How To Be Eligible For First Bank Loan in 5 Steps

The premier bank in Nigeria, With an extensive network of over 53,000 locations spread across Nigeria and a dedicated staff of 16,000, they have garnered a substantial customer base of over 18,000,000 across Africa. Their influence and dominance in the Nigerian sphere are undeniable. For individuals in Nigeria seeking support in navigating the challenging financial terrain, First Bank offers a range of business and personal loans tailored to meet specific needs, presenting itself as a viable option for those seeking financial assistance and we’ll be looking at how to be eligible for First Bank loan in the latter part of this article.

First Bank specializes in Corporate Banking, Commercial Banking, Public Sector Banking, and Retail Banking, earning accolades such as the “Best Retail Bank in Nigeria” for eight consecutive years (2011-2018) from The Asian Banker.

Beyond Nigeria’s borders, First Bank has a notable presence in 10 countries worldwide, maintaining a banking heritage of over 120 years with a staggering 750 business locations.

What are the various loans offered by First Bank?

There is a list of loans made available by First Bank to their customers they include:

1. First Credit

This loan can be accessed anywhere through your mobile device. It is designed to provide you with quick and simple loans to fund your transactions. It is also great to note that you can access this loan without presenting any collateral, and you can access loans from N1,000 (one thousand naira) to N300,000 (three hundred thousand naira). The loan also stipulates a repayment to be made in 30 days.

2. First Bank Personal Loans

This loan provides funds to buy your first home, or renovate an existing property. It is available to people with a steady, verifiable flow of income and the documentation is simplified for your ease of access. It also stipulates that the property to be financed must be for residential and not commercial purposes.

One thing that stands out in this loan is the fact that the loan tenor is up to 20 years and is subject to a retirement age of 60 years.

3. First bank Joint Mortgage loan

Made available to either you and your spouse or you and your business partner, this loan helps you buy properties that may be very difficult for you to buy as an individual.

The loans are available to both self-employed and paid-employed individuals and give you up to 20 years to repay, subject to the retirement age of 60 years.

The loan offers you up to N70,000,000 (seventy million naira) and is a joint venture with risks jointly shared by both applicants.

4. First Bank Automobile loans

This loan helps you acquire your dream car as fast as possible. It gives a maximum amount of N15,000,000 (fifteen million naira) and a maximum tenor of four years (48 months) at a 22% interest rate.

It gives you the benefit of having a year of free car servicing at 15,000km (fifteen thousand kilometres) milage, a free fuel card for one year, free car registration and three years manufacturer’s warranty.

5. First Bank Salary Loans

These loans include the Personal Loan Against Salary, FirstAdvance Loan and Agent Credit.

a. Personal Loan Against Salary

Provides you with funds to tackle pressing financial needs before payday. It is fast, guarantor-less and requires minimum documentation to access. It is also available to people with First Bank Salary accounts and gives you up to 36 months (three years) repayment option.

b. First Advance

This is a digital loan avenue offering you fast access to cash while you wait for your salary. Available to customers with salary accounts with First Bank for up to six months, the loan offers up to N500,000 (five hundred thousand naira) and is accessible through First Bank’s Mobile channel (USSD code and their FirstMobile App.

c. Agent Credit

This loan scheme is designed to help Firstmonie Agents solve liquidity challenges from depleted account balances, even in the event of Agents having physical cash at hand. It gives a maximum of N1,000,000 (one million naira) and a minimum of N20,000 (twenty thousand naira) to agents who have partnered with the bank for over three months. It gives a tenor of 24 hours during weekdays and 72 hours during weekends and public holidays.

How to be eligible for First Bank loan?

To answer the pressing question: of how to be eligible for First Bank loan, you need to understand the following:

For business loans:

First bank loans demand that you have the ability to repay the loan. They also ensure that they check out your credit history to ensure compliance.
Your business must have been in existence for a minimum of one to three years.
You must have a business or corporate account in their bank.
You must also be an active customer of the bank.
Your business must have a good Credit Bureau Report with no bad debt or outstanding loans.

To access personal loans, you must make sure you meet the following requirements:

Your account must have been operational in First Bank for a minimum of six months.
You must be linked to a valid Bank Verification Number (BVN).
You must have a minimum of N1,000 (one thousand naira) in your First Bank account.
You must have a correctly updated phone number with them.
You must possess a positive credit record with Credit bureaus.

What is the USSD code used to access First Bank loans?

The USSD code you can use to access First Bank loans is *894# which is also the code used for any digital transaction or activity in First Bank.

Exciting Read: How do I apply for a FairMoney loan?

How do I use the FirstMobile App to access a First Bank loan?

Taking a look at how to be eligible for First Bank loan and then apply for loans using the FirstMobile app, all you have to do is:

Download the app from your mobile app store on your mobile.
Log on or sign in to the FirstMobile app.
Open the menu option on the left side of the app.
Select the “loans” option.
Select the loan type you want.
The next menu will show how much you are eligible for and the prices and fees you would be charged.
Accept the terms and conditions of the loan
Input your desired loan amount.
Put in your transaction pin.
You’d get the loan in minutes.

It is important that you understand that the loan procedure may differ and that these procedures are for digital, online loans.

In conclusion

First Bank is all about satisfying its customers and making financial services easy to access for their customers. They have some of the best terms and conditions in the business; but as one will understand. You do not want to default on the payments or their terms and conditions. Good luck with your loan application.