Last Updated on July 1, 2024 by admin
First bank plc has unveiled salary loan and FirstAdvance which is designed to help offer convenient and easy access to cash for salary earner customers awaiting payment of their salaries. If you have salary account with FirstBank you can start enjoying Personal Loan Against Salary that will cover pressing financial needs
FirstAdvance is a digital lending solution designed to offer a convenient and easy access to cash for payroll customers awaiting payment of their salaries.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.
The Maximum amount accessible is N500,000.00 subject to 50% of net average 6months salary, whichever is lower. The eligible amount is calculated after deducting all other loan obligations to the Bank.
You can also read: FirstBank USSD Code: How to check statement of account, Account balance and Create Pin as well transfer money
How to Apply FirstAdvance
FirstAdvance is a digital loan product offered by First Bank of Nigeria to its salary account holders. To apply for FirstAdvance, you can use the following methods:
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USSD Code: Dial 89411# on your phone and follow the prompts.
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FirstMobile App: Open the FirstMobile app, navigate to the Loans section, and select FirstAdvance. Follow the instructions to complete your application.
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FirstOnline Internet Banking: Log in to your FirstOnline account, go to the Loans section, and choose FirstAdvance. Fill out the application form and submit it.
Before applying, make sure you meet the following eligibility criteria:
- You must be a salary account holder with First Bank.
- Your salary must be domiciled with First Bank.
- You must have a good credit history.
The loan amount you can access depends on your salary and creditworthiness. FirstAdvance offers a convenient and quick way to access funds when you need them.
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Features of FirstAdvance loan
FirstAdvance, a digital loan product by First Bank of Nigeria, comes with several features designed to offer convenience and quick access to funds for eligible salary account holders:
1.Loan amount of up to 50% of net monthly income.
2.Tenor is 30 days or next pay day [whichever comes first]
3.Maximum single obligor limit of N500,000.00
4.Interest rate @ 2.5%flat collected upfront
5.Management fee @ 1.0% flat
6.Credit Life Insurance @ 0.50%
7.Salary account must be domiciled with FirstBank
Interest:
The interest rate for the facility is 2.5% flat, per month, which shall be subject to review from time to time in line with the prevailing money market condition. Any change in pricing of the facility notified by the Bank to the Borrower shall be binding on the Borrower. However, any excess over the approved limit or any unliquidated expired facility shall attract an interest on authorized excess overdraft at a rate to be determined by the Bank.
Management Fee:
1% flat
Credit Life Insurance:
0.5% flat on facility amount ad to be collected upfront.
Value Added Tax (VAT)
7.5% flat of Management fee
Late Payment Penalty
A monthly penal charge of 1% flat on overdue amount, in addition to current rate of interest on the unpaid sum until full repayment will be applicable where facility remains outstanding after expiration.
Repayment Source:
Proceeds of monthly salary payment domiciled to the Lender or any BVN linked accounts in any Bank.
First bank Salary Loans
The credit facilities is designed for salary account holder with FirstBank, you can apply for Personal Loan Against Salary. The loan has the follow features:
1.You get up to 36 months repayment option, subject to retirement age of 60 years and the 2.repayment structure is flexible.
3.A guarantor is not required.
4.The processing time is quick.
5.Equity contribution is not required.
6.Minimum documentation is required.
7.Your Salary Account must be domiciled with FirstBank for the period the facility is in place 8.flexible repayment structure.
How to apply for First bank Salary Loans
You will need the following documents:
1.Application letter
2.Personal Loan Application form
3. Payslip
4.Statement of accounts.
5.Applicant’s letter of total emolument.
6.Confirmation of applicant’s employer on FBN approved list.
7.Letter of irrevocable domiciliation of salary for the duration of the facility.
8. Complete the form and submit at the nearest FirstBank branch
How to apply:
To apply for FirstAdvance using USSD, simply dial 89411# on your phone. Follow the on-screen prompts to complete your application.
Here are some additional points to keep in mind:
- You must be a salary account holder with First Bank.
- Your salary must be domiciled with First Bank.
- You must have a good credit history.
The amount of money you can borrow will depend on your salary and creditworthiness.
- FirstMobile App:
- Open the FirstMobile app.
- Navigate to the “Loans” section.
- Select “FirstAdvance” and follow the instructions.
General Requirements:
- You must be a salary account holder with First Bank.
- Your salary must be domiciled with First Bank.
- You must meet the bank’s eligibility criteria.
First Bank Salary Loans & FirstAdvance – FAQs
1. What is FirstAdvance?
FirstAdvance is a digital loan product designed for First Bank salary account holders. It provides quick access to funds before payday.
2. What are the eligibility criteria for FirstAdvance?
- You must be a salary account holder with First Bank.
- Your salary must be domiciled with First Bank.
- You must have a good credit history.
3. How do I apply for FirstAdvance?
You can apply through USSD code (89411#), the FirstMobile app, or FirstOnline internet banking.
4. What is the maximum loan amount for FirstAdvance?
The maximum loan amount depends on your net monthly income:
- Up to 50% for the 30-day variant.
- Up to 75% for the 3-month variant.
- Both with a maximum single obligor limit of ₦1,000,000.00 for the 30-day variant and ₦2,000,000.00 for the 3-month variant.
5. What is the repayment period for FirstAdvance?
- 30 days or until the next payday for the 30-day variant.
- 3 months for the 3-month variant.
6. What are the fees and charges for FirstAdvance?
- 3% flat interest rate collected upfront.
- 1% flat management fee.
- 1% credit life insurance.
- 7.5% VAT on the management fee for the 3-month variant.
7. What is Personal Loan Against Salary (PLAS)?
PLAS is another type of salary loan offered by First Bank. It offers larger loan amounts and longer repayment periods than FirstAdvance.
8. What are the eligibility criteria for PLAS?
- You must be a salary account holder with First Bank.
- Your salary must be domiciled with First Bank.
9. How do I apply for PLAS?
You need to visit a First Bank branch with the required documents and fill out an application form.
10. What is the maximum loan amount for PLAS?
The maximum loan amount is N30 million.
11. What is the repayment period for PLAS?
The repayment period is up to 60 months (subject to your retirement age).
12. What are the interest rates for First Bank salary loans?
The interest rates for both FirstAdvance and PLAS are competitive and vary depending on your creditworthiness and loan amount.
