Are you in need of money and while you don’t have any other alternative of getting it? Or do you want to get loan? Here, we will show with you how to get loan from First bank including the requirements one by one. First bank is one of the top best commercial banks in Nigeria that easily gives out loan to their customers or who is in need of loan.
To get loan from First bank, you must have a bank account and government issued identity document like national id card, voter’s card, driver’s license, etc. If you are interested to know how to apply for First bank loan and succeed without collateral for this 2022, then continue reading as you are in the right place while we are also going to discuss everything with you.
With First bank loan, you don’t have to provide a collateral or visiting their branch before you get your loan directly in your account if you follow the guides and instructions discussed below.
The steps we explained in this article have helped many people get loan from First bank in Nigeria for supporting their business or starting up a business. Hence, we are sure that it will still help you through out the journey of your application. The good news is that you don’t have to have a hundreds of thousands of Naira in your account before they issue you loan. Once you are 18 years old plus and know that what you are going to use the loan to do will enable you pay back, then there is no any other requirements.
Now, let’s start to explain how to apply for First bank loan and get it quickly.
First bank loan (eligibilities and how to get)
Eligibilities.
- To get a high loan value (for example, five hundred thousand Naira and above) from First bank, you must have a verifiable and steady income regardless paid employment (staff) or self-employed.
- Another eligibility criteria is you must be a Nigeria.
- You must be a person with good moral character and know strategies in business or capable to do business.
- Age requirement is 18 years and above.
- In order to apply for First bank loan and get it very fast, your government issued ID document is also required.
- It is not compulsory to provide a collateral before you can get loan from First bank if you have and do what it takes as mentioned or discussed in this article.
How to get.
- To get First bank loan, dial *894#
- Select 3 to choose ”Get Loans”
- Alternatively, you can dial *894*11#
- After that, the next menu shows your eligible loan amount.
- Input the desired amount of loan you want to get and click send.
- After every process, the interest rate, management fees and Insurance will be displayed.
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Types of First bank loans and their eligibilities
- FirstCredit.
- Personal Home Loans.
- Joint Mortgage.
- Automobile Loans.
- Salary loans.
- More Financing options.
- Firstmonie Agent Credit
- FirstEdu loan.
1. FirstCredit
FirstCredit is a product designed to provide you with a quick and simple loan to fund your transactions. Loans can be accessed from anywhere without visiting the Bank. With this type of First bank loan, you don’t have to provide documents or collateral but you will need to use your mobile phone or tablet.
Requirements
- Must have a valid BVN.
- Not have a pending loan.
- You must be a First bank customer for at least 6 months.
- Must use your account regularly like sending and receiving transaction.
Description
- Customer’s account must have been operational in FirstBank for at least 6 months.
- Customer must be linked to a valid BVN.
- Customers must have correctly updated phone numbers
- Customer must have positive credit record with Credit Bureaus.
- Minimum Loan Amount: N1,000 (One Thousand Naira)
- Maximum Loan Amount: N300,000 (Three Hundred Thousand Naira)
- Loan Tenor: Maximum of 30 days
- Interest Rate: 10% flat
- Insurance: 1% per transaction
- A penal charge of 1% monthly and daily interest of 0.3% applies upon default
- Interest on disbursed amount will be taken upfront on loan disbursal
- Insurance fee is also taken upfront on loan disbursal.
- Easy and convenient access to loans to meet needs.
- Quick loan request and disbursal
- No physical documentation required.
- No collateral required
- No hidden fees
How to apply?
- Dial *894#
- Select Loans
- Select FirstCredit
- Select get new loan
- Select the account number with which you want to apply for the loan
- Grant data usage consent and accept terms and conditions
- You are presented with 4 loan amount options
- Choose your desired loan amount
- Loan is disbursed into your account
You can also click here to complete the application online.
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2. Personal Home Loans
Do you want to buy your home, construct or simply renovate but you don’t have finance? Then First bank flexible home loan will give you the financial boost you need to support every part of your project.
- Available to individuals with verifiable and steady income flow
- Maximum tenor is 20 years, subject to retirement age of 60 years
- Simplified documentation
- Minimum down payment of below 30%, subject to the location
- Competitive interest rates
- No equity contribution is required for Home Equity Refinancing
- Property to be financed must be residential and not for commercial purpose.
If you want to know how to apply and application document required, then simply continue reading.
Requirements
- Application letter
- Personal Home Loan Application form
- Last three 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?
To apply for the First bank Personal Home Loan, you can download the Application Form, fill it and submit it at any nearest FirstBank branch or click here to apply for it online (Firstbank’s website).
3. Joint Mortgage
With our Joint Mortgage loan, you and your spouse or business partner can easily buy a property that either party could ordinarily not have been able to purchase as individuals. This loan is flexible and repayment pressure is reduced.
Description
- Applicants are legitimate couples or registered partners
- Repayment capacity is on both applicants
- Applicants are both financially committed
- Applicants are joint and co-owners of the property
- Loan obtainable is N70 million
- Maximum tenor of 240 months (20 years), subject to 60 years retirement age
- Minimum equity contribution of 20-30% depending on the location.
Requirements
- Consumer Loan Request Form. Please click here to get it.
