BANKING

How To Get First Bank of Nigeria Loans

Published

1 year ago

How To Get First Bank of Nigeria Loans

Getting a loan can become a game-changer in turning your dreams into reality, whether it’s launching a new business venture, purchasing a home, or managing unforeseen expenses. First Bank of Nigeria stands as a cornerstone of financial stability and support to help you get the loan that suits your needs. If you’re looking to take a loan from First Bank, this guide will provide you with all the insights into the loan types offered by First Bank of Nigeria and how to get the loan that will serve your purpose: How To Get First Bank of Nigeria Loans.

In this guide, we’ll walk you through the steps involved in obtaining a loan from First Bank of Nigeria. We’ll also guide you through understanding the key elements that can make all the difference, the types of loans available at First Bank of Nigeria, and their eligibility criteria. Keep reading to learn

How To Get First Bank of Nigeria Loans

About First Bank of Nigeria

First Bank of Nigeria, also known as FirstBank, is one of the oldest and most reputable financial institutions in Nigeria. FirstBank was established in 1894, the bank has been pivotal in Nigeria’s banking sector development and has consistently evolved with its product offerings through a wide range of financial products and services to meet the needs of its diverse customer base.

First Bank of Nigeria’s loan offerings are designed with competitive interest rates, flexible repayment terms, and terms and conditions to support individuals and businesses in achieving their financial goals. The bank has an extensive network of branches across Nigeria and digital banking platforms which makes the bank convenient to use for customers. Whether you’re an individual or a business looking for financing, FirstBank is there to provide you with the needed funds to achieve your personal and business financial goals.

Does First Bank of Nigeria Give Loan

Yes, first Bank gives loans to its customers who need loans for personal and business financing with First Bank you will get loans at competitive interest rates. First offers a wide variety of loans that cover several aspects of the economy. First Bank has helped millions of its customers to expand their businesses and meet their personal financial goals.

Types of Loans Offered By First Bank of Nigeria

First Bank of Nigeria offers a wide range of loans to its customers to meet various financial goals, the major types of loans available at First Bank include:

FirstAdvance: This is a loan that is designed as a digital lending solution that is convenient and easy to access by First Bank customers using the USSD code specially designed for it or the first mobile app. This loan is available to payroll customers waiting to receive their salaries meaning that it is only available to salary earners. You can access up to a maximum of ₦1,000,000 with this loan product. This loan is offered at a 3% flat interest rate.
FirstCredit: This is a digital loan that is designed to offer you quick access to cash to fund your transactions and emergency need for funds. The FirstCredit loan is a simple loan that can be accessed from anywhere without you having to visit the physical bank location. You do not need any documents or collateral to collect the FirstCredit loan. You can request the loan using USSD or the FirstMobile app. This loan is given at an interest rate of 8% flat, with a tenor of 30 days.
Personal Home Loans: This loan gives employees, the opportunity to finance home purchases of their residential properties with ease. You need to be in paid employment as an individual to be eligible for this loan. This loan has a maximum tenure of 20 years subject to retirement age.
Joint Mortgage: This loan is designed for couples that normally would not be able to finance the purchase of a property of choice individually. This loan provides flexibility and reduced repayment pressure to the couple. This loan has a tenor of up to 240 months (20 years).
Automobile Loans: This loan is designed to provide employees the opportunity to acquire brand new vehicles from approved reputable vendors by First Bank, this loan is designed with a flexible repayment plan over the specified tenor of the loan which is 4 years (48 months). The maximum loan amount is up to 20 million Naira.

First Bank of Nigeria Loan Interest Rate

First Bank offers loans with interest rates that are highly competitive with rates obtainable in the open banking industry in Nigeria. First Bank loans interest rates range from 3% to 10% the interest rate can be more than 10% in peculiar circumstances.

First Bank of Nigeria Loan Eligibility

First Bank offers a wide variety of loans to its customers and the banking public, to get any of these loan types you need to meet the eligibility requirements for the loan. The eligibility requirements for the different types of loans offered by First Bank are listed below:

FirstAdvance

You must have your salary account domiciled with First Bank
Acceptance and meeting of First Bank’s terms and conditions on the loan
Your salary account needs to be funded upfront to absorb commissions and other charges
You need to inform the bank of any adverse effects and changes to your finances within 24 hours of their occurrence

FirstCredit

You need to have an active bank account with First Bank
Your account must be linked to a valid BVN for you to be able to receive the loan
Your account must have been active with First Bank for at least six months

Personal Home Loans

Your salary account must be domiciled with First Bank throughout the period the loan facility is in place
You have to pay a minimum of 20% equity contribution
The property to be financed must be located and residential in any of the First Bank-approved locations and must not be for commercial purposes.

