Finance

How to Be Eligible for Firstbank Loan Without Collateral 2023/2024

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Bylearnifyhub
December 15, 2023
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In this blog post we will be talking about becoming eligible for a FirstBank loan without the need for collateral in the year 2023.

Most bank requirements for loan acquisition are unattainable by small business owners. Even after meeting the loan requirements, there is no guarantee you will eventually get the loan.

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As i said before in the beginning this post is about eligibility for a First Bank loan without collateral. I have also outlined the different types of First Bank of Nigeria loans.

It is why you must find a Nigerian bank that gives non-collateral loans to individuals without strenuous procedures.

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Table of Contents

Firstbank loans available to customers

The following are the types of First Bank of Nigeria loans available to customers;

FirstCredit
Personal Home Loans
Joint Mortgage
Automobile Loans
Salary Loans

Firstbank FirstCredit

FirstCredit is a product designed to provide a quick and straightforward loan to fund your transactions.

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Loans can be accessed from anywhere without visiting the Bank.

No documentation or collateral is required. All the customer need is a mobile phone or tablet.

FirstCredit Benefits

Easy and convenient access to loans to meet needs.
Quick loan request and disbursal
No physical documentation is required
No collateral required
No hidden fees

FirstCredit Loan Eligibility

The customer’s account must have been operational in FirstBank for at least six months.
The customer must be linked to a valid BVN.
Customers must have correctly updated phone numbers
Customers must have a favourable credit record with Credit Bureaus.
Minimum Loan Amount: N1,000 (One Thousand Naira)
Maximum Loan Amount: N300,000 (Three Hundred Thousand Naira)
Loan Tenor: Maximum of 30 days
Interest Rate: 10% flat
Insurance: 1% per transaction
A penal charge of 1% monthly and daily interest of 0.3% applies upon default.
Interest on the disbursed amount will be taken upfront on loan disbursal
Insurance fee is also taken upfront on loan disbursal

Application Procedures

Dial *894#
Select Loans
Select FirstCredit
Select Get a new loan
Select the account number with which you want to apply for the loan
Grant data usage consent and accept terms and conditions
You are presented with 4 loan amount options
Choose your desired loan amount
The loan is disbursed into your account

Click here to complete the ONLINE DATA Consent Statement ( FirstCredit NanoLending )

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Firstbank Personal Loans

Buying your first home, constructing or simply renovating? Our flexible home loan will give you the financial boost you need to support your project.

Features

Available to individuals with verifiable and steady income flow
The maximum tenor is 20 years, subject to a 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
The property to be financed must be residential and not for commercial purposes.

Firstbank Required Documents

Application letter
Personal Home Loan Application form
Last three months’ payslip
Statement of accounts
Applicant’s letter of total emolument
Confirmation of applicant’s employer on FBN-approved list
Valid title document
Letter for irrevocable domiciliation of salary for the duration of the facility.

Firstbank Steps on How to Apply

To apply for the Personal Home Loan:

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Download the Home Loan Application Form
Complete the form and submit it at the nearest FirstBank branch

Firstbank Joint Mortgage

With our Joint Mortgage loan, you and your spouse or business partner can easily buy a property that either party could ordinarily not have been able to purchase as individuals.

Employees in paid employment and Self-employed professionals are qualified to apply for the First Bank Mortgage loan.

Joint Mortgage Features

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
The loan obtainable 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.

Joint Mortgage Benefits

Flexible repayment structure
Loan repayment is distributed between the spouses easing up repayment pressure
Competitive interest rates.

Joint Mortgage Required Documents

Consumer Loan Request Form
Status Enquiry of Employer form
Last three to six months payslips
Three to six months Bank Account Statement
Three passport-size 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 the employer.

Joint Mortgage Requirements for Construction

Copy of the title documents to the property (ownership must be in the name of the customer)
Copy of the approved building plan
Copy of the bill of quantities
Valuation Report on the property and if there has been any construction on-site, photographs of the property showing front, back and side views
Equity contribution of 20%-30% of the property cost excluding the cost of the land depending on the location
Cash-flow projection on loan repayment.

Joint Mortgage Requirements for Outright Purchase

Vendor’s offer letter.
Copy of the title documents to the property (ownership must be in the name of the vendor).
Copy of the approved building plan.
Copy of the bill of quantities/cost estimates if the property is to be renovated.
Valuation report of the property.
Photographs of the property showing front, back and side views.
Equity contribution of 20%-30% of the property cost excluding the cost of the land, depending on the location.
Cash flow projection on loan repayment.

What you need to Note about Joint Mortgage

For all mortgages

Security is a Legal Mortgage on the property being constructed/purchased.
A mortgage Protection Assurance Policy is required.
If the loan is approved, fire and Special Peril Insurance policies are required through FBN Insurance Brokers.
Irrevocable domiciliation of salary for the duration of the facility.

Application Procedures

To apply for the Joint Mortgage Loan,

Download the Consumer Loan Application Form
Complete the form and submit it to the Retail Team at the nearest FirstBank branch

First Bank Automobile Loans

Get an Auto Loan from us today and purchase your dream car sooner than you think.

