How to apply for First Bank Salary Loans and FirstAdvance

Last Updated on November 25, 2023 by admin

First bank plc has unveiled salary loan and FirstAdvance which is designed to help  offer convenient and easy access to cash for salary earner customers awaiting payment of their salaries. If you have salary account with FirstBank you can start enjoying Personal Loan Against Salary that will cover pressing financial needs

FirstAdvance is a digital lending solution designed to offer a convenient and easy access to cash for payroll customers awaiting payment of their salaries.The product is meant for salary earners whose accounts are domiciled with FirstBank and have received regular salaries in the last six months or more.

The Maximum amount accessible is N500,000.00 subject to 50% of net average 6months salary, whichever is lower. The eligible amount is calculated after deducting all other loan obligations to the Bank.

You can also read: FirstBank USSD Code: How to check statement of account, Account balance and Create Pin as well transfer money

 

How to Apply FirstAdvance

You can apply for thie digital loan Through FirstMobile App Or
USSD CODE-*894*11# or *894#

You may also like:How to apply for First Bank Home Loan and-mortgages & requirements

 

Features of FirstAdvance loan

1.Loan amount of up to 50% of net monthly income.
2.Tenor is 30 days or next pay day [whichever comes first]
3.Maximum single obligor limit of N500,000.00
4.Interest rate @ 2.5%flat collected upfront
5.Management fee @ 1.0% flat
6.Credit Life Insurance @ 0.50%
7.Salary account must be domiciled with FirstBank

 

Read:FirstBank USSD*894#: How to buy Airtime,check account Balance ,Pay bills & Transfer money in 1st Bank

Interest:

The interest rate for the facility is 2.5% flat, per month, which shall be subject to review from time to time in line with the prevailing money market condition. Any change in pricing of the facility notified by the Bank to the Borrower shall be binding on the Borrower. However, any excess over the approved limit or any unliquidated expired facility shall attract an interest on authorized excess overdraft at a rate to be determined by the Bank.

Management Fee:

1% flat

Credit Life Insurance:

0.5% flat on facility amount ad to be collected upfront.

Value Added Tax (VAT)

7.5% flat of Management fee

Late Payment Penalty

A monthly penal charge of 1% flat on overdue amount, in addition to current rate of interest on the unpaid sum until full repayment will be applicable where facility remains outstanding after expiration.

Also read:Firstbank Transfer Code:How to Transfer Money,Buy recharge card, account statement and account balance

Repayment Source:

Proceeds of monthly salary payment domiciled to the Lender or any BVN linked accounts in any Bank.

 

 

First bank Salary Loans

The credit facilities is designed for salary account holder with FirstBank, you can apply for Personal Loan Against Salary. The loan has the follow features:

1.You get up to 36 months repayment option, subject to retirement age of 60 years and the 2.repayment structure is flexible.
3.A guarantor is not required.
4.The processing time is quick.
5.Equity contribution is not required.
6.Minimum documentation is required.
7.Your Salary Account must be domiciled with FirstBank for the period the facility is in place 8.flexible repayment structure.

You will need the following documents:

1.Application letter
2.Personal Loan Application form
3. 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 duration of the facility.
8. Complete the form and submit at the nearest FirstBank branch

Meet Ogbeide Frank, popularly known as perere, a blogger who loves writing about finance and Tech. He studied Business administration at the Ambrose Alli University Ekpoma and Mobile Communication at Orange College Malaysia .Frank have worked as a banker and consultant in variety of Nigeria agencies

For Advertisement, Content marketing andsponsored post: contact : kokobest04@gmail.com
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Ogbeide Frank loves writing and research about finance and Tech. He studied Business administration at the Ambrose Alli University Ekpoma and Mobile Communication at Orange College Malaysia .Frank have worked as a banker and consultant in variety of Nigeria agencies For Advertisement, Content marketing and sponsored post: contact : kokobest04@gmail.com
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