How To Secure Personal Loan From First Bank of Nigeria 2020 | Procedures: This article will dive into some detailed information such as procedures, requirements of securing a personal loan from First Bank of Nigeria for all interested individuals.
What is a Personal Loan?
A Personal loan is a fixed amount you borrowed at a fixed rate, and repaid over a fixed time. It is typically unsecured loan which helps you meet your current financial needs. Its usually doesn’t require collateral.
The exciting thing about the First Bank personal loan is that they provide borrowers with the flexibility to use the fund as per their need.
You can use personal loan to cover an emergency expense, consolidating debt, and financing of a large purchase. If you need free-interest loan, check out another federal government loan here.
Features of the First bank personal loan
- It is flexible to meet individual needs
- Loan amount is up to 75% of your net annual salary, for applicants with terminal benefit). And up to 50% of your net annual salary, for applicants without terminal benefit.
- Loan tenure is up to 3 years (36 months).
- Credit life insurance
- A guarantor is not required
- The processing time is quick
- Equity contribution is not required.
- Your Salary Account must be domiciled with FirstBank for the period the facility is in place Flexible repayment structure
Requirements to Access personal loan from First Bank Nigeria
Below are the requirements to access First Bank personal loan;
- Completed Personal loan application form
- Statement of accounts
- Application letter
- Completed Employee Status Inquiry/Employer’s Confirmation Form
- A copy of valid means of identification or employment ID
- Bank Verification Number (BVN)
- Credit checks
- Letter of Lien/Set off
How to Secure Personal Loan from First Bank Nigeria
Follow the procedures below to apply for the First Bank personal loan;
- Download the FirstBank personal loan form here.
- Print out the form.
- Complete the form and submit at the nearest First Bank branch.
That is it, this should help your personal loan process with the First Bank of Nigeria Limited. More guides coming, make sure you leave comment below if you need more clarification on this guide.