How To Get A Loan From First Bank

All the information and details you need to know before you start to apply for the first bank loan regarding your account credit score.

First Bank commenced business on an insignificant size at Lagos, Nigeria under the name of Bank of British West Africa (BBWA). 

First Bank is a well-diversified financial services company and is the largest financial services company in sub-Saharan African countries (excluding South Africa).

First Bank offers a comprehensive assortment of corporate and retail financial services. Among them are mortgages and loans. First Bank loan is tailored to allow customers to begin an enterprise or purchase a dream home or upgrade their car. This article has been written to assist you in determining what First Bank loan that suits your needs and also how you apply.

First Bank personal home loans

This first bank loan is ideal for those who want to purchase your first home or construct, or just improve an existing house.

How can I get a loan from First Bank?

If you are interested in applying for a personal home loan to apply for the Home Loan, download the Home Loan application form on the First Bank website. Fill out the form and return it to the nearest FirstBank branch.

Personal home loans: requirements for First Bank personal loan

• Application letter
• Three months’ pay slips for the last three months.
• Statement of accounts
• Applicant’s letter of total earnings
• Employer confirmation on FBN’s approved list
• Document proving title to the property.
• Letter of irrevocable domiciliation pays for the period of the facility.

First auto loan from a bank

This first bank loan will assist you in acquiring your dream car in the shortest amount of time. This loan is also offered to businesses that wish to purchase vehicles for the daily operations of their company or other reasons. Firstbank Auto loan is restricted to employees working for a salary.

How to apply for a First Bank auto loan

For those who wish to apply for an Auto loan to apply, download the Auto Loan Application Form from the First Bank website. Fill out the form and then submit it to the closest FirstBank branch.

First bank Auto loan requirements

• Application letter
• Proforma invoice from FirstBank-approved vendors
• Payslips for the last three months
• Statement of account
• Letter of the total amount of emolument.

First Bank Salary Loans

This loan is for those who have an account for their salary at First Bank, to help pay for financial obligations before payday. There are three kinds of First Bank salary loans.

How do you apply for an employment loan

Complete the form and drop it at the closest FirstBank branch.

The requirements for a salary loan

To be eligible for a Personal Loan Against Salary, you’ll require these documents

• Application letter
• Personal Loan Application Form
• Payslip
• Accounts statement.
• Letter of the applicant’s total amount of emolument.
• Employer confirmation on the FBN accepted list.
• A letter of irrevocable domiciliation of the salary for the period of the facility.

FirstAdvance loan

How do I apply for a FirstAdvance loan via the FirstMobile App

• Install the latest FirstMobile App from the Google Play Store or Apple Store on your mobile device.
• Log on to the FirstMobile App
• Menu options for Open on the left-hand side of the screen.
• Select ‘loans’
• Next, choose “FirstAdvance”
• The following menu Option will show your amount that is eligible as well as the costs and pricing.
• After that, you will have to agree to the terms and conditions.
• Then, enter the amount you want to borrow, not exceeding the amount you are eligible for.
• This is followed by your transaction pin.
• The loan is approved and paid to your payment account in a matter of minutes.
• The account is debited to pay management fees and VAT interest rates, as well as insurance fees as upfront charges.
• After receiving your salary, or after 30 days (whichever is first) the account will be debited to pay for the Principal.

What is the code to borrow money from First Bank?

• Dial *894# for a connection with FirstBank’s USSD Banking, select 3 [Get Loans] or dial *894*11#
• The next menu displays the loan amount you are eligible for.
• Enter the desired amount and then Send
• The interest rate, management fee, and insurance are shown
• Input a five-digit transaction PIN to agree with the terms and conditions.
• The loan will be deposited into your account for salary in just a few moments.
• The account is debited to pay the management fee as well as interest rate, insurance, and VAT in the form of upfront charges.
• When you receive your payment or after 30 days (whichever is first) Your account will be debited for principal repayment.

Firstmonie agent credit

The credit of Firstmonie agents is a loan solution that is designed to offer the ability to bridge financing that will allow FirstBank Agents to solve liquidity issues that result from low balances on their accounts, even if the Agents have cash in their accounts.

How do you apply to get Firstmonie agent credit

Apply via using the Firstmonie Application by clicking on the link below and following the instructions.

Secured Overdraft

Secured overdrafts are one loan kind that’s designed to fund small-to-medium-sized retail companies that have an annual turnover of at least N3 billion or below.

How do you apply for a secured overdraft

To apply for the Secured Overdraft Loan to apply, download the Retail Loan Application Form. Fill out the form and, along with the required documents, return it to the closest FirstBank branch.

