First bank has never taken last, they are initiator, they are part of banks in Nigeria that want fund to be easily accessible, they give loan to deferent segment of Nigerian population; from salary earner to non salary earner or business man they cater for everybody.
There are some of their loan you can get without going to bank just dial a code on your phone and you will get it, while their are some that you need you to visit bank, all this loan will be listed and explain in this article and also we will highlight first bank loan code which you can use to apply for loan.
Requirements for First bank loan
Like any other banks in Nigeria, you need to meet up with their requirements before they can give you loan don’t fret the requirement is not much
- Reside in Nigeria
- Have bvn
- Have account with them
- No outstanding loan
- Have good credit score
- For heavy loan you need to have government issued I’d card
If you have all this you’re good to go
Types of loan offer by first bank in Nigeria
First bank has deferent loan product you can apply for which are
First bank salary loan
This loan is targeted at salary earner who have account with first bank, the loan is given in proportion to the salary you are getting per month if you are getting #100,000 per month you will be eligible for loan between #50,000 to #70,000.
The interest rate of salary loan depend on the amount of loan you are taken and the payback period is just 30 days. You don’t need to worry abut paying back your loan the amount will be automatically deducted from your account once you collect salary.
Firstbank quick/instant loan
This are loan you can get quickly, you don’t need to get to visit their bank branch just dial the code that will be giving at the end of this section, the interest rate depend on the amount of loan you are taking and the payback period can be up to 20 months.
First bank car loan
This is an asset loan of first bank targeted at those that want to buy car. This kind of loan is can only be gotten from bank. Before you can obtain the loan you will need to provide at least 20 to 30% of the car you want to purchase, this is to determine how serious you are.
First bank mortgage loan
This is loan for those that want to buy house or property, you need to go to bank to obtain this kind of loan and you will be ask to provide collateral and paper work. The loan have a long payback period which can be upto 10 years.
First bank student loan
This is for parent that want to pay their kid school fee be it primary, secondary or tertiary, the loan tenor is between 3 to 6 months and before you apply you need to provide previous school fee receipt, a later from the school and others. The interest rate depends on the amount of loan you want to obtain.
First bank holiday finance
This for those that are going on holiday I mean travel, you can take a loan to bank roll it and payback when you are back. The loan is flexible and comes with little interest rate compare to others.
First bank medical bills
To get this loan you need to visit first bank branch in your location, it is targeted at those that need money to improve their health. The payback period of this loan is long but interest rate can be high depending on the risk assessment of the person.
How to get first bank loan
There are many way to get first bank loan and they are
- Through ussd code
- Through mobile app
- First bank loan ussd code
Applying for first bank loan through ussd code
is easy you just need to dial the code and follow the prompt. The first bank loan ussd code is *891*11#.
Once you dial the code you will be taken to the instant loan option, but if you want to access other loan dial the code *894# on the sim connected to your first bank account
Chose option 3 which is loan
It will bring out the Mount you are eligible to loan
Type the amount of loan you want, it must be
lower or equal to the eligible loan amount
It will bring out the interest rate, the payback period and management fees
Input your pin and click send
The loan will be disburse into your account in less down 5 minutes.
Apply for first bank loan through mobile app
Another way to apply for first bank loan is through first bank app. To use the app you need to have register it, if you don’t have the app, head over to Google play store or app store download it, register and login
On your dashboard you will see loan, click it and follow the prompt
Apply for first bank loan Though bank
For heavy loan such as car loan you need to visit the bank ask about the specific loan you want, the loan processing might take more than 4 days.
Conclusion
Above is the fist bank loan code the procedure is easy. If you did not get it go over the article again. As will always advice our readers take loan that you know you can pay back, to avoid embarrassment.
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