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Have you heard of the FCMB loan? If you still need to, read this article until the end. This blog post covers everything you need to know about FCMB loans.

In today’s fast-paced world, access to financial assistance is crucial for individuals and businesses to pursue their dreams and achieve their goals. Whether funding personal expenses, expanding a business, or buying a dream home, having the right financial partner can make all the difference.

First City Monument Bank (FCMB) understands this need and offers a range of loan products tailored to meet the diverse requirements of its customers. In this comprehensive guide, we will delve into the world of FCMB loans, exploring the different loan products, features and benefits, eligibility criteria, application process, repayment options, and more.

So, if you’re seeking financial support, buckle up as we take you on a journey through the intricacies of FCMB loans, ensuring you have all the information you need to make informed borrowing decisions.

FCMB Loan Requirements

To qualify for an FCMB loan, one must meet the following requirements:

  • You must have an account with FCMB.
  • You must be within the age range of 18 and 60 years.
  • Customers must have a consistent repayment track record for at least 6 months. Salary must be up to date.
  • Applicants must have a satisfactory credit rating.

Benefits of FCMB Loan

FCMB (First City Monument Bank) offers various loan products with several benefits. Here are some benefits of FCMB loans:

Flexible Repayment Options: FCMB provides borrowers with flexible repayment options, allowing them to choose a repayment plan that best suits their financial circumstances. This flexibility helps borrowers manage their loan repayments more effectively.

Competitive Interest Rates: FCMB offers competitive interest rates on their loan products, which can help borrowers save money on interest payments compared to loans with higher rates. Lower interest rates mean lower overall borrowing costs.

Quick Loan Disbursement: FCMB aims to provide fast loan disbursement processes, ensuring approved borrowers receive their funds promptly. This quick access to funds can be crucial for urgent financial needs or business opportunities.

Wide Range of Loan Products: FCMB offers various loan products tailored to various needs. Whether you require personal loans, mortgage loans, business loans, or asset financing, FCMB strives to provide solutions to meet different financial requirements.

Loan Top-up Option: FCMB allows borrowers with existing loans to top-up their loans, subject to certain conditions. This feature can benefit borrowers who need additional funds while repaying their existing Loan without going through the loan application process again.

Relationship-Based Discounts: FCMB often provides preferential interest rates and discounted loan terms to customers who maintain a strong banking relationship with the bank. This can include benefits for long-term account holders or those with multiple banking products.

Support for Financial Goals: FCMB loans can assist individuals and businesses in achieving their financial goals. Whether funding education, purchasing a property or vehicle, expanding a business, or investing in assets, FCMB loans can provide the necessary financial support.

Loan Calculator Tools: FCMB offers online loan calculators that enable potential borrowers to estimate their loan repayment amounts, interest rates, and overall borrowing costs. These tools help borrowers make informed decisions by understanding the financial implications of their loans.

Disadvantages of FCMB Loan

While FCMB (First City Monument Bank) loans offer various benefits, it’s also important to consider potential disadvantages. Here are some possible disadvantages of FCMB loans:

Eligibility Criteria and Approval Process: FCMB loans may have specific eligibility criteria that borrowers must meet, such as a certain credit score, income level, or employment history. If borrowers do not meet these criteria, they may not qualify for the Loan. Additionally, the loan approval process may involve documentation requirements and verification procedures, which can be time-consuming and cumbersome.

High-Interest Rates for Some Loans: While FCMB strives to offer competitive interest rates, certain loan products may have relatively higher rates than other lenders or loan types. Borrowers should carefully evaluate the interest rates associated with their chosen Loan and assess their affordability.

Potential fees: FCMB loans may include various fees beyond the interest rate. These can include processing fees, administrative fees, prepayment penalties, or late payment charges. Borrowers should thoroughly review the loan terms and conditions to understand the cost structure.

Collateral Requirements: Depending on the loan type, FCMB may require borrowers to provide collateral as security for the Loan. This collateral could be in assets such as property, vehicles, or other valuable possessions. If the borrower defaults on the Loan, FCMB may seize the collateral, potentially resulting in a loss for the borrower.

Impact on Credit Score: A loan with FCMB or any other financial institution will involve a credit check and subsequent reporting to credit bureaus. If borrowers make timely repayments or default on the Loan, it can positively impact their credit score, making it more challenging to obtain credit in the future.

