August 16, 2023

First Bank Loans

First Bank PLC has a lot of consumer loan, retail loan and commercial loan products. The bank‘s variation of consumer loan includes automobile loan, personal home loan, personal loan against salary, household equipment loan and joint mortgage. To access any of these loan products from First Bank PLC, one must have his account (salary account) domiciled in First Bank.

Getting a loan from First Bank PLC involves three stages. The first stage rests on the customer. The customer has to write an application for the type of loan he wants and the application must include the purpose of loan, amount of loan, tenure of the loan, source of loan repayment and collateral for the loan (if required). The letter (of application) must be addressed to the branch manager of the branch of First Bank which the salary is domiciled and after it is written and signed, the customer presents it at the bank for onward processing.

The second stage rests on the bank. The bank receives the letter and starts processing. The bank reviews the application, writes Credit Appraisal Memorandum (CAM) which highlights the customer‘s capacity, character, collateral, condition and capital, generates the loan repayment schedule, prepares the offer letter which specifies the terms and conditions under which the loan will be granted.

The third stage involves both the bank and the customer. During this stage, the customer executes (signs off on) the offer letter and meets the conditions precedent to drawdown. The conditions precedent to drawdown includes provision of postdated cheques that cover the entire duration of the tenor of the loan (facility), presentation of a reputable guarantor, execution of guarantor‘s form and statement of personal net worth form by the guarantor, provision of proforma invoice (for automobile loan), equity contribution (for automobile loan, personal home loan and joint mortgage), presentation of statement of account and execution of statement of personal net worth form by the customer.

As soon as the customer meets all the aforementioned conditions precedent to drawdown, all the document are sent to First Bank‘s compliance department and the department approves and books the loan.

After the loan is disbursed into the customer‘s account, the customer withdraws the cash and the repayment process follows. According to the bank‘s policy, if the loan is disbursed before the 15th day of the month, the customer starts the repayment of the loan that same month but if the loan is disbursed after the 15th day of the month, the customer starts the repayment the following month.

Between banks and online lenders, you have a lot of options to choose from when you need a loan. But not all loans are created equal, andFirst Bank loansare a step above the rest. If you are in need of a loan, visit your local First Bank. They offer a variety of loan options, from personal loans to mortgage loans, with highly competitive rates.

Loans Available at First Bank

First Bank loans come in a variety of forms, each with competitive rates and flexible terms:

  • Personal loans.Gain instant borrowing power with a personal credit line, use our overdraft protectionprogram to borrow money up to your overdraft limit, or use the equity in your home to secure a home equity loan.
  • Business loans. Use a credit line, lump-sum business loan, or construction loan to finance your business.
  • Credit cards. Take advantage of no annual fees and competitive interest ratesto complete personal or business transactions today and pay for them tomorrow.
  • Mortgages. Conventional, government, jumbo, commercial, professional, and reverse mortgages are all possible with a First Bank loan.

Applying for a First Bank Loan

Applying for a loan is simple with First Bank.

  • For abusiness loan, sign up for a free small business financial consultation.
  • An application for amortgage loancan be filled out online.
  • Forpersonal loans or credit cards, just contact your nearest First Bank and speak to one of their associates.

Whether it’s building a business or moving into your dream home, a First Bank loan can help you with some of life’s biggest purchases.

Leave a Reply

Your email address will not be published. Required fields are marked *