Nowadays, obtaining a bank loan has become so easy that you can apply for some loans from the comfort of your home. Yes, you read that right. As surprising as this may sound some Nigerian banks have relaxed their loan policies. One of the banks that have done that is the First City Monument Bank (FCMB). Here is an overview of the various FCMB loans and how you can apply for them with ease.
An Overview of FCMB
FCMB, short for First City Monument Bank, is one of the prominent financial services organizations in Nigeria. This bank offers individuals and society at large, retail, corporate, and investment banking services. Also, they offer loans that are easy to get as long as you are eligible. FCMB was founded on April 20, 1982, by Subomi Balogun and has built a solid reputation here in Nigeria and globally.
What are the Types of FCMB Loans?
FCMB has numerous loan options available for you. Basically, you only need to pick the most suitable one and apply for it. The FCMB loans options include:
1. Fast Cash
The FCMB Fast cash loan option is a type of loan that offers you up to N200,000 as a customer. Also, you do not need any collateral or paperwork as you can apply for this loan with ease.
What are the Features of FCMB fast cash loans?
Here is a list of the mouthwatering features of this type of loan:
- Quick access to funds
- Loan amounts of up to N200,000
- No paperwork is needed. You only need to apply via the mobile app or the USSD code, *329*11#
- No collateral required
- The interest rate FCMB charges for salaried customers is 8%, while for non-salaried customers, it is an upfront charge of 15%
- The loan tenor for FCMB fast cash loans is 30 days (for new customers)
- The loan tenor for returning customers is up to 90 days
- The application is open as many times as possible.
What are the requirements to get an FCMB fast cash loan?
To get a fast cash loan from FCMB, you must fulfil these requirements:
- You must be an FCMB customer
- You must need the loan to settle an urgent need.
- FCMB must have already granted you access to their fast cash services.
Basically, these are the basic requirements to apply for this loan. To get more details on the fast cash I am, simply visit their official website, www.fcmb.com
How can I apply for FCMB fast cash loans?
Basically, there are two different ways to apply for FCMB fast cash loans. You can either use the mobile app or the USSD code. To apply through the mobile app, do this:
1. Download the FCMB app on your smartphone through Google Play Store or the App Store.
2. Next, create an account using your bank details
3. Once you complete the previous step, you can apply for the fast cash loan through the app.
Alternatively, you can apply for this code using the code *329*11#. Just dial it on your smartphone using the number connected to your account.,
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2. Salary Plus Loan
This is a part of the FCMB loans that the bank offers to salary account holders. Basically, this scheme allows qualified FCMB salary account holders to access short- or medium-term credit, before payment of salaries.
What is the eligibility requirement to obtain a Salary plus loan from FCMB?
Your eligibility to obtain the FCMB salary plus loan primarily depends on the domiciliation of your salary account with FCMB. Also, you must have consistent receipt of your monthly salaries for at least 6 months from one employer.
How can I apply for the FCMB salary plus loan?
You can apply for this type of loan in 2 simple ways:
Loan Top-Up Via FCMBOnline
To obtain your Salary loan via FCMBOnline, just follow the instructions below:
- Log on to your FCMBOnline banking account
- Next, click on “Consumer Loan”
- Tap on “Salary plus top up”
- Choose your current account number and confirm the loan amount
- Thereafter, check the box to agree to the terms and conditions.
- Lastly, submit your loan application and wait for it to reflect within 8 hours.
Salary Plus Top Up at a branch
To obtain your Salary Plus loan at the FCMB Branch near you, follow these instructions:
- Visit the nearest FCMB close to you and give your account details to the Teller at the bank.
- The teller will input your details on the system to determine if you are eligible for the salary plus loan and your loan amount.
- Thereafter, you can go ahead to confirm your loan amount as well as the conditions. This automatically means you are applying for the loan.
- The teller will help you to submit the application to the Head teller for necessary confirmation
- They will generate an OTP for you and send it to you for confirmation. Read out this OTP to the teller for confirmation.
- Wait for your loan to be disbursed. This should take 8 hours.
What is the Loan Amount for FCMB salary plus loan?
The disbursed loan amount and the interest it will attract are liable to the finding of the bank’s assessment. Basically, this means that it will differ based on your eligibility.
3. Premium Salary Plus loan
This loan package provides employees of commercial organisations with funds. However, for an employee to qualify for this loan, their organisation should have been rated a minimum of BB- on Moody’s. Also, any employee interested in this package has to be eligible for a loan amount of at least 2,000,000.
What are the features of the FCMB premium salary plus loan?
Here are the details of what to expect from the FCMB premium salary plus loan:
- Minimum loan amount – N2 Million
- Maximum loan tenure – 60 Months
- Minimum loan tenure – 12 Months
- Management fee – 1% flat upfront (0.5% for a top-up loan)
- Collateral – Domiciliation of salary account, terminal benefits, as well as other allowances
- The Insurance fee is 0.9%*loan amount*tenure (in years)
4. Auto Loan
The FCMB auto loan is a credit scheme that allows eligible individuals to part-finance the purchase of cars for personal use. In simple terms, this loan package permits you to own a car and repay over a specific period of time. The standard auto loan package gives you access to acquire cars from specific auto dealers that have been prequalified based on FCMB standards.