Required Documents For Personal Home Loan

Vendor’s offer letter
Copy of the title documents to the property (ownership must be in the name of the vendor).
Copy of the approved building plan.
Personal Home Loan Application form
Letter for irrevocable domiciliation of salary for the duration of the facility.

Joint Mortgage

Applicants have to be joint and co-owners of the property
Applicants have to be legitimate couples
The repayment obligation is on both applicants
Both applicants have to be financially committed

Required Documents For Joint Mortgage

Vendor’s offer letter
Copy of the title documents to the property (ownership of the property must be in the name of the vendor).
Copy of the approved building plan
Personal Home Loan Application form
Letter for irrevocable domiciliation of salary for the duration of the facility

Automobile Loans

You have to make an equity contribution of 30% of the invoice value
You need to be a salaried income person and have your salary account domiciled in First Bank

First Bank of Nigeria Loan Application Process

To apply for any of the loans offered by First Bank, here is the application process for each of them covered in this guide:

FirstAdvance

To apply for this loan you can either use the firstmobile app or using the First Bank USSD code.

Applying Using the FirstMobile App

Download the most up-to-date FirstMobile App from Google Play Store or Apple Store on your smartphone device
Log on to the FirstMobile App
Click and open the menu options at the top left-hand side of the app
Select ‘loans’
Then click and select ‘FirstAdvance’
Next on the menu, you’ll find your eligible borrowable amount and the applicable pricing and fees.
Then select, and accept the terms and conditions to get the loan
Then, enter your desired loan amount which will not be more than your eligible amount, then enter your transaction pin for the loan to be approved and disbursed into your account
Your loan is then disbursed to your salary account within minutes, of your loan approval by the bank

Applying Using USSD Code

Dial *894# to connect to FirstBank’s USSD Banking, select 3, [Get Loans] dial or *894*11#
The next menu shows your eligible loan amount, input the loan amount you wish to collect
Input a five-digit transaction PIN to accept the terms and conditions
The loan is disbursed into your salary account within minutes of approval

FirstCredit

Dial *894#
Select Loans
Select FirstCredit
Select Get New loan
Select the account number with which you want to apply for the loan if you have multiple accounts with First Bank
Grant First Bank data usage consent and accept terms and conditions
You are presented with 4 loan amount options
Choose your desired loan amount and confirm the loan request
Your loan is disbursed into your account

Personal Home Loans

To apply for a personal home loan follow these steps:

Download and complete the Home Loan Application Form
Submit the completed form at the nearest FirstBank branch close to you

Joint Mortgage

To apply for the personal joint mortgage loan follow these steps:

Download and complete the Home Loan Application Form
Submit the completed form at the nearest FirstBank branch close to you

Automobile Loans

To apply for the automobile loan follow these steps:

Download and complete the Auto Loan Application Form
Submit the completed form at the nearest FirstBank branch close to you

Benefits of First Bank of Nigeria Loan

The loans offered by First Bank have a wide variety of benefits, the benefits of each of the loans offered by First Bank are listed below:

FirstAdvance

The interest rate is very low and affordable
This loan can be accessed up to five times a day subject to the maximum eligible amount
You get an instant loan

FirstCredit

You do not need documentation to receive this loan
You do not need to present any collateral to receive this loan
Easy and convenient access to loans to meet your needs
There is a quick loan request and disbursal
There are no hidden fees

Personal Home Loans

With this loan, you can easily acquire your residential home and pay back the loan gradually
Documentation for the loan is simple
The loan tenure is up to 20 years

Joint Mortgage

Flexible repayment structure is built into the loan
The loan repayment is distributed between the spouses to ease repayment pressure on both parties

Automobile Loans

This loan is available only for brand-new vehicles.
Flexible repayment structure
Access to a wide range of vehicle brands and models
This loan makes the vehicle affordable for you

Cons of First Bank of Nigeria Loan

First Bank loans come with a lot of benefits but they also have a few downsides below are some of the cons of First Bank loans.

