First Bank loans are designed to provide the financial assistance you need as you go through life. Each loan is tailored to different needs so you can find one that fits any situation you are in. These loans come with tenures that give you ample time to make repayments at your pace.
Every loan meets a different need such as school fees, automobile change, or mortgage payment. There is a First bank loan for everyone to benefit from which means you no longer have to be stranded. The application processes for these loans are straightforward and most loans receive approval and disbursal within a day.
This article will guide you through the available First Bank loans and the requirements for each one.
First Bank Loans
Below are the available First Bank loans with their requirements:
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First Credit Loan
Limit
₦300,00
Interest
10% on principal
Tenor
30 days
This is one First Bank loan that comes in handy when you require cash to fund immediate transactions. With this loan, you never have to be stranded anywhere you are. All that is needed is a phone (must not be a smartphone) to apply for this loan in short and easy steps.
You can get up to N300,000 (will differ per individual) and this loan amount is based on your account activities (transaction, previous loan repayments etc.). To access this loan, you must have a linked and activated phone number with your bank account which will be used for USSD transitions. It is vis this USSD translation that you apply for this quick loan.
Before the tenor of 30 days expires, you can decide to liquidate your loan by dialling *894# and following the prompts.
Requirements for First Bank First Credit Loan
- Active account with First Bank
- Phone number linked to account and activated for USSD transactions
- Phone number linked to account and activated for USSD transactions
- BVN
- No outstanding loan repayments with the Bank
First Bank First Credit Loan Application Channels
You can apply for this First Bank loan through:
- Dail *894#
First Bank Personal Loan Against Salary
Limit
50% of salary
Interest
5-15%
Tenor
60 months
As a salary earner, you do not have to wait for payday to access funds for your needs. This First Bank loan was curated to help you sort out any obligations or projects you have pending before receiving your payment.
You can use it to settle fees and bills, plan a holiday or make any investments you wish. Only salary earners that have their salary accounts with the Bank are eligible for this loan. You get a 60 months tenor and a flexible repayment structure for this loan. Subsequently, with good repayment history, you will be able to get a top-up on an existing loan.
Requirements for First Bank Personal Loan Against Salary
- An active account with First Bank
- Valid ID
- Letter of irrevocable domiciliation of salary for the duration of the loan
- Completed application form
First Bank Personal Loan Against Salary Application Channels
You can apply for this First Bank loan through:
- Any First Bank branch
First Bank Automobile Loans
Limit
₦20 million
Interest
5-15%
Tenor
48 months
Automobile loans are made available to salary earners/employees to be able to purchase brand-new cars and repay at a steady pace. First Bank has a list of pre-approved vendors list that make various brands and models available. All vehicles purchased through this method are insured. It provides up to N20 million in loans to be repaid over 48 months. Every loan requires a 30% equity contribution by the borrower with highly competitive rates.
Vehicles purchased with this First Bank loan come with free car servicing for a year or at (15,000km milage), free car registration and a free fuel card for a year.
Requirements for First Bank Automobile Loans
- An active account with First Bank
- 30% equity contribution
- Proforma invoice
- Completed application form
- Valid ID
- Letter of irrevocable domiciliation of salary for the duration of the loan
First Bank Automobile Loan Application Channels
You can apply for this First Bank loan through:
- Any First Bank branch
First Bank Agent Credit
Limit
₦1 million
Interest
0.3%
Tenor
24-72 hours
One of the most popular and convenient businesses is running a POS service that creates easy means of transferring money. First Bank has leveraged this idea to create job opportunities for FirstMonie agents (First Bank POS agents) to have financial solutions for depleted balances so they can continue to transact with ease.
This is an easy way to expand your business as a FirstMonie agent. You can get up to 25% of your daily credit turnover for three months capped at N1 million. It is available at minimal interest rates for a 24-hour tenor during weekdays and 72 hours on weekends and public holidays.
Requirements for First Bank Agent Credit
- Active First Bank Monie agent for at least 3 months
- Satisfactory KYC report
- Positive credit check
First Bank Agent Credit Application Channels
You can apply for this First Bank loan through:
- FirstMonie App
First Bank Personal Home Loan
Limit
₦50 million
Interest
5-15%
Tenor
20 years
To be a homeowner is everyone’s dream and now that dream can come true with this First Bank loan. You can own a residential property by applying for this mortgage and repaying over time at your convenience. This loan is also available for couples looking for a joint mortgage plan.
To apply for this First Bank loan, you must be a salary earner with an active salary account with First bank. This loan covers a tenor of 20 years (in regard to retirement age) and has competitive interest rates. A minimum of 20% of the cost of the property to be bought is required as a down payment and a maximum of N50 million is offered to the individual involved(borrower).
Requirements for First Bank Personal Home Loan
- Offer letter by the vendor and copy of the title documents to the property.
- Personal home Loan application form.
- Copy of approved building plan and letter of irrevocable domiciliation of salary for the duration of the facility.
