How to Get a Loan From First Bank of Nigeria

Getting a loan from the First Bank of Nigeria is seamless if you have the correct information about how to apply for it.

However, there are different loans made available by First Bank to its customers. These loans can serve for personal, business, and even corporate use.

In this article, we are set to broaden your knowledge of the different types of loans available to First Bank customers, their various requirements, and how to apply for any of your choices.

Be sure to read this article to the end as we round up some frequently asked questions on this topic. Stay tuned.

Overview Of First Bank of Nigeria Limited

Undoubtedly, First Bank Nigeria is one of the most prestigious, prominent, and oldest banks in Nigeria.

It was established in 1894 and began operation in Lagos, Nigeria, on a medium scale as the Bank of British West Africa and since then has proven to be one of the giants in the banking sector both in size and in meeting the expectations of its customers.

Talking about the services this bank offers, we can say that they provide a wide range of financial services– from retail to corporate services whose loans and mortgages are chiefly inclusive.

With these loans, you can solve your problems, kick start, expand your business, and compete with your competitors.

In the next section of this article, we shall carefully examine each loan, its requirements, and how to apply. Read carefully, and go for the one that suits you.

First Bank Loans – Requirements And How To Apply

We stated earlier that First Bank offers different loan schemes; below, we have explained each loan and how to get it instantly. Read on.

First Bank Personal Home Loan

This loan is for people who have building projects at hand. These projects may be the building of new houses or the renovation of old buildings. Whichever one, the First bank personal home loan is there for you.

Requirements For Obtaining First Bank Personal Home Loan

The following documents and criteria are crucial if you wish to obtain this loan;

1. A well-written application letter
2. The last three months’ pay slip from your organization or business.
3. Statement of accounts (First bank preferably).
4. Applicant’s letter of total emolument
5. Confirmation of applicant’s employer on FBN-approved list.
6. Letter for irrevocable domiciliation of salary for the tenor of the facility.

How To Apply For First Bank Personal Home Loan

To apply for this loan, head to First Bank’s official website. You will see an option for this loan, click and download it and submit the form upon completion to the bank.

First Bank Auto Loan

Are you urgently needing a car but do not know how to go about it? If yes, this loan is precisely what you need to apply for.

With this loan, you can acquire your dream car within the shortest possible time. Also, organizations or businesses that need capital to acquire vehicles for efficiency can opt for this loan.

Requirements For Obtaining First Bank Auto Loan

You will need the following to borrow an auto loan from First Bank.

1. Application letter
2. Proforma Invoice from FirstBank-approved vendors
3. Payslip for the last three months
4. Statement of account
5. Letter of total emolument.

How To Apply For First Bank Auto Loan

Visit the bank’s website, choose the auto loan form, and fill out the form. Upon completion, proceed to submit the application for assessment to the nearest First Bank branch.

First Bank Salary Loan

The first bank salary loan is for earners with pressing financial needs or emergencies to meet before payday. This particular loan has three categories. This you will see while applying.

Requirements For Obtaining First Bank Salary Loan

Kindly provide the following documents if you are interested in the First Bank Salary Loan;

1. Application letter
2. Personal Loan Application form
3. A detailed Payslip
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 time of the facility.

How To Apply For First Bank Salary Loan

Go to the First bank official portal download, and fill out the salary loan application after choosing your category. Submit to any First bank branch in your city.

FirstAdvance Loan

This particular loan is available for both personal and business owners. As the name implies, you can borrow your salary in advance until payday.

Requirements For Obtaining FirstAdvance Loan

For the FirstAdvance loan, provide the following;

1. Application letter
2. Proforma Invoice from FirstBank-approved vendors
3. Payslip for the last three months
4. Statement of account
5. Letter of total emolument.

How To Apply For FirstAdvance Loan

There are two ways to apply for this type of loan they are ;

• Through the FirstMonie App: To apply for a Firstadvance loan through this app, head to Google PlayStore and download the current app. Register as an agent and proceed to the “loans” option, select FirstAdvance loans, and carry on with the requirements and steps.
• Through USSD code: To secure this loan using the ussd code, dial *894# and send, then choose 3. You can also go with *894*11#. Follow the instructions given and obtain your desired loan quickly.

FirstMonie Agent Credit

The FirstMonie loan, also known as the FirstMonie agent credit, is a digital lending solution to assist FirstMonie Agents in solving liquidity problems. These problems may arise due to depleted account balances, even when cash is at hand.