All fees for the FirstAdvance loan including Interest rate are collected upfront upon disbursement of the loan to an applicant’s receiving account
The repayment period for the FirstAdvance loan is 30 days which is short, especially for large borrowers
The maximum available loan amount for FirstCredit loan is very small at a paltry ₦300,000
Interest and charges on the FirstCredit and FirstAdvance loans are taken upfront meaning you do not get the full loan amount requested on disbursement

Conclusion

First Bank loans have helped millions of individuals and businesses to grow and expand astronomically since the bank’s inception in 1894. First Bank has served millions of customers and continues to provide affordable financing for personal goals and business growth and expansion plans. If you need a loan today for any business needs try out a First Bank loan today, because First Bank has a loan product for all major goals and business sectors in the country. See

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African Development Bank and Standard Bank Unite to Support Small, Medium, and Micro Enterprises (SMMEs) and Boost Trade

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African Development Bank and Standard Bank Unite to Support Small, Medium, and Micro Enterprises

The African Development Bank Group (www.AfDB.org) and Standard Bank Group (SBG) on Monday signed a landmark financial agreement to enhance funding for small, medium, and micro enterprises (SMMEs) and expand trade across Africa.

The agreement includes a R3.6 billion investment in a social bond and a $200 million Risk Participation Agreement (RPA) for Standard Bank of South Africa Limited (SBSA). This initiative strengthens Standard Bank’s lending capacity, ensuring greater access to finance for SMMEs, a critical driver of economic growth and job creation in South Africa.

African Development Bank and Standard Bank Unite to Support Small, Medium, and Micro Enterprises

The social bond investment promotes inclusive economic development, particularly for SMMEs with a turnover below R300 million and loan sizes under R40 million. This financing will support up to 4,000 businesses, helping them scale operations, create jobs, and contribute to economic resilience.

Kenny Fihla, Deputy Chief Executive Officer of Standard Bank Group and Chief Executive Officer of SBSA, welcomed the investment, stating: “This landmark partnership strengthens our ability to support SMMEs, the backbone of South Africa’s economy. With approximately 3.2 million SMMEs accounting for 60% of jobs, ensuring access to finance is crucial. This initiative aligns with our Sustainable Finance Framework and our commitment to financial inclusion.”

In addition to the social bond, the $200 million RPA enhances trade finance across Africa, focusing on Low-Income Countries and Transition States. This agreement enables local banks to increase lending by sharing risk, bridging the trade finance gap, and promoting intra-African trade.

African Development Bank and Standard Bank Unite to Support Small, Medium, and Micro Enterprises (SMMEs) and Boost Trade

Leila Mokaddem, Director General for Southern Africa at the African Development Bank, highlighted the broader impact: “This collaboration marks a significant milestone in our long-standing partnership and is a testament to our shared commitment to supporting SMMEs’ growth and enhancing trade finance across Africa. Expanding financial inclusion and trade opportunities empowers businesses to drive economic transformation and regional integration. The Standard Bank Group remains a strategic partner in our shared vision for economic development on the continent.”

This initiative aligns with the African Development Bank’s Ten-Year Strategy (2024–2033), which prioritises industrialisation, regional integration, and improving the quality of life in Africa. It also supports Standard Bank’s Sustainable Finance Framework, reinforcing both institutions’ commitment to fostering green and inclusive growth.

“We are proud of this transaction, demonstrating our shared commitment to sustainable financing. By supporting businesses, we create long-term economic opportunities and financial resilience,” stated Ahmed Attout, Director of the Financial Sector Development Department at the African Development Bank.

Kenny Fihla reaffirmed the significance of the collaboration:

“By providing much-needed capital, we are helping enterprises overcome challenges and thrive. This partnership illustrates the power of collaboration in driving meaningful economic and social change in Africa.”

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The International Islamic Trade Finance Corporation (ITFC) Maintains Leadership in Global Ranking of Islamic Syndications for 4 Consecutive Years

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2 weeks ago

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The International Islamic Trade Finance Corporation (ITFC) Maintains Leadership in Global Ranking of Islamic Syndications for 4 Consecutive Years

The International Islamic Trade Finance Corporation (ITFC) (www.ITFC-IDB.org), a member of the Islamic Development Bank (IsDB), has reinforced its position as a key player in the Islamic syndications market, achieving prominent rankings in the 2024 Bloomberg and Refinitiv League tables.

The International Islamic Trade Finance Corporation (ITFC) Maintains Leadership in Global Ranking of Islamic Syndications for 4 Consecutive Years

For the fourth consecutive year, the ITFC top-tier performance reflects a strategic focus on delivering impactful trade finance solutions. For 2024, Refinitiv ranked ITFC as Globally # 1 Bookrunner and Mandated Lead Arranger (MLA) in their Islamic Syndications League table. Additionally, and Bloomberg also ranked ITFC among the top Bookrunners and MLA in the Islamic Syndications League table. These rankings are a testament to the ITFC ability to consistently deliver value-driven results and maintain a strong position among leading international and regional financial institutions.

