Borrowing money is sometimes necessary to cover personal or business expenses. First Bank of Nigeria provides various loan options to help customers meet financial needs. Whether you need money for an emergency, to expand your business, or to buy a car, First Bank has a loan product that may suit you.
First Bank offers loans to salary earners, business owners, and traders. Some of these loans are quick and easy to access, while others require more documentation and a longer repayment period. The bank provides both secured and unsecured loans, allowing customers to borrow based on their income, business turnover, or collateral.
Understanding the available loan options and how to apply can help you get the loan you need without unnecessary delays. This guide explains the different types of loans First Bank offers, their requirements, and how to apply. If you are considering borrowing from First Bank, this article will help you make an informed decision.
FirstAdvance
This digital lending solution is designed for salary earners awaiting their next paycheck. It provides quick access to funds before salary payment.
Eligibility: Your salary account must be domiciled with First Bank. You should have received regular salaries for at least two months.
Loan Amount: For the 3-month variant, you can access up to ₦2,000,000, subject to 75% of your net monthly salary. For the 30-day variant, the maximum is ₦1,000,000, subject to 50% of your net monthly salary.
Tenure: The 30-day variant is repayable in 30 days or on your next payday, whichever comes first. The 3-month variant has a 90-day tenor or becomes due by the third payday, whichever comes first.
Interest Rate: The interest rate is collected upfront upon disbursement.
firstbanknigeria.com
How to Apply: Dial *894*11# and select FirstAdvance or use the FirstMobile App.
FirstCredit
FirstCredit offers quick and simple loans without the need to visit a bank branch.
Eligibility: Your account must have been active with First Bank for at least six months and linked to a valid BVN. A positive credit record with Credit Bureaus is required.
Loan Amount: Loans range from ₦1,000 to ₦300,000.
Tenure: The loan is repayable within 30 days.
Interest Rate: An 8% flat rate is applied, with an additional insurance fee of 5% per transaction.
How to Apply: Access the loan through the FirstMobile App or USSD by dialing *894#.
Personal Loan Against Salary (PLAS)
This loan is for salary account holders needing funds for personal needs like vacations, school fees, or rent.
Eligibility: Your salary account must be domiciled with First Bank.
Loan Amount: The amount is determined based on your salary and repayment capacity.
Tenure: Repayment can extend up to 60 months, subject to your retirement age.
firstbanknigeria.com
Interest Rate: Competitive rates apply.
How to Apply: Complete the Personal Loan Application form and submit it at the nearest First Bank branch.
First Trader Solutions (FTS)
FTS is tailored for traders needing short-term financing.
Eligibility: Traders with existing businesses.
Loan Amount: Determined based on business turnover.
Tenure: Short-term, typically up to 180 days.
firstbanknigeria.com
How to Apply: Go to First Bank website and Download the Retail Loan Application Form, complete it, and submit it to the Retail Team at the nearest First Bank branch.
FirstEdu Loan
This loan is tailored for private educational institutions needing financial support.
Eligibility: Private schools registered with the Corporate Affairs Commission (CAC) and approved by the State Ministry of Education. Schools without Ministry approval can access up to ₦3 million for 90 days.
firstbanknigeria.com
Loan Amount: Up to ₦20 million, subject to 50% of termly fees collection.
firstbanknigeria.com
Tenure: Up to 12 months.
firstbanknigeria.com
How to Apply: Download the Retail Loan Application Form, complete it, and submit it to the Retail Team at the nearest First Bank branch.
Conclusion
Borrowing money from First Bank in Nigeria is simple if you meet the requirements. The bank offers different loan options for salary earners, business owners, and traders. Some loans provide quick access to cash, while others require more documentation and have longer repayment periods.
Before applying, it is important to understand the terms and conditions of each loan. Consider the interest rates, repayment period, and any additional charges. Borrow only what you can repay to avoid financial stress.
If you need a loan, choose the option that best suits your needs. Use the FirstMobile app, USSD code, or visit a branch to apply. With careful planning and responsible borrowing, a First Bank loan can help you achieve your financial goals.
