How to get a loan from the First Bank of Nigeria

First Bank of Nigeria Limited (“FirstBank”), established in 1894, in line with its name, is the premier Bank in West Africa. First Bank commenced business on a modest scale in Lagos, Nigeria under the name, Bank of British West Africa (BBWA). First Bank is a well-diversified financial services group and the largest private-sector financial services provider in sub-Saharan Africa (excluding South Africa).

First Bank offers a comprehensive range of retail and corporate financial services, amongst which are loans and mortgages. First Bank loans are tailored to provide capital for customers to start a new business venture, own a dream home, or upgrade a car. This article is cooked to help you discover the First Bank loan that suits your need and how to apply for the loan.

First Bank personal home loans

This loan is suitable for you if you’re looking to buy your first home, construct or simply renovate an already built house.

How to apply for a personal home loan

To apply for the Personal Home Loan, download the Home Loan Application form on First Bank website. Complete the form and submit it at the nearest FirstBank branch.

Requirements for personal home loan

• Application letter
• Last three months payslip
• Statement of accounts
• Applicant’s letter of total emolument
• Confirmation of applicant’s employer on FBN-approved list
• Valid title document
• Letter for irrevocable domiciliation of salary for the duration of the facility.

First bank auto loan

This loan is designed to help you own your dream car within a short time frame. This loan also extends to Businesses that want to acquire vehicles for the day-to-day running of their business or other purposes. Firstbank Auto loan is restricted to employees in paid employment.

How to apply for auto loan

To apply for the Auto loan, download the Auto Loan Application Form on the First Bank website. Complete the form and submit it at the nearest FirstBank branch.

Requirements for auto loan

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

First bank Salary loans

This loan is designed for customers who have a salary account with First Bank, to help to cover pressing financial obligations before payday arrives. There are three categories of First Bank salary loans.

How to apply for salary loan

Complete the form and submit it at the nearest FirstBank branch.

Requirements for salary loan

To apply for the Personal Loan Against Salary, you will need the following documents:

• Application letter
• Personal Loan Application form
•  Payslip
• Statement of accounts.
• Applicant’s letter of total emolument.
• Confirmation of applicant’s employer on FBN approved list.
• Letter of irrevocable domiciliation of salary for the duration of the facility.

FirstAdvance loan

How to apply for FirstAdvance loan through FirstMobile App

• Download the recent FirstMobile App from Google Play Store or Apple Store on your smartphone
• Log on to the FirstMobile App
• Open menu options on the top left-hand side
• Select ‘loans’
• Next, select ‘FirstAdvance’
• The next Menu Option shows your eligible amount and the applicable pricing and fees.
• Next, accept the terms and conditions
• Next, input desired loan amount not more the eligible amount.
• Followed by your transaction pin.
• Successful, the loan is disbursed to your salary account within minutes.
• Your account is debited for management fee & VAT, interest rate, and insurance as upfront fees and charges.
• Upon receipt of salary or 30 days (whichever comes first), your account is debited for Principal repayment.

How to apply for FirstAdvance loan using USSD Code

• Dial *894# to connect to FirstBank’s USSD Banking, select 3, [Get Loans], or *894*11#
• The next menu shows your eligible loan amount
• Input desired amount and send
• Interest rate, management fees, and Insurance are displayed
• Input five-digit transaction PIN to accept terms and conditions
• The loan is disbursed into your salary account within minutes.
• Your account is debited for a management fee, interest rate, insurance, and VAT as upfront fees and charges.
• Upon receipt of salary or 30 days (whichever comes first), your account is debited for Principal repayment.

Firstmonie agent credit

Firstmonie agent credit is a digital lending solution designed to provide bridge finance to help FirstBank Agents to solve liquidity challenges resulting from depleted account balances, even when the Agents have physical cash at hand.

How to apply for Firstmonie agent credit

Apply through the Firstmonie App by clicking the link and follow the prompts.

Secured Overdraft

The secured overdraft is a loan type designed to finance small- to medium-scale retail businesses with an annual turnover of ₦3 billion and below.

How to apply for secured overdraft

To apply for the Secured Overdraft Loan, download the Retail Loan Application Form. Complete the form and with the accompanying documents, submit it at the nearest FirstBank branch.