The recognition from Refinitiv and Bloomberg confirms that ITFC is a key player in facilitating trade among OIC member countries. This not only reaffirms the ITFC status as the pre-eminent provider of trade solutions but also underscores its remarkable ability to draw investments from a wide spectrum of global investors and financial institutions.

Additionally, it emphasizes the positive impact on the lives and livelihood of people inherent in the ITFC business operating model, demonstrating its effectiveness in meeting the unique financial needs of OIC member countries.

The Refinitiv and Bloomberg League tables rank banks and financial institutions based on their performance in loan syndications, bonds, and mergers and acquisitions (M&A) transactions. The rankings, including arrangers, bookrunners, administrative agents, and advisors, are published quarterly and annually.

Distributed by APO Group on behalf of International Islamic Trade Finance Corporation (ITFC).

About the International Trade Finance Corporation (ITFC):
The International Islamic Trade Finance Corporation (ITFC) is a member of the Islamic Development Bank (IsDB) Group. It was established with the primary objective of advancing trade among OIC member countries, which would ultimately contribute to the overarching goal of improving socioeconomic conditions of the people across the world. Commencing operations in January 2008, ITFC has provided more than US$83 billion of financing to OIC member countries, making it the leading provider of trade solutions for these member countries’ needs. With a mission to become a catalyst for trade development for OIC member countries and beyond, the Corporation helps entities in member countries gain better access to trade finance and provides them with the necessary trade-related capacity building tools, which would enable them to successfully compete in the global market.

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Afreximbank and Kenyan government ink milestone agreements to promote industralisation

Published

2 weeks ago

Christopher

Afreximbank and Kenyan government ink milestone agreements to promote industralisation

Afreximbank will finance the development and operationalisation of industrial parks (IPs) and special economic zones (SEZs) to bolster the country’s industrialisation and export manufacturing

African Export-Import Bank (Afreximbank) (www.Afreximbank.com), Africa’s foremost trade development Bank, today in Mombasa, Kenya, ratified a series of initiatives designed to support Kenya’s industrialisation and export-led development agenda. Under the terms of the initiatives, formalised at a signing ceremony with the Kenyan authorities, Afreximbank will finance the development and operationalisation of industrial parks (IPs) and special economic zones (SEZs) to bolster the country’s industrialisation and export manufacturing.

Afreximbank and Kenyan government ink milestone agreements to promote industralisation

The proposed industrial parks, to be developed by Afreximbank through its affiliate company, Arise Integrated Industrial Platforms (Arise IIP), will create and sustain an environment in which export-oriented industries can thrive, by leveraging economies of scale, shared infrastructure and access to global markets.

Two projects to be undertaken by Afreximbank, with the support of the Government of Kenya and other strategic collaborators, are the development of the Dongo Kundu Integrated Industrial Park and the Naivasha Special Economic Zone II (Naivasha II), for which, having secured leases of the relevant land, Afreximbank intends to leverage the expertise and experience of Arise IIP, a special economic zone developer with experience in the development of integrated industrial parks in Africa.

Both the Dongo Kundu Integrated Industrial Park and the Naivasha Special Economic Zone II are included in the Fourth Medium Term Plan (2023-2027) of the Kenyan government’s Vision 2030, entitled “Bottom-Up Economic Transformation Agenda for Inclusive Growth”, reflecting the high priority which state institutions are giving to measures that strengthen, expand and accelerate Kenya’s capacity to export value-added goods within Africa and globally.

Speaking on the signing, the President of the Republic of Kenya, H.E. Dr. William S. Ruto said; “We have a responsibility to steer the country in the right direction, harnessing the immense potential of manufacturing, industrialization, agro-processing, and value addition within Special Economic Zones. The signing of these agreements today marks a significant milestone in Kenya’s development, expanding opportunities to enhance our manufacturing sector and create a more conducive environment for investment. We convene here today to sign an investment – and not a loan – undertaken by people whose faith in this country and its possibilities motivates their decision. This is our country, let’s continue to do whatever it takes to make it an attractive destination for those who want to invest.”

