The amount that is eligible determined after deducting all the other loan responsibilities towards the Bank

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The amount that is eligible determined after deducting all the other loan responsibilities towards the Bank

This product is meant for income earners whose records are domiciled with FirstBank and now have received regular salaries in the final 6 months or even more. Optimum quantity accessible is N500,000.00 at the mercy of 50% of net average 3months wage, whichever is leaner.

  • Extra Information
  • Just How To Apply
  • Stipulations

More Info

Features

  • Salary account should be domiciled with FirstBank
  • Loan number of as much as 50percent of web month-to-month earnings.
  • Tenor is 30days or next pay check whichever comes first
  • Optimum solitary obligor limitation of N500,000.00
  • Interest rate @ 2.5%flat collected upfront
  • Management cost @ 1.0% flat
  • Credit Term Life Insurance @ 0.50percent
  • The mortgage could be accessed as much as three times each and every day susceptible to maximum amount that is eligible
  • Payment is taken instantly income is gotten, while a lien is positioned on unfunded account.
  • All charges, including rate of interest are collected upfront upon disbursement associated with the loan.

Just How To Apply

  • Download the FirstMobile that is recent App Google Enjoy shop or Apple shop on the smartphone
  • Log in to the FirstMobile App
  • Start menu choices on top side that is left-hand
  • Choose ‘Loans’
  • Next Menu choice shows your qualified amount plus the relevant prices and charges.
  • Next, Accept the Terms & Conditions
  • Next, input desired loan amount not more the eligible amount.
  • Followed closely by your deal pin.
  • Successful, Loan is disbursed to your income account within minutes.
  • Your account is debited for Management charge & VAT, Interest insurance and rate as upfront charges and fees.
  • Upon receipt of salary or 30days (whichever comes first) your account is debited for Principal payment.
  1. To utilize using USSD Code exactly how do we use onto it?
  • Dial *894# for connecting to FirstBank’s USSD Banking, select 3, Get Loans
  • or *894*11#
  • The menu that is next your qualified loan amount
  • Input desired send and amount
  • Rate of interest, Management fees & Insurance is shown
  • Input 5digit transaction PIN to just accept conditions and terms
  • Loan is disbursed into the income account within minutes.
  • Your account is debited for Management cost, rate of interest, Insurance and VAT as upfront costs and fees.
  • Upon receipt of wage or 30days (whichever comes first) your account is debited for Principal payment

Lender:

Very Very First Bank of Nigeria Limited

Loan Amount:

As can be authorized because of the Bank

Function:

To bridge cash flow gap that is immediate.

Tenor:

thirty days or date of next income re payment (whichever comes first).

Center Kind

Term Loan payable in 1 month or perhaps the next payday whichever comes first.

Interest:

The attention price for the center is 2.5% flat, every month, which will probably be susceptible to review every once in awhile based on the prevailing cash market condition. Any improvement in rates regarding the center notified by the lender into the Borrower will be binding regarding the Borrower. But, any extra over the limit that is approved any unliquidated expired facility shall attract a pastime on authorized extra overdraft for a price to be dependant on the financial institution.

Management Fee:

Credit Term Life Insurance:

0.5% flat on facility quantity advertising to be collected upfront.

Value Added Tax (VAT)

7.5% flat of Management charge

Later Payment Penalty

A month-to-month penal fee of just one% flat on overdue quantity, as well as present interest rate in the sum that is unpaid complete payment may be relevant where center stays outstanding after termination.

Repayment Supply:

Proceeds of month-to-month income re re re payment domiciled to the financial institution or any BVN connected reports in just about any Bank.

Commencement Date:

This center shall commence upon drawdown or from the date of disbursement notwithstanding the date in the date or offer of execution.

Security/Support:

The center will be secured because of the after:

Irrevocable Domiciliation of Salary and Credit life insurance coverage since the danger of death/disability, and retrenchment of this Borrower inside the tenor associated with loan. Employer’s undertaking to domicile salaries and just about every other allowances, emoluments, entitlements and terminal advantages of workers to your Bank.

Access:

This facility will probably be designed for utilization just upon satisfactory conformity utilizing the conditions precedent to drawdown since may be recommended by the lender.