Requirements for secured overdraft

• Application letter.
• Proforma Invoice from FirstBank approved vendors.
• Company Profile.
• Current utility bill.
• Latest audited account.
• Six (6) months Bank statement.
• Other KYC requirements for opening a corporate account.

First Bank Contract Finance

This loan is designed to help you fund bigger contracts from the FirstBank-approved list of companies; for easy execution without challenges.

How to apply for First Bank contract finance

To Apply for Contract Finance, download the Retail Loan Application Form. Complete the form and submit it to the Retail Team at the nearest FirstBank branch along with other documents.

Requirements for First Bank contract finance

• Customer’s application letter.
• Letter from Employer confirming the Invoice and stating details/time of payment.
• Valid means of identification (National ID, International passport, or Driver’s License) of the prime mover or 2 of the company directors for limited liability companies.
• Six (6) months statement of account.
• LPO supply paper.
• Letter of domiciliation of contract payment from Employer Company.

Secured Term Loans

This loan facility is designed to provide retail organizations (with an annual turnover of N500 million and below) with finance to execute capital projects like acquiring new technology, asset replacement, etc.

How to apply for secured term loans

To apply for the loan, download the Retail Loan Application form. Complete the form and with the accompanying documents, submit it at the nearest FirstBank branch.

Requirements for secured term loan

The accompanying documents include;

• Application letter.
• Proforma Invoice from FirstBank approved vendors.
• Company Profile.
• Current utility bill.
• Latest Audited Account.
• Six (6) months Bank statement.
• Other KYC requirements for opening a corporate account.

First Bank SME Products Financing

This loan facility is designed to support the growth of small and medium-scale enterprises with the required funds. There are eight loan schemes under this segment.

First Bank Import Finance

Import finance is targeted at FirstBank customers who are involved in the importation of raw materials or finished goods.

How to apply for import Finance

The loan is available to existing and prospective customers of FirstBank who can apply through any of its branches. A formal request letter is to be submitted to the Relationship Manager at the Branch.

Requirements for import finance

• KYC documentation in place.
• Form M.
• Proforma Invoice.
• Insurance.
• Risk Assessment Report (RAR).

First Bank Oil and Gas Contract Finance

This loan is designed to meet the funding requirements of indigenous oil and gas companies who are either customers or prospects of FirstBank.

How to apply for oil and gas contract finance

The loan is available to both new & existing customers of the FirstBank who can apply through any of the FirstBank branches.

Requirements for oil and gas contract finance

The documents required are:

• Contract Documents.
• Financial statement (audited).
• Evidence of past job(s) executed (copies of payment advice).
• Customer’s application Letter.

Cement Distributorship Finance

This loan is designed to meet the working capital needs of the distributors of major manufacturing cement companies.

How to apply cement distributorship finance

To apply for this loan, walk into any FirstBank branch and speak with the Retail or Corporate teams.

Requirements for cement distributorship finance

The documents required are:

• KYC documentation in place.
• Account opening requirements.
• Loan processing forms and documentation.

Invoice Discounting Finance

This loan is targeted at contractors who have supplied goods/services or executed contracts for which invoices have been duly accepted for payment.

How to apply for invoice discounting finance

To apply for this loan, walk into any FirstBank branch and speak with the Retail or Corporate teams. The document required is the Tripartite Domiciliation Agreement.

First Bank Bonds and Guarantee

This loan is targeted at FirstBank customers who are contractors to major companies that require guarantees (i.e. comfort/security) from a bank on their contractors.

How to apply for bonds and guarantee

The loan is available to existing and prospective customers of FirstBank and can be applied for through any of FirstBank’s branches. A formal request letter is to be submitted to the Relationship Manager at the Branch.

Requirements for bonds and guarantee

• Contract/Term sheet.
• Draft Guarantee document.
• KYC documentation on Account openings.

Telecommunications Distributorship Finance

This loan is designed to provide finance for Telecoms Distributors to enhance distribution and sales of merchandise goods, particularly in the GSM and CDMA categories.

How to apply for telecommunications distributorship finance

To apply for this loan, walk into any FirstBank branch and speak with the Retail or Corporate teams.

First Bank Petroleum Dealership Finance

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

How to apply for petroleum dealership finance

To apply for Petrol dealership finance, walk into any FirstBank branch and speak with the Retail or Corporate teams.