In his own comments, Prof. Benedict Oramah, President and Chairman of the Board of Directors of Afreximbank, said:

“Africa has been heralded as a land of opportunity, blessed with resources that power the world. Yet, we have struggled to translate this wealth into lasting prosperity for our people. For decades, we have watched as others reap the rewards of our natural resources, leaving us tethered to a cycle of dependency—exchanging our riches for aid and loans that kept us on the fringes of the global breadbasket.

“Those days are behind us. Today, Kenya takes a bold step to reshape this story in a profound and impactful manner. These Parks are an integral part of the Government’s plan to boost the country’s economic growth under the Vision 2030 development blueprint.

Today’s signatures are more than ink on paper—they are a promise to the people of Kenya, a pledge that the country will rise as a beacon of industrial might and self-reliance.”

Mrs. Oluranti Doherty, Managing Director of Export Development at Afreximbank, and Captain William K. Ruto, Managing Director of the Kenya Ports Authority, signed the Dongo Kundu Special Economic Zone agreement. Dr. Kenneth Chelule, Chief Executive Officer of the Special Economic Zones Authority, and Mrs. Doherty signed the Naivasha Special Economic Zone agreement, with H.E. Dr. William Ruto, President of the Republic of Kenya, and Prof. Benedict Oramah, President and Chairman of the Board of Directors of Afreximbank, witnessing the signing of both agreements for the State and for the Bank, respectively.

The Dongo Kundu Industrial Park within the Mombasa SEZ is expected, upon completion, to boost the area with a state-of-the-art industrial park that will contribute significantly to economic growth and industrialisation efforts in Mombasa County and in Kenya as a whole.

The Naivasha II Special Economic Zone – Naivasha II project is located at Mai Mahiu and will include a free trade zone, an industrial park, a logistics zone and a public utility area with a supporting road network. The project will occupy an area of approximately 5000 acres.

The Naivasha II project will also derive value from its strategic geographic position as it sits on the gateway to East and Central Africa through the Northern Corridor Transport System, which comprises both a standard gauge railway and a major highway. Moreover, the SEZ will be close to the Naivasha Inland Container Depot, which serves the East African hinterland countries of Burundi, the Democratic Republic of Congo, Kenya, Rwanda, South Sudan and Uganda.

Other dignitaries in attendance included Mrs Oluranti Doherty, Managing Director, Export Development, Afreximbank; Hon. Davis Chirchir E.G.H, Roads and Transport Cabinet Secretary; Hon. Hassan Ali Joho, Cabinet Secretary for Mining, Blue Economy and Maritime Affairs; Hon. Salim Mvurya, Cabinet Secretary for Youth Affairs, Creative Economy and Sports of Kenya and Honourable Lee Kinyanjui, Cabinet Secretary, Ministry of Investment, Trade and Industry. Additionally, Captain William K. Ruto, Managing Director, Kenya Ports Authority; Dr. Kenneth Chelule, Chief Executive Officer, Special Economic Zones Authority; His Excellency Abdulswamad Shariff Nassir, Governor of Mombasa County; the Honourable Benjamin Tayari, Chairman, Kenya Ports Authority, and Mr. Fredrick Muteti, EBS, Chairperson, Special Economic Zones Authority attended the event.

Distributed by APO Group on behalf of Afreximbank.

About Afreximbank:
African Export-Import Bank (Afreximbank) is a Pan-African multilateral financial institution mandated to finance and promote intra-and extra-African trade. For 30 years, the Bank has been deploying innovative structures to deliver financing solutions that support the transformation of the structure of Africa’s trade, accelerating industralisation and intra-regional trade, thereby boosting economic expansion in Africa. A stalwart supporter of the African Continental Free Trade Agreement (AfCFTA), Afreximbank has launched a Pan-African Payment and Settlement System (PAPSS) that was adopted by the African Union (AU) as the payment and settlement platform to underpin the implementation of the AfCFTA. Working with the AfCFTA Secretariat and the AU, the Bank is setting up a US$10 billion Adjustment Fund to support countries effectively participating in the AfCFTA. At the end of December 2023, Afreximbank’s total assets and guarantees stood at over US$37.3 billion, and its shareholder funds amounted to US$6.1 billion. Afreximbank has investment grade ratings assigned by GCR (international scale) (A), Moody’s (Baa1), Japan Credit Rating Agency (JCR) (A-) and Fitch (BBB). Afreximbank has evolved into a group entity comprising the Bank, its impact fund subsidiary called the Fund for Export Development Africa (FEDA), and its insurance management subsidiary, AfrexInsure (together, “the Group”). The Bank is headquartered in Cairo, Egypt.