Requirements For Obtaining FirstMonie Agent Credit

Provide the following if you are interested in getting a FirstMonie loan;

1. An active First bank account
2. Valid means of identification
3. Be a FirstMonie agent.
4. Have at least N50,000 working capital
5. Have a good credit score and KYC report.
6. An application letter
7. Statement of account

How To Apply For FirstMonie Agent Credit

Download the app from your Google Play Store or Apple Store. Then, follow the instructions and procedures given.

Secured Overdraft

This type of loan is specifically for small and medium-sized retail businesses. Furthermore, these businesses should have about N3, 000, 000 turnover or below in a year.

Requirements For Obtaining First Bank Secured Overdraft

Are you interested in First Bank’s secured overdraft? Provide the following;

1. An application letter.
2. Invoices from FirstBank-approved vendors
3. A complete company profile.
4. Your current utility bill.
5. Your latest audited account.
6. Six (6) months Bank statements from the bank.
7. Other KYC requirements for opening a corporate account.

How To Apply For First Bank-Secured Loan

Head to First bank’s official website and download the retail loan application form. Upon completing it, please submit it to any First bank branch with your documents.

First Bank Contract Finance

First Bank sets this particular loan aside to help its customers fund their contracts from the list of companies approved by the First bank.

Requirements For Obtaining First Bank Contract Finance

Provide the following and have your contract finance loan sitting in your bank account ;

1. An application letter.
2. Letter from Employer showing and confirming the invoice and stating details of payment.
3. Provision of a valid means of identification of the prime mover or 2 of the company directors for limited liability companies.
4. Statement of account not less than six (6) months statement.
5. LPO supply paper.
6. A letter of domiciliation of contract payment from the Employer’s Company.

How To Apply For First Bank Contract Finance Loan

To apply for this particular loan, we advise that you download the Retail Loan application form from the First bank website, fill out the form and submit it to any First bank branch in your city.

Other Loans;

8. Secured term loans
9. First bank import finance
10. First bank oil and gas contract finance
11. Cement distribution finance
12. Invoice discounting finance
13. First bank bonds and guarantee
14. First Eduloan
15. Revenue loans and overdraft
16. Commercial mortgage
17. Health finance loan
18. FirstTrader solutions
19. Operational Vehicle loans
20. Local purchase orders finance.

To apply for any of these loans, kindly download the required form from the official website, take your take to fill out the form, provide the necessary documents, and submit it to the bank.

How to be eligible for a First Bank loan

To be eligible for a First bank loan, do the following;

1. Ensure that you have a certain amount you hope to borrow and the category of such loan.
2. Research extensively on the loan you intend to apply for. We have done this above, and you can reread it by scrolling down.
3. Ensure that you have the required documents ready. Document like; a valid means of ID, Bank Verification Number (BVN), pay slip, and bank account statement, among others.
4. Also, each type of loan has its eligibility criteria. This we explained earlier. Some of the criteria are being an account holder with First bank, not being less than eighteen years, and also being a resident of Nigeria.

With these, you are on your way to securing your desired loan. However, there may be exceptions and addition, depending on the type of loan you are applying for.

First Bank loan Code

You can apply for any of the First Bank’s loans by visiting the nearest bank branch in your city physically, through the bank’s mobile app, or the USSD code.

Generally, First Bank’s USSD code is *894#. To apply for any First bank loan through this code, follow the guidelines below;

• Go to your phone’s call bar and dial *894#. This helps you connect to the bank’s USSD banking.
• Options will be provided. Select three (3)
• The next is the amount of money you are eligible to apply. This will be shown fully. After this, proceed to the next step.
• Enter the amount you desire to borrow and send.
• You will be required to enter a code, usually five in number. This code is unique to you and shows that you have accepted the terms and conditions of the bank.
• Your application will be reviewed and, if approved, disbursed to your bank account in a few minutes.

Frequently Asked Questions

How can I borrow an instant loan from the First bank?

To borrow money instantly from First bank, you must first determine which loan you are opting for.

We have explained the different First Bank loans, their requirements, and how to apply for them. If you want to get loans from First bank instantly, follow the guidelines in this article.

What is the code to borrow money from First Bank?

The code for borrowing money from First bank, the FirstAdvance loan to be specific, is -*894*11# or *894#.

What is the first advance loan in First Bank?

The First Advance loan is a loan type that is specially made for customers who are under the payroll of a company or organization. They can opt for this loan until they receive their salaries.

What is the First bank interest rate?

The First bank interest rate depends on the loan you request. However, the interest is 5% generally, with a minimum duration of six months.

Conclusion

The first bank remains one of the prestigious banks in Nigeria. Apart from making banking easy for Nigerians, they also offer different kinds of loans to help solve either personal needs or expand people’s businesses.

We are confident that you have perfect knowledge of borrowing money from First bank of Nigeria. If you have any questions, do well to use the comments section.