Security requirements for overdrafts

• Application letter.
• Proforma Invoice from FirstBank-approved vendors.
• Company Profile.
• Present utility invoice.
• Accounts that have been audited to date.
• Six (6) months Bank statement.
• Other KYC requirements to open an account for a company.

First Bank Contract Finance

This loan was designed to allow you to fund larger contracts that are approved by FirstBank from the list of approved companies for simple execution with no issues.

How do you make an application to be eligible for First Bank contract finance

To apply for Contract Finance you must download this Retail loan application Form. Complete the form and then submit it to the Retail Team at the nearest FirstBank branch, along with any other documents.

Conditions to apply for First Bank contract finance

• The letter of application from the customer.
• Letter from an employer acknowledging the invoice and providing details/date of payment.
• A valid means of identification (National ID International passport or Driver’s License) of the primary mover or two directors of the company in limited liability companies.
• Six (6) months’ worth of statements on the account.
• LPO Supply paper.
• Letter of domiciliation of the contract payment received from Employer Company.

Secured Term Loans

The loan facility is specifically designed to supply retailers (with an annual revenue of N500 million or less) with funds to carry out capital projects, such as purchasing new technologies, replacing assets, and so on.

How do you be eligible for the secured loan term

For the application to apply for the loan, download this Retail Loan Application Form. Fill out the form and, along together with supporting documents, you can submit it to the closest FirstBank branch.

The requirements for secured term loans

The documents accompanying the application include;

• Application letter.
• Proforma Invoice from FirstBank-approved vendors.
• Company Profile.
• Present utility invoice.
• Latest Audited Account.
• Six (6) months Bank statement.
• Other KYC conditions for opening corporate accounts.

First Bank SME Products Financing

This loan facility was designed to help support the development of small and medium-sized enterprises with the funds needed. It has eight lending programs within this segment.

First Bank Import Finance

Import finance targets FirstBank Customers who have a role in the import of raw products or finished goods.

How do I apply for an Import Finance

The loan is open to customers who are current or prospective of FirstBank and wish to apply at any branch. A formal request letter needs to be sent at the direction of the Relationship Manager in the Branch.

The requirements for financing imports

• KYC documents are in the correct place.
• Form M.
• Proforma Invoice.
• Insurance.
• Risk Assessment Report (RAR).

First Bank Oil and Gas Contract Finance

The loan is designed to meet the needs of funding of local oil and gas firms that are either customers or potential customers of FirstBank.

How do you apply for financing for oil and gas contracts

The loan is accessible to existing and new customers of FirstBank who wish to apply at one branch of FirstBank branches.

Oil and gas requirements contract financing

The documents needed include:

• Contract Documents.
• Financial statement (audited).
• Proof of previous job(s) completed (copies of payment instructions).
• Letter of the applicant to the Customer.

Cement Distributorship Finance

This loan was designed to help meet the capital requirements of distributors of the major manufacturing cement firms.

How do I apply for financing for cement distributorships?

For more information about this credit, go through one of the FirstBank branches and talk to the corporate or retail teams.

The requirements for financing a cement distributorship

The documents needed include:

• KYC documents are in the right place.
• Account opening requirements.
• Documentation and forms for loan processing.

Invoice Discounting Finance

This loan is aimed at companies that have provided goods or services or signed contracts that have invoices properly accepted as payment.

How do you apply for finance to discount invoices

To apply for the loan you need to walk to one of the FirstBank branches and talk to the corporate or retail teams. The documentation required to be presented is called known as the Tripartite Domiciliation Agreement.

First Bank Bonds and Guarantee

This loan is targeted to FirstBank customers who are contractors for major businesses who require assurances (i.e. security or comfort) from a lender on their contractors.

How do I apply for bonds and a guarantee?

The loan is accessible to customers who are current or prospective of FirstBank and is available to any of FirstBank’s branches. The formal request form needs to be sent by the Relationship Manager of the Branch.

Bonds and guarantees must meet certain requirements.

• Contract/Term sheet.
• Draft Document of Guarantee.
• KYC documentation for opening accounts.

Telecommunications Distributorship Finance

The loan is intended to help finance Telecoms Distributors to enhance distribution and sales of goods specifically within areas like GSM and CDMA categories.

How do you apply for financing for telecommunications distributorships?

For more information about this credit, go to the nearest FirstBank branch and talk to the corporate or retail teams.

First Bank Petroleum Dealership Finance

This loan scheme offers to finance white petroleum products for existing and new clients who are members of IPMAN as well as authorized dealers of Major Oil Marketing Companies such as Oando Plc, Forte Oil, 11 Plc, Conoil, MRS Oil, Total Nigeria Plc, Total Nigeria Plc, etc.