FMCG Key Distributorship Finance

This loan is designed to provide structured finance to distributors of FMCG principals to meet working capital needs.

How to apply for FMCG key distribution finance

To apply for this loan, simply walk into any FirstBank branch and speak with the Retail or Corporate teams.

Requirements for FMCG key distributorship finance

The documents required are:

• KYC documentation
• Account opening requirements
• Loan processing forms and documentations
• Valid distributorship letter

Local Purchase Orders Finance

Meet all your customers’ orders in time and never run out of stock with the Local Purchase Order Finance. This loan facility is designed to provide short-term financing to small and medium scale retail customers with an annual turnover of N500 million and below facility to carry out supply orders. Only SMEs with an annual turnover of up to an N3billion are eligible.

How to apply for local purchase orders finance

To apply, download the Retail Loan Application Form, complete the form and submit it to the Retail Team at the nearest FirstBank branch.

Requirements for local purchase orders finance

The documents required are:

• Contract Papers issued by the company awarding the contract.
• Bill of Quantity for the contract to be executed.
• Evidence of previous similar contract(s) executed by Contractor.
• Evidence of relevant government agency approval for contract.
• Any other documents that may be required by the bank.

Operational Vehicles loan

This loan scheme provides you part-financing to purchase new vehicles for the day-to-day running of your business. Only SMEs with an annual turnover of up to a N3billion are eligible.

How to apply for operational vehicle loan

To apply, download the Retail Loan Application Form, complete the form and submit it to the Retail Team at the nearest FirstBank branch.

Requirements for operational vehicle loan

The documents required are:

• Application letter.
• Proforma Invoice from FirstBank approved vendors.
• Company Profile.
• Current utility bill.
• Latest Audited Account.
• Six (6) Months Bank Statement.
• Other KYC requirements for opening a corporate account.

FirstEdu Loan

The FirstEdu loan is available to Private schools owners who require extra funds for the smooth running of their school operations. The loan is available to all private schools duly registered with CAC (either Government approved or not).

How to apply for FirstEdu loan

To apply, download the Retail Loan Application Form, complete the form and submit it to the Retail Team at the nearest FirstBank branch.

Requirements for FirstEdu loan

The documents required are:

• Evidence of Government Approval of school.
• School Memorandum and Articles of Association (MEMART) where applicable.
• Documents showing how long school has been in the business.
• Documents showing the number of students in the school.
• Any other documents that may be required by the bank.

Revenue Loans and Overdraft

The Revenue Overdraft is designed to offer short-term facilities to Local Government Councils in account relationship with FirstBank. With this credit facility, you can draw, within a specified tenor agreed amounts, exceeding the credit balance in your current account.

How to apply

Visit the nearest FirstBank branch.

Commercial Mortgage

This scheme is designed to empower small and medium-scale enterprises to finance the acquisition of landed property for commercial purposes.

How to apply for commercial mortgage

To apply, download the Retail Loan Application Form, complete the form and submit it to the Retail Team at the nearest FirstBank branch.

Requirements for commercial mortgage

The documents required are:

• Building Plan approved by the relevant authorities
• Valuation Report to be obtained for property to be financed
• Offer Letter from a developer in cases of outright purchase
• Audited financial statements of the company
• Any other documents that may be required by the bank.

Health Finance Loan

The Health finance loan is targeted at registered pharmacies, private hospitals, and other health care service providers. This loan provides health care providers access to funding at a competitive rate and flexible term, as well as equipment financing and opportunity for business expansion.

How to apply for health finance loan

Visit the nearest FirstBank branch.

FirstTrader Solutions (FTS)

The FirstTrader Solution is a short-term overdraft facility offered to traders in pre-approved market locations who deal in fast-moving goods. It comes in two variants; the Main FTS (180-day variant) and the Exceptional FTS (90-day variant).

How to apply for FirstTrader solutions (FTS)

To apply for a FirstTrader Solution loan, download the Retail Loan Application Form. Complete the form and submit it to the Retail Team at the nearest FirstBank branch.

Conclusion

Having known the various loan schemes set up by FirstBank, you can get the loan that is suitable for your need by going through the stated mediums.