How to apply for First bank loans

Last Updated on January 16, 2026 by admin

FirstAdvance is a digital lending solution that provides quick and convenient access to cash for payroll customers who are awaiting payment of their salaries. It is designed for salary earners with accounts domiciled at FirstBank who have received regular salary payments for at least the last two months.

The maximum amount available depends on the selected variant. Under the 3-month variant, customers can access up to ₦2,000,000, subject to 75% of their net monthly salary. For the 30-day variant, the maximum amount is ₦1,500,000, subject to 50% of the net monthly salary. Eligible amounts are determined after deducting any existing loan obligations to the Bank.

FirstAdvance can be accessed conveniently through FirstBank’s digital channels by dialing 89411# and selecting FirstAdvance on USSD, or by using the FirstMobile App.

The bank offers an interest rate of 3% flat, per month, which shall be subject to review from time to time in line with the prevailing money market

For Late Payment Penalty, A monthly penalty charge of 1% flat on overdue amount, in addition to the current rate of interest on the unpaid sum until full repayment, will be applicable where credit facilities remain outstanding after expiration

Table of Contents

What are the features of First Advance

The salary account must be domiciled with FirstBank.
Customers can access up to 50% of their net monthly income for the 30-day variant, and up to 75% of their net monthly salary for the 3-month variant.
The 30-day variant has a tenor of 30 days or until the next payday, whichever comes first. The 3-month variant runs for 90 days or becomes due by the third payday, whichever comes first.
The maximum single obligor limit is ₦1,500,000 for the 30-day variant and ₦2,000,000 for the 3-month variant.
Interest is charged at a flat rate of 3% and collected upfront.
A management fee of 1.0% flat applies.
Credit Life Insurance is charged at 1.0%.
The loan can be accessed up to five times daily, subject to the customer’s maximum eligible amount.
Risk Acceptance Criteria for FirstAdvance is fully automated.
Repayment is triggered immediately the customer’s salary is credited, while a lien is placed on unfunded accounts.
All applicable fees, including interest, are collected upfront at the point of loan disbursement.
For the 3-month variant, a management fee of 1%, Credit Life Insurance of 1%, and 7.5% VAT on the management fee are deducted upfront. Interest accrued is factored in and repaid together with the principal every month (every 30-day cycle from disbursement to salary receipt) using the Equated Monthly Instalment (EMI) method.

How to Apply for First advance Loan

To apply for a FirstAdvance loan, you must be a salary earner with an active FirstBank account, have received consistent salary payments for at least two months, and then apply through the FirstMobile app or USSD (*894#)

Step-by-Step Guide to Applying for FirstAdvance Loan

1. Check Eligibility

Must be a salary earner with your account domiciled in FirstBank Nigeria.
You should have received regular salaries for at least two months.
No outstanding unpaid loan obligations with FirstBank.

2. Loan Features

30-day variant: Up to ₦1,500,000 (50% of net monthly salary).
3-month variant: Up to ₦2,000,000 (75% of net monthly salary).
Loan amount is calculated after deducting other obligations to the bank.

3. Application Channels

FirstMobile App:
- Log in to the app.
- Navigate to “Loans” → “FirstAdvance.”
- Follow the prompts to apply.
USSD Code (*894#):
- Dial *894# on your registered phone.
- Select “Loans” → “FirstAdvance.”
- Enter required details and confirm.

4. Required Documents

Active FirstBank salary account.
Proof of consistent salary payments (last two months).
No unpaid loan obligations

First Bank Personal Loan Against Salary

The first bank Personal Loan Against Salary (PLAS) is tailored for salary account holders and is designed to provide financing for individuals in paid employment to meet long-term personal needs such as vacations, children’s school fees, rent, home furnishing, or future investments.

Salary account holders with an existing Personal Loan at the Bank who have consistently met their monthly repayment obligations may be eligible for a top-up on their current loan. In addition, FirstBank offers a Personal Loan Buy-Over option for employees of approved organizations who wish to transfer their salary accounts to FirstBank.

Features

With the Personal Loan Against Salary:

You can enjoy a repayment tenor of up to 60 months, subject to your retirement age.
No guarantor is required.
Processing is fast and seamless.
No equity contribution is needed.
Documentation requirements are minimal.
Your salary account must remain domiciled with FirstBank for the duration of the facility.
Repayment terms are flexible to suit your cash flow.

How to apply for First Bank Personal Loan Against Salary

To apply for the Personal Loan Against Salary, please ensure you have the following documents:

A completed Personal Loan Application Form go their website to download the form
A valid copy of an acceptable means of identification, such as a Driver’s License, an international passport, or a national identity card.
A Letter of Irrevocable Domiciliation of Salary from your employer, confirming that your salary will be domiciled with FirstBank for the duration of the facility.

Once completed, kindly submit the application form and required documents at your nearest FirstBank branch.

First Bank Automobile Loans

The Automobile Loan (Auto Loan) enables employees to purchase brand-new vehicles from reputable vendors, offering a flexible repayment plan spread over an agreed period.

Features

Maximum loan amount of up to ₦20 million.
Repayment tenor of up to 48 months (four years).
Equity contribution set at 30% of the vehicle’s invoice value.
Financing is available exclusively for brand-new vehicles.
Open to salaried individuals whose salaries are domiciled with FirstBank or who are willing to transfer their salary accounts to FirstBank.
Flexible repayment options to suit customer needs.
Highly competitive interest rates.
Access to a wide selection of vehicle brands and models.

Required Documents

Completed Auto Loan application form.
Proforma invoice for the vehicle.
A valid copy of an acceptable means of identification, such as a Driver’s License, an international passport, or a national identity card.
A Letter of Irrevocable Domiciliation of Salary confirming salary domiciliation for the duration of the facility

The FirstBank Auto Loan is available to salary earners whose salaries are domiciled with FirstBank or who are willing to move their salary accounts to FirstBank. It is designed for employees in paid employment who want to purchase brand-new vehicles from approved vendors

How to Apply

To apply for the Auto Loan:

Download the Auto Loan Application Form.
Complete the form and submit it at your nearest FirstBank branch.

Personal Home Loan

The Personal Home Loan is designed to help employees conveniently acquire and own residential properties. It provides flexible financing options that make homeownership more accessible.

In addition to individual applications, the product also supports Joint Mortgage arrangements for couples, allowing them to combine income streams and jointly secure financing for their dream home.

Features

Eligibility: Available exclusively to individuals in paid employment.
Loan Tenor: Up to 20 years, subject to the borrower’s retirement age.
Documentation: Simplified and straightforward application process.
Equity Contribution: Minimum of 20% of the property value required.
Interest Rates: Competitive and designed to make repayment affordable.
Property Requirement: Must be residential and located in FirstBank-approved areas. Commercial properties are not eligible.
Salary Account: Your salary account must be domiciled with FirstBank throughout the loan period.

Required Documents

Vendor’s Offer Letter – formal offer from the property seller.
Title Documents to the Property – proof of ownership, which must be in the vendor’s name.
Approved Building Plan – certified plan of the property.
Personal Home Loan Application Form – completed and signed by the applicant.
Letter of Irrevocable Domiciliation of Salary – confirming that salary will remain domiciled with FirstBank for the entire loan duration.

How to Apply for the Personal Home Loan

Download the Home Loan Application Form. Obtain the official form from FirstBank’s website or at any branch.
Complete the Form. Fill in all required details accurately, ensuring you attach the necessary supporting documents (e.g., vendor’s offer letter, title documents, approved building plan).
Submit at the Nearest FirstBank Branch. Take the completed application form and supporting documents to your nearest FirstBank branch for processing.

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