Unlocking First Bank Loans: A Proven, Simple Guide for 2024

If you need funding to start a business or boost an existing one, taking out a loan is the easiest way to get the money. There are many reasons why people take out loans from banks, and this article will explore the best and quickest way to get your first loan from First Bank.

Account Holder Requirement

Before you can take out a loan from First Bank, you must hold an account with the bank.

Check out The Best Way to Qualify for a First Bank Loan Without Collateral

Is the First Bank Loan Available to All Account Holders?

Yes, all account holders with First Bank are eligible to apply for a loan.

Types of Loans Available

First Bank offers a range of loans, including:

• Payroll loans for customers awaiting payment of their salaries
• Student loans
• Mortgage loans
• Car loans
• Offer loans for users

Each type of loan has specific requirements that need to be met before the loan can be granted.

SEE ALSO: Nigerian Banks Offering the Quickest Loan Approval Without Collateral

Types of First Bank Loans

FirstCredit

This loan is designed to help customers fund their daily transactions and can be accessed quickly using a smartphone.

• No collateral required
• No documentation is necessary to process the loan
• The loan amount ranges from N1,000 to N300,000
• The loan repayment period is 30 days with an interest rate of 10% flat

FirstAdvance

FirstAdvance is a loan that is best suited for salary earners who receive payments monthly.

• Qualifying customers can access up to N5,000,000.00 or 50% of their net average 6-month salary
• The loan can be accessed using the FirstMobile app, USSD, FirstOnline, and ATM
• Interest rates are collected upfront
• Management fees and credit life insurance fees apply
• Repayment is taken immediately after salary is received, while a lien is placed on an unfunded account

SEE ALSO: How to Apply & Get UBA Personal Loans

First Bank Student Loan

First Bank offers FirstEdu, a loan for private school proprietors aimed at improving the standard of learning. The following requirements must be met:

• Flexible repayment plan over a 90-day period
• Access to a maximum amount of N10m
• The collateral requirement is just the domiciliation of school fees with First Bank
• The target market includes private schools duly registered with CAC and approved by the state government
• The school population must be a minimum of 100 students

First Bank Car Loan

First Bank offers a car loan for individuals or companies interested in purchasing new vehicles. The following requirements apply:

• Maximum loan amount of N15 million
• The maximum tenor is four years
• A 20% equity contribution is required
• Loans available for salary earners and companies

Personal Home Loan

First Bank offers a personal home loan for customers interested in building or completing their homes. The following requirements apply:

• Maximum tenor of 20 years
• Simplified documentation
• No equity contribution is required for Home Equity Refinancing
• The property to be financed must be residential and not for commercial purposes

How to Apply for a First Bank Loan

FirstCredit Loan with USSD code:

1. Dial *894# to connect to FirstBank’s USSD Banking
2. Select 3 – Get Loans or *894*11#
3. Input your desired loan amount
4. Interest rate, Management fees & Insurance is displayed
5. Input a 5-digit transaction PIN to accept the terms and conditions
6. The loan is disbursed into your salary account within minutes

FirstAdvance Loan using First Bank Mobile App:

1. Download the FirstMobile App
2. Open the menu options on the top left-hand side
3. Select ‘Loans’
4. Select ‘FirstAdvance’
5. Input your desired loan amount
6. Follow the prompts and enter your transaction PIN
7. The loan is disbursed into your salary account within minutes

DON’T MISS: How to get a Personal Loan from UBA and requirements

FirstEdu Loan:

Visit the nearest First Bank branch with your school details to apply for this loan. The customer care representative will guide you through the application process.

First Bank Car Loan:

Complete and submit the Auto Loan Application Form at the nearest First Bank branch.

Personal Home Loan:

Visit the nearest First Bank branch with your documentation to apply for this loan.