Businesses can also apply for this loan to acquire vehicles for the day-to-day running of their business or other purposes.

Employees in paid employment can apply for the First Bank Automobile loan.

Automobile Loans Features

Maximum loan amount of N15 million
The maximum tenor is 48 months (four years)
20% equity contribution is required
22% interest rate
Vehicles to be financed must be new and from FirstBank-approved vendors
Salary domiciliation.

Automobile Loans Benefits

A year of free car servicing or car serviced at 15,000km mileage (whichever comes first)
Free fuel card available for one year
Free car registration.
Three-year manufacturer’s car warranty.

Automobile Loans Required Documents

Application letter
Auto Loan application form
Proforma Invoice from FirstBank-approved vendors
Payslip for the last three months
Statement of account
Letter of total emolument.

Steps on How to Apply for Automobile Loans

To apply for the Auto loan,

Download the Auto Loan Application Form
Complete the form and submit it at the nearest FirstBank branch

First Bank Salary Loan

Do you have a salary account with FirstBank?

Simply fill out our Loan Application Form to start enjoying our Personal Loan Against Salary designed to help you cover pressing financial obligations before payday arrives.

Features Salary Loans

Personal Loan Against Salary
FirstAdvance
Agent Credit

Personal Loan Against Salary

Need a loan to tackle pressing financial needs before payday? Our Personal Loan Against Salary is designed just for you!

Salary Loans Features

With the Personal Loan Against Salary Service:

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

To apply for the Personal Loan Against Salary, you will need the following documents:

Application letter
Personal Loan Application form
Payslip
Statement of accounts.
Applicant’s letter of total emolument.
Confirmation of applicant’s employer on FBN approved list.
Letter of irrevocable domiciliation of salary for the duration of the facility.
Complete the form and submit it at the nearest FirstBank branch

FirstAdvance

FirstAdvance is a digital lending solution designed to offer 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.

The maximum amount accessible is N500,000.00 subject to 50% of the net average three months 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 and USSD.

FirstAdvance Features

The salary account must be domiciled with FirstBank
Loan amount of up to 50% of net monthly income.
Tenor is 30 days or next payday [whichever comes first]
Maximum single obligor limit of N500,000.00
Interest rate @ 2.5%flat collected upfront
Management fee @ 1.0% flat
Credit Life Insurance @ 0.50%
FirstAdvance is an enhanced and improved version of Digital SODA.
The loan can be accessed up to three times a day subject to the maximum eligible amount
The Risk Acceptance Criteria for FirstAdvance is automated.
Repayment is taken immediately after salary is received, while a lien is placed on an unfunded account.
All fees, including Interest rate, are collected upfront upon disbursement of the loan.

How to Apply for FirstAdvance

To apply for the FirstAdvance,

Through FirstMobile App Or
USSD CODE-*894*11# or *894#

1. To apply for FirstAdvance on FirstMobile App

Download the recent FirstMobile App from Google Play Store or Apple Store on your smartphone
Log on to the FirstMobile App
Open menu options on the top left-hand side
Select ‘loans’
Next, select ‘FirstAdvance.’
The next Menu Option shows your eligible amount and the applicable pricing and fees.
Next, accept the terms and conditions
Next, input desired loan amount not more than the eligible amount.
Followed by your transaction pin.
A successful, loan is disbursed to your salary account within minutes.
Your account is debited for management fee & VAT, interest rate and insurance as upfront fees and charges.
Upon receipt of salary or 30 days (whichever comes first), your account is debited for Principal repayment.

2. To Apply using USSD Code how do I apply on it?

Dial *894# to connect to FirstBank’s USSD Banking, select 3, [Get Loans]
or *894*11#
The next menu shows your eligible loan amount
Input desired amount and send
Interest rate, management fees and Insurance are displayed
Input a five-digit transaction PIN to accept terms and conditions
The loan is disbursed into your salary account within minutes.
Your account is debited for a management fee, interest rate, insurance and VAT as upfront fees and charges.
Upon receipt of salary or 30 days (whichever comes first), your account is debited for Principal repayment.

Agent Credit

Firstmonie Agent Credit is a digital lending solution designed to provide bridge finance to help our Agents to solve liquidity challenges resulting from depleted account balances, even when the Agents have physical cash at hand.

Agent Credit Features

The loan amount is 25% of the average daily credit turnover for a period of three months subject to a maximum loan amount of N1Million.
Tenor is 24hours during the Weekdays and a maximum of 72hours or the next working day during the Weekends and Public Holidays.
The agent must have been in an account relationship with FirstBank for a minimum of 3 months.
Interest rate @ 0.3% flat on disbursed amount.
Keyman Insurance of N1,000 per annum.
The minimum loan amount is N20,000.
Positive Credit Check.
Satisfactory KYC Report.

Agent Credit Benefits

Get up to N1 million to fund more transactions.
Access to funds before cash lodgment at the branch.
Available daily, including peak periods (weekdays, weekends and public holidays).
Business expansion and increase in income.