Financial Liability: Borrowers must consider their ability to repay the loan amount and associated interest within the agreed-upon repayment period. If borrowers face unforeseen financial difficulties or their income decreases during the loan tenure, they may struggle with repayment obligations, leading to potential financial strain or default.

Limited Loan Flexibility: While FCMB loans offer various features, such as flexible repayment options, borrowers must adhere to the agreed-upon terms and conditions. Changing loan terms or adjusting repayment schedules may not be possible or may require additional fees or paperwork.

FCMB Loan Products

Loans play a vital role in the financial services industry, providing individuals and businesses with the necessary funds to achieve their goals. First City Monument Bank (FCMB) offers a range of loan products tailored to meet the diverse needs of its customers. These loan products are:

Fast Cash

  • No paperwork is required; apply through the mobile app or *329*11#.
  • Up to N200,000 loan amount
  • Instant access to funds
  • No collateral needed
  • 30 days tenors for new customers
  • Up to 90 days clean up cycle for returning customers
  • Customers can apply as many times in a year as they are eligible.

FCMB Cash-Backed Loan

With FCMB Cash-Backed Loan, you can leverage your investments and secure a loan at a competitive interest rate.

This Loan is open to salaried individuals and self-employed customers with fixed deposits and other liquid investments.

Key Features

  • Collateral coverage as low as 110%: Your investments serve as collateral, providing a secure backing for the Loan.
  • Flexible loan tenor: You can choose a loan duration that aligns with your financial goals.
  • Competitive interest rate: Benefit from a competitive interest rate, making the Loan more affordable.
  • Management fee: There is a management fee of 1% of the approved overdraft amount.
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  • It is available as an overdraft or a term loan: You can choose the option that suits your financial needs.
  • Overdraft facility: If your investment remains with the bank, you can enjoy an overdraft line, giving you access to funds whenever required.
  • No insurance charges: You are not required to pay additional insurance charges.
  • Unrestricted access to funds: You can use the loan funds as needed while still earning interest on your investments.
  • The monthly interest is charged only on the utilized portion of the overdraft.

The FCMB Cash-Backed Loan offers a convenient and cost-effective solution for individuals with fixed deposits and liquid investments. Whether you need funds for personal or business purposes, this Loan provides flexibility, competitive rates, and the ability to continue earning interest on your investments.

Auto Loan


  • Loan amounts range from N500,000.00 to N30,000,000.00
  • Payment over 12 to 60 months
  • Contribute as low as 20% toward the purchase
  • Comprehensive Insurance on the car for the entire loan period
  • Competitive pricing and no hidden charges
  • No collateral required

Benefits of FCMB Auto Loan

  • Installation of free tracking device for auto valued at N3,000,000 and above
  • No residual cost at the end of the Loan
  • We have reliable dealers accredited to ensure you buy from a safe source
  • Convenient insurance payment included in the loan repayment amount

FCMB Loan Products for Salary Earners

If you are a salary earner, then the following loan products are for you:

Salary Plus Loan

Salary Plus Loan is a convenient consumer credit program for salary account holders. This scheme enables eligible FCMB customers to access short- or medium-term funds before their scheduled salary payments.


Certain criteria must be met to qualify for a Salary Plus Loan, including having a salary account domiciled with FCMB and a consistent history of receiving salaries for at least six months. Additionally, the employer must fall under the designated categories outlined by the program.

Salary Plus Top-Up is an exciting feature for existing customers with a Salary Plus Loan. This option allows eligible customers to apply for an additional loan on top of their existing Loan.

To be prequalified for the top-up Loan, customers must meet specific criteria such as maintaining an up-to-date salary and having no missed repayments on any loans within the past six months.

FCMB Loan Salary-plus Loan Top-Up

To top-up your FCMB salary plus Loan, follow these steps:

  • Log on to FCMBOnline
  • Click on Consumer Loan
  • Click on Salary plus top up
  • Select the Current account number
  • Confirm loan amount
  • Check the box for terms and conditions.
  • Submit the request, and the Loan is disbursed within 8 hours.

