How To Get Loan From First Bank 2022/2023

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.

First bank Loan

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.

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