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.
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How to Apply FirstAdvance
You can apply for thie digital loan Through FirstMobile App Or
USSD CODE-*894*11# or *894#
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Features of FirstAdvance loan
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.
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
