Last Updated on July 1, 2024 by admin
First bank Has unveiled Salary Loans for account holder with First Bank. The personal Loan is designed Against Salary.This comprises of FirstAdvance loan, Agent Credit and Personal Loan Against Salary.
This post will through more light on various loan package offer by first bank to enable you choose the best credit facility.
Read: How to apply for Payday and salary advance loan in all Nigeria banks
FirstAdvance Salary loan
The FirstAdvance loan is a digital lending solution designed to offer convenient and easy access to cash for payroll customers awaiting payment of their salaries. Customers whose salary accounts are domiciled with FirstBank and have received regular salaries in the last six months or more can apply for the loan facility.
Borrower can get Maximum amount accessible up to N500,000.00 subject to 50% of net average three months salary, whichever is lower. The eligible amount is calculated after deducting all other loan obligations to the Bank. This product can be accessed via digital channels: FirstMobile and USSD.
The fund will be available for utilization only upon satisfactory compliance with the conditions precedent to drawdown as may be prescribed by the Bank.
Requirements to apply for First bank FirstAdvance Salary loan
Here are the requirements to apply for First Bank FirstAdvance Salary loan:
You must be an active salary account holder with FirstBank.
You must have received regular salary payments in the last two months or more.
You must be at least 18 years old.
You must have a valid means of identification.
You must have a good credit history.
First bank FirstAdvance Salary loan Interest rate:
The interest rate for the facility is 3% 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
Also read: List of Primary Mortgage Banks In Nigeria and how to apply mortgage loan
Insurance
The Borrower shall maintain a credit life insurance policy against loss of life and such other risks as the Bank may from time to time consider necessary in an Insurance Company approved by the Bank. The Borrower shall duly pay all premiums for keeping such insurance 1% flat on facility amount are to be collected upfront.
Tenor:
The term Loan is payable in 30 days or date of next salary payment, whichever comes first.
Features:
- Loan Amount:
- 30-day variant: Up to 50% of net monthly income.
- 3-month variant: Up to 75% of net monthly salary.
- Tenor (Repayment Period):
- 30-day variant: 30 days or the next payday, whichever comes first.
- 3-month variant: 90 days or the third payday, whichever comes first.
- Interest Rate: 3% flat collected upfront.
- Management Fee: 1% flat.
- Credit Life Insurance: 1%.
- Maximum Single Obligor Limit:
- 30-day variant: ₦1,000,000
- 3-month variant: ₦2,000,000
Read: Lists of All Nigerian Mobile banking USSD Codes
How to apply
You can apply for FirstAdvance Salary Loan through the following convenient channels:
1. FirstMobile App:
- Open the FirstMobile app and log in using your credentials.
- Navigate to the “Loans” section.
- Select the “FirstAdvance” option.
- Follow the on-screen instructions to apply for the loan. You’ll need to select the loan amount and tenor (30-day or 3-month).
- Review the loan details and confirm the application.
2. USSD Code:
- Dial *894*11#: Using the phone number linked to your First Bank salary account.
- You’ll be guided through the application process. Select the desired loan amount and tenor.
- Review the details and enter your 5-digit PIN to confirm the loan application.
Processing Time:
Loan applications are usually processed quickly, and the funds are disbursed to your salary account within minutes if approved.
2. Personal Loan Against Salary
Personal Loan Against Salary (PLAS) is a loan product offered by FirstBank of Nigeria to its salary account holders. It’s designed to provide financial assistance for various personal needs, such as vacations, school fees, rent payments, home renovations, or investments.
Features
First bank Personal Loan Against Salary has the following loan features
1. A guarantor is not required.
2. The processing time is quick.
3. Equity contribution is not required.
4. Minimum documentation is required.
5. Your Salary Account must be domiciled with FirstBank for the period the facility is in place flexible repayment structure.
You can also read: FirstBank USSD Code: How to check statement of account, Account balance and Create Pin as well transfer money
Benefits:
- Timely disbursement of funds upon approval.
- The loan is unsecured, so you don’t need to pledge any assets.
- Choose a repayment plan that suits your budget.
- Enjoy attractive interest rates.
How to Apply for Personal Loan Against Salary?
To apply for the Personal Loan Against Salary, 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
3. First bank Agent Credit
Firstmonie Agent Credit is a digital lending solution offered by First Bank of Nigeria to its Agents. It aims to provide bridge financing to agents who face liquidity challenges, even when they have physical cash on hand.
You may also like:How to apply for First Bank Home Loan and-mortgages & requirements
Features
1. The Firstmonie Agent Credit Loan amount is 25% of average daily credit turnover for a period of three months subject to Maximum loan amount of N1Million.
2. Tenor is 24hours during the Weekdays and maximum of 72hours or next working day during the Weekends and Public Holidays.
3. Agent must have been in account relationship with FirstBank for a minimum of 3 months.
4. Interest rate @ 0.3% flat on disbursed amount.
4. Keyman Insurance of N1,000 per annum.
5. Minimum loan amount is N20,000.
6. Positive Credit Check.
7. Satisfactory KYC Report
Eligibility:
- Must be an active agent on First Bank’s Agent Network for a minimum of three months.
Benefits:
- Agents can get up to ₦1.5 million to fund more transactions, even before cash lodgement at the branch.
- The service is available on weekdays, weekends, and public holidays.
- Helps agents expand their business and increase income.
How to Apply for First bank Agent Credit:
- Launch the Firstmonie App on your mobile device.
- Find the Agent Credit section within the app. It may be under the “Loans” or “Services” tab.
- Click on the “Apply for Agent Credit” or similar button.
- Follow the on-screen instructions to complete the application process. You will likely need to provide information like your desired loan amount, business details, and income information.
Once your application is submitted, it will be reviewed by First Bank, and you will be notified of the outcome shortly. If approved, the loan amount will be disbursed to your account usually within one minute
