First Loan Review | About First Bank Loan
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First bank offers loans on:
• First Bank Personal Home Loans
• First Bank Joint Mortgage Loan
• First Bank Finance Loan
• First Bank Automobile Loan
• First Personal Loan Against Salary.
First Bank Loan | Codes And Requirements On How To Apply
1. First Personal Home Loans
Do you need to Buy your first home, constructing or simply renovating?
First bank flexible home loan will give you the financial boost you need to support your project on your home.
Features Of First Home Loans:
• 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.
Requirements For Applying First Home Loans
1. Application letter
2. Personal Home Loan Application form
Last 3 months payslip
3. Statement of accounts
4. Applicant’s letter of total emolument
5.Confirmation of applicant’s employer on FBN approved list
6. Valid title document
7. Letter for irrevocable domiciliation of salary for the duration of the facility.
Who Can Apply?
Employees in paid employment and self-employed professionals.
How To Apply For First House Loan:
To apply for the Personal Home Loan,
Complete the form and submit at the nearest FirstBank branch.
2. First Bank Joint Mortgage Loan
With first Joint Mortgage loan, you and your spouse or business partner can easily buy property which either party could ordinarily not have been able to purchase as individuals.
This loan is flexible and repayment pressure is reduced.
Requirements:
• 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 obatainable 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.
Benefits:
1. Flexible repayment structure
2. Loan repayment is distributed between the spouses easing up repayment pressure
3. Competitive interest rates.
Documents Required:
• Consumer Loan Request Form
• Status Enquiry of Employer form
• Current 3-6 months payslip
• 3-6 months Bank Account Statement
• 3 passport 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.
Who Can Apply?
Employees in paid employment and Self-employed professionals.
How To Apply:
• Download the Consumer Loan Application Form
• Complete the form and submit to the Retail Team at the nearest FirstBank branch.
3. First Personal Loan Against Salary
Do you have a salary account with FirstBank. Simply fill their Loan Application Form to start enjoying our Personal Loan Against Salary structure designed to help you cover pressing financial obligations before pay-day arrives.
Benefits Of First Personal Loan Salary
• You get up to 36 months repayment option, subject to retirement age of 60 years and the Repayment Structure is Flexible.
• A guarantor is not required
• The processing time is quick
• Equity contribution is not required.
• Minimum documentation is required
• Your Salary Account must be domiciled with FirstBank for the period the facility is in place Flexible repayment structure.
How To Apply And Documents Required:
1. Application letter
2. Personal Loan Application form
Payslip
3. Statement of accounts
4. Applicant’s letter of total emolument
5. Confirmation of applicant’s employer on FBN approved list
6. Letter of irrevocable domiciliation of salary for the duration of the facility.
7. Complete the form and submit at the nearest FirstBank branch.
4. First Bank Advance Loan
FirstAdvance is a digital lending solution designed to offer a convenient and easy access to cash for payroll customers awaiting payment of their salaries.
The product is meant for salary earners whose accounts are domiciled with FirstBank and have received regular salaries in the last six months or more.
Maximum amount accessible is N500,000.00 subject to 50% of net average 6months salary, whichever is lower.
The eligible amount is calculated after deducting all other loan obligations to the Bank.
This product can be accessed via our digital channels: FirstMobile & USSD, FirstOnline, and ATM.
How To Apply For First Advance Loan Via App And Code:
The first bank loan can be gotten Through FirstMobile App Or
USSD CODE-*894*11# or *894#
To apply for FirstAdvance on FirstMobile App
1. Download the recent FirstMobile App from Google Play Store or Apple Store on your smart phone
2. Log on to the FirstMobile App
3. Open menu options on the top left-hand side
4. Select ‘Loans’
5. Next, select ‘FirstAdvance’
6. Next Menu Option shows your eligible amount and the applicable pricing and fees.
7. Next, Accept the Terms & Conditions
8. Next, input desired loan amount not more the eligible amount.
9. Followed by your transaction pin.
Successful, Loan is disbursed to your salary account within minutes.
9. Your account is debited for Management fee & VAT, Interest rate and Insurance as upfront fees and Charges.
Upon receipt of salary or 30days (whichever comes first) your account is debited for Principal repayment.
How To Apply And Get A Loan With First Bank Loan Code:
1. Dial *894# to connect to FirstBank’s USSD Banking, select 3, [Get Loans]
or *894*11#
2. The next menu shows your eligible loan amount
3. Input desired amount and send
Interest rate, Management fees & Insurance is displayed
4. Input 5digit transaction PIN to accept Terms and conditions
5. Loan is disbursed into your salary account within minutes.
Your account is debited for Management fee, Interest rate, Insurance and VAT as upfront fees and Charges.
Upon receipt of salary or 30days (whichever comes first) your account is debited for Principal repayment
You can do more with first bank loan special packages tailored to finance your peculiar projects and urgent needs.
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