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May 27, 2019

FIRST BANK OF NIGERIA

 

HOUSEHOLD EQUIPMENT LOAN

Furnish your home to taste with our Household Equipment loan, while you conveniently spread repayment.

Features

  • Maximum loan amount of N2 million.
  • Maximum tenor of 18 months.
  • Minimum equity of 20%.
  • Proforma invoice from approved vendor.
  • Salary domiciliation.

Benefits 

  • Customers can purchase household equipment  and spread the payment over a specified period
  • Their customers get the best rates in the market
  • It is an easy means to access finance
  • Customers enjoy flexible repayment structure.

Required Documents 

  1. Application letter
  2. Household Equipment Loan application form
  3. Proforma Invoice from First Bank approved vendors
  4. Current 3 months’ pay slip
  5. Statement of account
  6. Letter of total emolument.

Qualifications

  • Employees in paid employment.

AUTOMOBILE LOAN

Get an Automobile Loan from them and purchase your dream car sooner than you think. Businesses can also apply for this loan to acquire vehicles for day-to-day running of their business or other purposes.

Features

  • Maximum loan amount of N10 million
  • Maximum tenor is 48 months (4 years)
  • Equity contribution is required
  • Competitive interest rates
  • Automobiles to be financed must be new and from First Bank approved vendors
  • Salary domiciliation.

Benefits

  • Allows customers to channel funds that would have been expended on vehicle purchase to other commitments
  • Promotes personal banking relationship.

Required Documents

  1. Application letter
  2. Auto Loan application form
  3. Proforma Invoice from First Bank approved vendors
  4. Current 3 months’ pay slip
  5. Statement of account
  6. Letter of total emolument.

Qualifications

  • Employees in paid employment.

PERSONAL LOAN AGAINST SALARY

Benefits

  • 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 First Bank for the period the facility is in place Flexible repayment structure

Required Documents

  1. Application letter
  2. Personal Loan Application form
  3. Pay slip
  4. Statement of accounts
  5. Applicant’s letter of total emolument
  6. Confirmation of applicant’s employer on FBN approved list
  7. Letter of irrevocable domiciliation of salary for the duration of the facility.
  8. Complete the form and submit at the nearest First Bank branch

COMMERCIAL MORTGAGE

Their Commercial Mortgage empowers small and medium scale enterprises to finance the acquisition of landed property for commercial purposes.

Features

  • Applicants must have been in their line of business for at least 5 years
  • Account relationship with First Bank must be for at least 6 months.
  • Source of repayment is from business sales proceeds (not rent)
  • Key Man Mortgage Protection Assurance + Comprehensive Insurance against Fire, Earthquake and Tornado (FET)
  • Terms & Conditions apply.

Benefits

  • Convenient means to finance working capital needs.

Required Documents

  1. Building Plan approved by the relevant authorities
  2. Valuation Report to be obtained for property to be financed
  3. Offer Letter from developer in cases of outright purchase
  4. Audited financial statements of the company
  5. Any other documents that may be required by the bank.

To apply for any of the Loans,

  • Download the Retail Loan Application Form
  • Complete the form and submit to the Retail Team at the nearest First Bank branch

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