How to apply for FirstBank Personal Loan Against Salary and FirstAdvance

First bank plc has unveiled Personal Loan Against Salary structure and FirstAdvance which is designed to help you cover pressing financial obligations before pay-day arrives.

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

To apply for the Personal Loan Against Salary, you will need the following documents:

Application letter
Personal Loan Application form
Payslip
Statement of accounts
Applicant’s letter of total emolument
Confirmation of applicant’s employer on FBN approved list
Letter of irrevocable domiciliation of salary for the duration of the facility.
Complete the form and submit at the nearest FirstBank branch

How to Apply FirstAdvance

To apply for the FirstAdvance,

1, Through FirstMobile App Or
2.USSD CODE-*894*11# or *894#

Dial *894# to connect to FirstBank’s USSD Banking, select 3, [Get Loans]
or *894*11#
The next menu shows your eligible loan amount
Input desired amount and send
Interest rate, Management fees & Insurance is displayed
Input 5digit transaction PIN to accept Terms and conditions
Loan is disbursed into your salary account within minutes.
Your account is debited for Management fee, Interest rate, Insurance and VAT as upfront fees and Charges.
Upon receipt of salary or 30days (whichever comes first) your account is debited for Principal repayment.

You may also like:How to apply for First Bank Home Loan and-mortgages & requirements

To apply for FirstAdvance on FirstMobile App

Download the recent FirstMobile App from Google Play Store or Apple Store on your smart phone
Log on to the FirstMobile App
Open menu options on the top left-hand side
Select ‘Loans’
Next, select ‘FirstAdvance’
Next Menu Option shows your eligible amount and the applicable pricing and fees.
Next, Accept the Terms & Conditions
Next, input desired loan amount not more the eligible amount.
Followed by your transaction pin.
Successful, Loan is disbursed to your salary account within minutes.
Your account is debited for Management fee & VAT, Interest rate and Insurance as upfront fees and Charges.
Upon receipt of salary or 30days (whichever comes first) your account is debited for Principal repayment.

Read:FirstBank USSD*894#: How to buy Airtime,check account Balance ,Pay bills & Transfer money in 1st Bank

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.

Also read:Firstbank Transfer Code:How to Transfer Money,Buy recharge card, account statement and account balance

Repayment Source:

Proceeds of monthly salary payment domiciled to the Lender or any BVN linked accounts in any Bank.

How to apply for Personal Loan Against Salary

Download the form via URL link: https://www.firstbanknigeria.com/wp-content/uploads/2016/03/Personal-Loan-Form.pdf

Fill the form and submit it to the bank you are good to go so long you have your salary domicile with firstbank PLC

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