You can also top-up your Salary plus a loan at any FCMB branch. To achieve this, follow these steps:

  • Submit your account number to the TellerTeller at the Branch
  • The TellerTeller will then input the customer account number into the system to confirm customer eligibility.
  • The eligible amount is displayed.
  • The customer confirms to go ahead with the loan amount and conditions.
  • The TellerTeller submits the request to the Head teller for appropriate confirmation
  • OTP is generated upon completion and sent to the customer’s registered phone number for confirmation
  • The customer reads out the OTP and the TellerTeller.
  • The Loan is disbursed within 8 hours.

Premium Salary Loan

  • You apply for a minimum loan amount of N 2 million.
  • Minimum and maximum tenure of 12 and 60 months, respectively.
  • A management fee of 1% fiat upfront.
  • Lastly, the insurance fee will be 0.9% of the loan amount tenure.

How to Apply for FCMB Loan

The easiest FCMB loan product you can apply at the confines of your home is the Fast Cash Loan. To apply, follow these steps:

  • Dial the Fast Cash USSD Code *329#
  • Enter 1
  • Enter your National Identification Number (NIN)
  • Create a 4-digit PIN code
  • Tap “Accept”
  • Then dial *329*11# and proceed to provide the required information from you.

You must visit the FCMB branch nearby to apply for other loan products. There you will be given a loan form to fill out. An agent will be there to guide you through the whole process.

FCMB Loan Calculator

To assist customers in calculating loan repayment amounts, FCMB offers a loan calculator tool on its website or mobile app. The FCMB loan calculator is a user-friendly tool that enables individuals to estimate the monthly repayment amount for a loan based on specific parameters.

The calculator considers factors such as the loan amount, interest rate, and Loan tenure to provide an accurate estimate of the repayment amount. This tool greatly benefits customers as it helps them plan their finances effectively and make informed decisions about borrowing money.

Using the FCMB loan calculator is relatively straightforward. Here are the typical steps involved:

Visit the FCMB website or mobile app: Access the official FCMB website or launch the FCMB mobile app on your smartphone.

Navigate to the loan calculator: Locate the tool on the website or within the app. It is usually found under the “Loans” or “Calculators” section.

Enter the loan details: Input the loan amount you wish to borrow, the applicable interest rate, and the desired loan tenure. The bank usually provides the interest rate, and the loan tenure refers to the months or years you intend to take to repay the Loan.

Calculate the repayment amount: Once you have entered the loan details, click the “Calculate” or similar button to obtain the estimated monthly repayment amount. The calculator will use the provided information to perform the necessary calculations and display the result.

Review the results: The loan calculator will present the estimated monthly repayment amount based on your provided inputs. Take the time to review this information and consider whether it fits within your budget and financial capabilities.

Note: It is important to note that the results provided by the FCMB loan calculator are estimates and may vary slightly from the actual repayment amounts. Other factors, such as processing fees or additional charges, may affect the final repayment amount. Therefore, consulting with FCMB directly for precise details about loan terms and conditions is recommended.

FCMB Loan Customer Care Number and Contact Details

Address: Primrose Tower,17A Tinubu Street, Marina, Lagos State.

Phone number: 01-2798800 or 07003290000

Email address: customerservice@fcmb.com

Frequently Asked Questions

How Do I Repay FCMB Fast Cash Loan?

To pay back Fast Cash Loan, dial *329#. You will find “repay the loan” in the options; tap on it and follow the prompts to repay your Loan.

What is FCMB Loan Interest Rate?

FCMB Loan interest rate starts from 13% per annum (all charges/fees inclusive) with a Tenor of up to 4 years.

What is FCMB USSD Code for Loan?

FCMB USSD Code for Loan is *329#. With this code, you can apply for FCMB Fast Cash Loan.

Bottom Line

FCMB (First City Monument Bank) offers a range of loan products and services to meet the diverse financial needs of its customers. With its reputation as a reputable financial institution in Nigeria, FCMB provides accessible and convenient loan facilities to individuals and businesses, helping them achieve their goals and aspirations.

Whether personal loans, auto loans, or salary loans, FCMB strives to deliver competitive interest rates, flexible repayment terms, and efficient loan processing. By leveraging its extensive banking experience and technological advancements, FCMB aims to empower customers with financial solutions that drive growth and foster economic development.