How do I apply for finance from a petrol dealer

To apply for Petrol dealership financing, go through the nearest FirstBank branch and speak to one of the Retail or Corporate teams.

FMCG Key Distributorship Finance

The loan was designed to provide structured financing for distributors’ FMCG principals to cover the need for working capital.

How do I apply to be considered for FMCG’s important distribution finance

To apply for the loan just visit one of the FirstBank branches and talk to the corporate or retail teams.

Requirements for FMCG important distributorship finance

The documents needed include:

• KYC documents
• Account opening requirements
• Forms and documents for loan processing
• Valid distributorship letter

Local Purchase Orders Finance

Make sure you fulfill all your customers’ demands on time and do not run out of stock by using your Local Purchase Order Finance. This loan option is specifically designed to offer short-term financing to medium and small-scale retail customers who have an annual revenue of N500 million or less to fulfill orders for supplies. Only SMEs that have a turnover that is not exceeding N3 billion are qualified.

How do I apply for local purchase order finance

To apply, Download to fill out the Retail Loan Form. Once you have downloaded the Application Form and fill it out and send it back to the Retail Team at your nearest FirstBank branch.

Local purchase orders require local requirements financing

The documents needed include:

• Contract Papers issued by the company that awarded the contract.
• Bill of Quantity to sign the contract.
• Documentation of prior similar contract(s) signed by Contractor.
• The evidence of the government agency that has given the acceptance of the contract.
• Any other documents that might be requested from the lender?

Operational Vehicles loans

This loan program offers the opportunity to finance a part of your purchase of new vehicles to help in the day-to-day operation of your company. Only SMEs who have a turnover of up to N3 billion are qualified.

How do I apply for an operational car loan

To apply, Download this Retail Loan Form. Once you have downloaded the Application Form Complete the form and send it back to the Retail Team at your nearest FirstBank branch.

The requirements for a loan to operate a vehicle

The documents needed include:

• Application letter.
• Proforma Invoice from FirstBank-approved vendors.
• Company Profile.
• Present utility invoice.
• Latest Audited Account.
• Six (6) Months Bank Statement.
• Other KYC conditions for opening corporate accounts.

FirstEdu Loan

FirstEdu loan FirstEdu loan is offered to school owners of private schools who require additional funds to ensure the smooth operation of their school’s operations. The loan is open for all schools that are privately accredited with CAC (either Govt-approved and/or not).

How do I make an application for a FirstEdu loan

To apply for a loan, Download to fill out the Retail Loan Form. Once you have downloaded the Application Form and fill it out and return it to the Retail Team at your nearest FirstBank branch.

Conditions for FirstEdu loan

The documents needed include:

• Documentation of government approval of the school.
• school memorandums and Articles of Association (MEMART) if it is appropriate.
• Documents that show how long they have had a school in business.
• Documents that show the number of pupils in the school.
• Other documents that could be requested from the lender.

Revenue Loans and Overdraft

Revenue Overdraft Revenue Overdraft is designed to provide short-term financing for Local Government Councils in account connection with FirstBank. This credit facility allows you can draw the specified amount of tenors that exceed the balance of credit on your current account.

How do I apply

Go to the closest FirstBank branch.

Commercial Mortgage

This program is designed to allow small and medium-sized businesses to acquire properties that are landslide for commercial use.

How do I apply for a commercial mortgage

To apply to apply, Download to fill out the Retail Loan Request Form Complete the form, and send this to the Retail Team at the nearest FirstBank branch.

Requirements for commercial mortgages

The documents needed include:

• Construction Plan approved by appropriate authorities
• A valuation Report is required for the property that is to be used to finance
• An Offer Letter sent by a Developer, in cases of a purchase outright
• Audited financial statements and financial reports of the firm
• Any other documents that might be requested from the lender?

Health Finance Loan

This loan for health finance is aimed at private hospitals, registered pharmacies as well as other health care providers. The loan offers health professionals access to funds at a reasonable rate and a term that is flexible along with equipment financing, and the opportunity to expansion of their business.

How do I apply for a health financing loan

Find the closest FirstBank branch.

FirstTrader Solutions (FTS)

FirstTrader Solution FirstTrader Solution provides a facility for short-term overdrafts available to traders who are in approved markets that deal with high-speed goods. It comes in two varieties The Main FTS (180-day variant) and the Exceptional FTS (90-day variant).

How do I apply to be eligible for FirstTrader solution (FTS)

For an application to get a FirstTrader Solution loan, download the Retail Loan Application Form. Fill in the form and then submit it back to the Retail Team at the nearest FirstBank branch.