What are the features of FCMB Auto loan?
Here is what you should expect from an FCMB auto loan:
- Interest rate is as low as 22%
- Borrow a loan amount of N500,000.00 to N30,000,000.00
- A loan tenor is between 12 to 60 months
- Make contributions as low as 20% towards your car purchase
- Comprehensive Insurance protects the car for the full loan period
- No security needed
- Competitive pricing with no hidden charges
What is the eligibility requirement to obtain an Auto loan from FCMB?
To obtain an auto loan from FCMB, you need to meet these two requirements:
- You must be an individual in formal employment
- or a self-employed individual with a steady income.
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5. Credit Card
The FCMB Visa Credit Card allows you to enjoy life without limitations. You can purchase anything, at any time, and in any place.
How can I get the FCMB Credit Card?
If you want to get the FCMB credit card, you can decide to get it at any FCMB branch close to you or apply for it through their website. Here’s how to fill out the credit card form on their website:
- Visit their official website
- Next, open the Menu dashboard and click on “Loans and credit cards”
- Thereafter, tap on “how to get one” and then fill out the online form and submit it.
- Wait for them to process your request
6. FCMB Cash-Backed loan
With the FCMB Cash-Backed loan, you can make use of your investments as collateral to get access to instant loans at competitive interest rates. Both salaried and self-employed FCMB customers can obtain this loan using either fixed deposits or other forms of liquid investments.
What are the features of FCMB Cash-Backed loans?
Here is what to expect if you want to apply for an FCMB Cash-Backed loan:
- Collateral coverage as low as 110%
- Flexible loan tenor
- Management fee of about 1% of the approved loan amount
- Competitive interest rate
To apply for the FCMB Cash-Backed loan, just go to any FCMB office close to you and ask them how to apply for this loan.
How can I get a loan from FCMB?
Just follow the steps below to get an instant loan from FCMB:
- Go through their loan offers, which are listed above and pick the most suitable offer for you. If you can apply for it through your phone, do that. However, if you can’t, move to the next step.
- Visit any FCMB branch and tender your application for that type of loan.
- One of their agents will put you through how to go about the application process
FCBM App Customer Review
Positive Reviews
Dele Balogun – “I really like the app and it has great functionality. This should be a 5 star review except for the fact that my device, a Oneplus 7, has not been optimised for fingerprint sign on, a feature which I had on my previous device. I have tracked down IT staff of FCMB and exchanged several messages. Update: FCMB has reached out to me and this matter is now fully resolved! Once contact was established they were very responsive and sorted out the matter in a very speedy manner. Thank you FCMB. 😁😁”
Augustine Onigah – “I have been using the FCMB mobile app for nearly 7yrs and I must say that my experience so far is satisfactory. However, I think, a search bar needs to be included at the transfer to other banks section.”
Nneji Kelechi – “I had difficulty accessing the app. Thanks to Miss Chidera, she always comes through with the solution to rigors on this app. Please minimize the stress of using this app. I usually pity the lady in the bank cos people are always surrounding her. Make the app more easy to use please.”
Negative Reviews
Philip Sunday “This app is a mess honestly for me, I’ve been unable to use it, I’ve been to different branches customers care still no improvement. The app opens when input my token it will process like forever then bring a message ( 33 l fcmb unable to debit customer), I was told is token maintenance, I’ve done it, I’ve to apply for checkbook which I need to enter the banking hall before I transact.”
Don gabby – “This is definitely one of the most useless bank apps i am currently dealing with right now. You guys keeps popping up updates every now and then without any real time changes. The interface is the same, both the old and updated app have the same issues. My question is, if you’re not changing anything why then do u keep forcing us to download the app everytime in the name of update? Its annoying to say the least!!!”
Owokole Dolapo “I don’t even wish to give you a star. This is the worst app I have ever come in contact with. I can’t even send money to any opay, palmpay or microfinance bank except Zenith, Access, Gtb, Uba and Union bank. I have complained more than two times but they keep telling me that there is no issues with the app and I should try again… I just wasted my precious data to update and follow time wasting instructions.”
How can I contact FCMB?
You can reach out to FCMB through any of the following ways:
Address: Primrose Tower,17A Tinubu Street, Marina, Lagos State.
Phone number: 01-2798800 or 07003290000
Email address: customerservice@fcmb.com
Website: www.fcmb.com
Bottom line
There is a wide range of FCMB loans available for you depending on your need. For an instant loan, the fast cash option is your best bet as you can apply for it without visiting their branch. However, for other types of loans, it is better to visit their office so they can put you through the application process without mistakes.