First Bank Personal Home Loan Application Channels
You can apply for this First Bank loan through:
- Any First Bank branch
First Bank FirstEdu Loans
Limit
₦20 million
Interest
5-15%
Tenor
12 months
Every Private School owner wants to run his\her school as smoothly as possible while leaving his students and their parents greatly satisfied, but to be able to do that, they will need a large number of funds to ensure the school operations are run efficiently.
FirstEdu loans are provided by First Bank to enable private school owners to run their schools properly and smoothly. Private schools (be it a nursery, primary, secondary or tertiary school) registered with the Corporate Affairs Commission (CAC), with or without the approval of the Ministry of Education are eligible to apply for this loan.
The maximum loan amount sums up to N20 million with a loan tenor of 90 days to 12 months. But for schools registered with CAC but not Ministry-approved, the maximum amount accessible is N2 million for 90 days. With this loan, it is also possible to finance operational school vehicles (school buses) and acquire assets of up to N20 million for a duration of 24 months. The collateral for this loan is the undertaking to domicile school fees with First Bank.
LSETF – This is an intervention fund that targets schools and other relevant educational institutions in SME & ME categories. It is for schools that have been operational for a period of over a year and has a minimum of 100 students. The Max amount is N5 million and has a fixed interest rate of 9% per annum. For an amount of N1 million or less, there is a fixed duration of 12 months or less. But for an amount of N1 million or greater than N1m, there is a fixed duration of 24 months. To be eligible for this program, you must have the following:
- At least 100 students registered at your school.
- A clean credit report.
- Evidence of tax payments.
- Must be a resident of Lagos state.
- School or institute must have been registered with CAC and operational for at least a year.
Required documents include:
- Application form.
- CAC documents.
- Bank Verification Number (BVN).
- Evidence of payments of Tax.
- LASRRA ID (Lagos State Residency Registration) of borrower.
- One guarantor who has a verifiable LASRRA (below N500,000).
- Two guarantors must have a LASRRA (above N500,000).
Requirements for First Bank FirstEdu Loan
- Evidence of government approval.
- School Memorandum and articles of association.
- Documents stating how long the school has been operational.
- Documents showing the number of students in the school.
- Bank-required documents.
First Bank Personal Home Loan Application Channels
You can apply for this First Bank loan through:
- Any First Bank branch
First Bank FirstGem Funds
Limit
₦3 million
Interest
0.75%
Tenor
12-24 months
This loan was constructed to help women in business acquire working capital or asset acquisition. Nowadays, women have become independent and are becoming prominent in the world of business.
There are top businesses being led by women all over the world. With enough capital and the right investments, your business can also grow large enough to be productive in the world of business.
With FirstGem loans, First Bank aids woman who desires to start a business but lacks the necessary resources. This loan facilitates the working capital needed to purchase raw materials and Term Loans to facilitate the purchase of assets.
The minimum and maximum amount available for this loan are N500,000 and N3 million, respectively with a duration of 12-24 months depending on what the loan facilitates. Women-owned businesses in the following sectors are eligible for this loan type;
- Beauty and cosmetics.
- Logistics.
- Food/Beverage processing & packaging.
- Agric/Agro-allied.
- Bakery, catering & confectionaries.
Requirements for First Bank FirstGem Funds
- Must be a women-owned MSME or must be a female with at least 51% ownership in the approved sectors.
- Businesses must be registered with CAC.
- Business must be from either of the sectors listed above.
First Bank FirstGem Funds Application Channels
You can apply for this First Bank loan through:
- Any First Bank branch
First Bank First Trader Solutions
Limit
₦5 million
Interest
5-15%
Tenor
180 days
Traders involved with fast-moving goods are offered a short-termed overdraft called First Trader Solutions (FTS) which serves as a means to help them increase their business volumes with the increase or addition of funds.
This First bank loan gives the opportunity for traders to be able to build back funds needed for repayment or to rebuild a business upon liquidation. It has an easy repayment plan as well as no tangible collateral required.
For this loan, the minimum loan amount is N5 million. The duration is either 90 or 180 days. To be eligible for this loan, you are required to have a charged savings account with an amount of up to 5% of the facility amount and a subsequent deposit of 0.5% of the loan amount daily during the tenor of 180 days and 1% of the loan amount daily throughout the tenor of 90 days.
Requirements for First Bank FirstTrader Solution
- Applicants must have a current account with either First Bank or any other reputable bank for at least 12 months.
- Daily sales proceeds should be domiciled to their first bank account.
- Must be a trader involved in fast-moving goods.
First Bank FirstTrader Solutions Application Channels
You can apply for this First Bank loan through:
- Any First Bank branch
First Bank Loan Calculator
If you are feeling lucky, take some minutes to calculate how much you will pay back before applying for any using the below First Bank loan calculator:
First Bank Loan FAQs
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First Bank shows that it puts its customers first indeed by crafting a good list of loans that are available for various needs. Â If you are a First Bank customer, you are sure to find a loan that suits you.
You can also get loans from other providers, in case you prefer having your options opened.Â
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