- Status Enquiry of Employer form
- Last three to six months months payslips
- Three to six months Bank Account Statement
- Three passport-size photographs
- Means of identification- driver’s License/international passport/national identification
- Utility bill of residence/company address
- Letter of recent remuneration
- Current account with FirstBank
- Letter of Introduction from employer.
Requirements for construction
- Copy of the title documents to the property (ownership must be in the name of the customer)
- Copy of the approved building plan
- Copy of the bill of quantities
- Valuation Report on the property and if there has been any construction on site, photographs of the property showing front, back and side views
- Equity contribution of 20%-30% of the property cost excluding cost of the land depending on the location
- Cash-flow projection on loan repayment.
Requirements for outright purchase
- Vendor’s offer letter.
- Copy of the title documents to the property (ownership must be in the name of the vendor).
- Copy of the approved building plan.
- Copy of the bill of quantities/cost estimates if the property is to be renovated.
- Valuation report of the property.
- Photographs of the property showing front, back and side views.
- Equity contribution of 20%-30% of the property cost excluding cost of the land, depending on the location.
- Cash flow projection on loan repayment.
How to apply?
- To apply for the Joint Mortgage Loan, download the Loan Application Form.
- Fill the form completely and submit to the Retail Team at the nearest FirstBank branch.
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4. Automobile Loans
Get an Auto Loan from us today and purchase your dream car sooner than you think. Businesses can also apply for this loan to acquire vehicles for the day-to-day running of their business or other purposes.
Description
- Maximum loan amount of N15 million
- Maximum tenor is 48 months (four years)
- 20% equity contribution is required
- 22% interest rate
- Vehicles to be financed must be new and from FirstBank-approved vendors
- Salary domiciliation.
Benefits
- A year free car servicing or car serviced at 15,000km mileage (whichever comes first)
- Free fuel card available for one year
- Free car registration.
- Three-year manufacturer’s car warranty.
Requirements
- Application letter
- Auto Loan application form
- Proforma Invoice from FirstBank-approved vendors
- Payslip for the last three months
- Statement of account
- Letter of total emolument.
How to apply?
apply for the Auto loan,
- Download the Auto Loan Application Form by clicking here.
- Complete the form and submit at the nearest FirstBank branch.
5. Salary loans
Do you have a salary account with FirstBank? Simply fill our Loan Application Form to start enjoying our Personal Loan Against Salary designed to help you cover pressing financial obligations before payday arrives.
6. More Financing options
Are you are looking to buy or construct a home, purchase your dream car? Need extra money to support that family holiday trip? Or simply working towards making other life plans a reality? Our financing options will assist you.
7. Firstmonie Agent Credit
Firstmonie Agent Credit is a digital lending solution designed to provide bridge finance to help our Agents to solve liquidity challenges resulting from depleted account balances, even when the Agents have physical cash at hand. The Agent can access this fund, pending cash lodgment at our nearest Branch.
Description
- Loan amount is 25% of average daily credit turnover for a period of three months subject to Maximum loan amount of N1Million.
- Tenor is 24hours during the Weekdays and maximum of 72hours or next working day during the Weekends and Public Holidays.
- Agent must have been in account relationship with FirstBank for a minimum of 3 months.
- Interest rate @ 0.3% flat on disbursed amount.
- Keyman Insurance of N1,000 per annum.
- Minimum loan amount is N20,000.
- Positive Credit Check.
- Satisfactory KYC Report.
- Get up to N1 million to fund more transactions.
- Access to fund before cash lodgment at the branch.
- Available for use every day, including peak periods (weekdays, weekends and public holidays).
- Business expansion and increase in income.
How to apply?
Apply through the Firstmonie App (POS) by clicking the link and follow the prompts or click here to apply for it online using phone or laptop. Please note that to be eligible to get this type of First bank loan, you must have been active on the Bank’s Agent Network for a minimum of three months.
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8. FirstEdu loan
The FirstEdu loan is available to Private schools owners who require extra funds for the smooth running of their school operations.
Requirements
- Evidence of Government Approval of school.
- Schools with CAC registration but without Ministry of Education approval can access up to N2million for 90days.
- Private pre-primary, primary, secondary schools, A’ level Tuition Providers registered with both State Ministry of Education and Corporate Affairs Commission.
- School Memorandum and Articles of Association (MEMART) where applicable.
- Documents showing how long school has been in the business.
- Documents showing the number of students in the school.
- Any other documents that may be required by the bank.
Description
- Available to all private schools duly registered with CAC (either Government approved or not).
- Tenor is from 90 days to 12 months (terms and conditions apply).
- Maximum Loan amount is N20m.
- Schools with CAC registration but without Ministry of Education approval can access up to N2million for 90 days.
- Finance of operational vehicles for schools (new and fairly used)
- Asset acquisition of up to N20m for 24 months.
- Collateral is undertaking to domicile school fees with FirstBank.
- School must have been in account relationship with any bank for a minimum of 12 months.
- School must have a minimum student population of 100.
How to apply?
If you are qualified and interested to Apply for FirstEdu Loan, please download the Application Form, complete filling it and submit to the nearest FirstBank branch. Or you can click here to apply for it online.
Conclusion
If you know that this article has helped you know everything about First bank loan including the requirements, description/features and how to get any type of your demand/choice, then please share it with your friends and remember to subscribe to our newsletter for more important updates.
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