Advertisement
How do I borrow money from my Bank FirstBank and does FirstBank give loan to students? These are the common questions we receive from most people looking for instant bank loans without salary accounts, collateral, and voluminous paper works.
We will extensively talk about how to be eligible for First Bank loan, and First bank loan interest rate etc.
Getting a loan from First Bank of Nigeria can be a great way to finance a project or investment. However, the process of obtaining a loan can be complex and difficult to navigate for those who are unfamiliar with the procedures and requirements. In this article, we will provide a step-by-step guide on how to get a loan from First Bank of Nigeria.
First, it is important to understand the different types of loans available. First Bank of Nigeria offers a variety of loans, including personal loans, salary advance loans, mortgage loans, and SME loans. Each loan type has its own set of requirements and application procedures, so it is important to determine which loan is best suited for your needs.
Once you have determined the type of loan you need, the next step is to gather the necessary documentation. This typically includes proof of income, employment verification, bank statements, and identification documents. After gathering the necessary documents, you can then proceed to fill out the loan application and submit it to First Bank of Nigeria for review. By following these steps, you can increase your chances of getting approved for a loan from First Bank of Nigeria.
Advertisement
How to be eligible for First Bank loan
To qualify for a loan from First Bank of Nigeria, applicants must meet certain eligibility requirements. The bank offers a range of loan products to suit different needs, from personal loans to business loans and mortgages. So, if you’re wondering or ever asked yourself “why am I not eligible to borrow money from FirstBank?” You may need to check if you have the following;
- You must have been operational in FirstBank for at least 6 months.
- You must be linked to a valid BVN.
- A Valid phone number
- Good credit score.
- Minimum Loan Amount: N1,000 (One Thousand Naira)
Types of loans offered by First Bank of Nigeria
Personal Loans
First Bank of Nigeria offers personal loans to individuals who need funds for personal reasons such as education, medical expenses, and home renovations. The bank offers both secured and unsecured personal loans. Secured personal loans require collateral, while unsecured personal loans do not. The interest rates on personal loans vary depending on the loan amount, repayment period, and credit score.
Business Loans
First Bank of Nigeria offers business loans to small and medium-sized enterprises (SMEs) to help them grow and expand their businesses. The bank offers both short-term and long-term loans. Short-term loans are meant for working capital, while long-term loans are meant for capital expenditures such as buying machinery and equipment. The bank also offers trade finance services such as letters of credit, guarantees, and bill discounting.
Mortgage Loans
First Bank of Nigeria offers mortgage loans to individuals who want to buy or build a home. The bank offers both fixed and adjustable-rate mortgage loans. Fixed-rate mortgage loans have a fixed interest rate for the entire duration of the loan, while adjustable-rate mortgage loans have a variable interest rate that changes over time. The bank also offers home equity loans, which allow homeowners to borrow money against the equity in their homes.
Salary Loan
First Bank salary loan is made available for customers who have a salary with First Bank of Nigeria which enables them access to loans easily. If you’re a salary earner who intends to take advantage of this loan option, then you have to switch to First Bank.
USSD Code For First Bank
What is the code to borrow loan from FirstBank? With the help of USSD code, you can get instant loans from Frist Bank by following simple prompts on your screen.
The first bank USSD code is *894#. Follow the guidelines below when you dial the USSD code on your mobile phone. Remember, dial with the phone number you used in creating your First Bank account.
- Select three (3) from the prompt
- Select FirstCredit option
- Enter your account number
- Select from the amount of money you’re eligible to apply.
- 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.
What is First Bank loan interest rate?
On average, the interest rate for 5%. However, to get a clear understanding of first bank interest rates, visit the First Bank loan interest rate calculator. https://www.firstbanknigeria.com/personal/loans/loan-calculator/
Can a student get loan from FirstBank?
Yes, students especially those attending a degree-granting school can apply for students loan at First Bank.
What is the minimum amount in First Bank student account?
The minimum amount required in a student account at First Bank is N1,000.
Can I get a loan without my BVN number?
Your BVN is required to get a loan from First Bank. See our post on which app can borrow me money without asking for BVN?
In conclusion, First Bank of Nigeria offers a variety of loans to meet the financial needs of individuals and businesses. It is important to carefully consider the terms and conditions of each loan before applying.
Advertisement