• Interest charged at a fixed rate of 2.5 percent paid in advance

• A flat-rate management charge of 1.0 percent

• 0.50 percent credit life insurance

• FirstAdvance is a supplement to and enhancement of Digital SODA.

• The loan may be accessed up to three times daily, subject to the loan’s maximum allowable amount.

• FirstAdvance’s risk acceptance criteria are automated.

• Salary is deducted immediately upon receipt, and a lien is put on the underfunded account.

• All costs, including the interest rate, are collected upfront at the time the loan is disbursed.

How To Apply For A FirstAdvance Loan Through The First Bank Mobile App.

The steps below outline how to apply for FirstAdvance; simply follow the instructions.

To be considered for the FirstAdvance,

• To submit an application for FirstAdvance using the FirstMobile App.

• To get the most recent version of the FirstMobile app, CLICK HERE.

• Launch the FirstMobile application.

• On the upper left-hand side, expand the menu selections.

• Click on ‘Loans’.

• Select ‘FirstAdvance’ next.

• The following menu option displays your qualified amount, as well as the associated price and costs.

• Following that, accept the Terms and Conditions.

• Next, enter a loan amount that is not greater than the qualifying amount.

• Your transaction pin is then shown.

• If the loan is approved, it is deposited 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 Loan With FirstAdvance Using A USSD Code

 

If you’re looking for codes to apply for your first bank loan, you’ve come to the perfect spot. If you meet the qualifications, apply using the instructions below.

Prior to applying for your first bank loan, you will use this strategy. You must have activated first bank mobile banking on your smartphone – CLICK HERE to read the whole tutorial.

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

• Alternatively, *894*11#

• The following menu displays the loan amount that you are qualified for.

• Enter the appropriate amount and click “Send”

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

• Enter a five-digit transaction PIN to confirm acceptance of the terms and conditions.

• Within minutes, the loan is deposited into your pay account.

• As upfront fees and charges, your account is debited for management fees, interest rates, insurance, and VAT.

• 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)

 

FirstEdu is the brand name for the student loan program. This loan is intended for proprietors/proprietresses of private schools. The purpose of this loan is to assist students in raising their academic standards and obtaining a higher education.

If you are the principal of a school and are searching for funding to support the school’s operations or to update equipment to enhance and improve learning, you have come to the right place. Then this is the loan for you.

The Benefits Of A FirstEdu Loan

• Repayment plan that is flexible over a 90-day period

• Access to a maximum of N10 million

• The collateral requirement is just the remittance of school tuition to FirstBank.

• The school must have had an account with FirstBank for a minimum of six months or twelve months with other banks.

• The target market consists of private schools that have been officially registered with the CAC and approved by the State Government.

• A minimum of 100 kids must be enrolled in the school.

 

How To Submit An Application For A FirstEdu Loan

If you are interested in applying for this loan, please click here. Visit your local First Bank office and provide your school’s information. Inform the customer service person that you are interested in applying for your first bank loan. Indicate that this is the First Bank Student Loan In Nigeria. He or she will assist you until the application is complete.

 

Car Loan from the First Bank

It’s really simple to purchase your ideal automobile. As a business, you might acquire automobiles or cars for day-to-day operations. To make this easier, a first bank automobile loan is provided. With your first bank loan, you may finally purchase your ideal automobile.

The Benefits of a First Bank Auto Loan

• A loan of up to N15 million is permitted.

• The maximum duration is 48 months (4 years)

• A 20% equity investment is required

• 22% interest rate

• Financing vehicles must be brand new and purchased from FirstBank-approved suppliers.

• Salary domicile.

 

First Bank Car Loan Requirements

• Letter of application

• Application for Auto Loan

• Proforma Invoices from approved FirstBank suppliers

• Pay stubs for the last three months

• Account statement

• A letter stating the total remuneration.

 

How To Apply For A Car Loan From First Bank

The following are the application steps for this first bank loan.

• Obtain a copy of the Auto Loan Application Form

• Complete the form completely and carefully, checking for mistakes along the way.

• Complete the form and send it to a FirstBank branch near you.

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

Home Loan for Individuals (Mortgage)

Make your dream of owning a home a reality with a Personal Home Loan from first bank. You can obtain a loan from the first bank in order to construct or complete your home. This loan is offered to consumers who are either employed or self-employed ( entrepreneur).

The Benefits Of A Personal Home Loan

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

• The maximum term is twenty years, subject to a minimum retirement age of sixty years.

• Documentation Simplified

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

• Interest rates that are competitive

• There is no requirement for an equity investment in order to refinance a home.

• The property being financed must be used only for residential purposes and not for commercial purposes.

Requirements

• Letter of application

• Application for a Personal Home Loan

• Paystubs from the previous three months

• Accounts statement

• Letter of total remuneration from the applicant

• Verification that the applicant’s employer is on the FBN authorized list

• A genuine title document

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