Are you a small business enterprise, a start up, a student who wants to apply for First bank loan? Whatever reason it is that you want to get a loan, First bank has a loan option for you. If you are asking, how can I get First bank loan? How do I qualify for a low with the first bank? What is the first bank loan interest rate? What are the types of loans offered by first bank?
You can get a loan from first bank, be it the first bank personal loan, first bank business loan, first bank mortgage loan, first bank credit card loan e.t.c All you need to know is the requirements for getting a loan with First Bank.
In this article, I will show you quick and easy process that you can get a loan from first bank, what you need before applying for a first bank loan, the loan requirements and why first bank decline some loan applications.
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Types of First Bank Loan
There are four main types of first bank loans. They are:
- First Advance
- First Bank student loan
- First Bank car loan
- Personal Home loan
First Advance
If you are a salary earner, I will advice that you go for a First Advance but you must note the following:
- You must have a first Bank domiciliary account
- The highest amount you can be loaned is Five million naira (5, 000, 000), with a 50% net monthly income and a 2.5% interest rate
- Pay back is done once your salary has been paid
How to apply for First Advance
There are three ways you can apply for First Advance
- First Bank Mobile App
- First Bank USSD code
- ATM
Application of First Advance using USSD code
This option is for those who have activated the First Bank mobile app on their device. These steps will guide you to use the USSD code to apply for First Bank loan:
- With your device, dial *894# or *894*11#
- Select 3 to get the loan
- You will be shown a option for amount you desire
- Input the amount and send
- Next, the interest rate, management fees and insurance will pop up
- Lastly, input 5 digit pin to accept terms and conditions
Application Using Mobile App
- On your First Bank mobile app, login with your details and select loan option
- The click on ‘First Advance’
- You will be shown a option for amount you desire
- Input the amount and send
- Next, the interest rate, management fees and insurance will pop up
- Lastly, input 5 digit pin to accept terms and conditions
First Bank Student Loan
This type of First Bank Loan is mainly for students and private schools owners. Note the following:
- The school must have an account relationship with First Bank for a period of at least six months
- The school must have at least 100 students
- It must be a registered school with CAC
- The highest amount the school can get is Ten million naira (10000000)
How to Apply for First Bank student Loan
- This First Bank Edu loan is gotten via the nearest First Bank branch.
- Go to the customer care in and state that you need a First Bank student loan
- You will be guided on how to go about it
First Bank Car Loan
This type of loan is for companies seeking to own a company car for easy running of company’s operations. Note this:
- The company must have a domiciliary account
- The highest loan the company can get is Fifteen Million (15, 000000)
Requirements for a First Bank Car Low
You will need the following:
- Application letter
- Auto Loan application form
- Proforma Invoice from FirstBank approved vendors
- Current 3 months pay slip
- Statement of account
- Letter of total emolument
How to Apply For First Bank Car Loan
Follow these steps:
- You are to download the Auto Loan Application Form
- Fill I the form correctly and submit at the nearest First Bank branch
Personal Home Loan
Do you want to own a house? First Bank personal Home loan got Requirements
is type of First Bank loan is for salary earners and must be for residential purpose only.
Requirements
- Application letter
- Personal Home Loan Application form
- Last 3 months payslip
- Statement of accounts
- Applicant’s letter of total emolument
- Confirmation of applicant’s employer on FBN approved list
- Valid title document
- Letter for irrevocable domiciliation of salary for the duration of the facility.
How to apply for First Bank Personal Home loan
Follow these steps:
- You are to download the Home Loan Application Form
- Fill I the form correctly and submit at the nearest First Bank branch
What you need to do or have when applying for a Loan
- Anytime you are applying for a First Bank Loan, especially as a small business, always show preference for equipment
- You will need an income verification and proof of assets worth as least as much as the amount being borrowed
Important: If you know that you aren’t in need of a First bank loan, please avoid getting one. If you find this article useful and helpful, don’t forget to share. Leave us a comment.
