FirstBank Nigeria
Personal Loan Against Salary offers up to 60 months repayment with no guarantor, fast processing, and no equity contribution required.
FirstBank Nigeria’s Personal Loan Against Salary is a flexible credit option for salary earners. This loan offers repayment terms up to 60 months, with no guarantor or equity contribution needed. Salary account domiciliation at FirstBank is required for the loan duration, and existing customers in good standing can get a top-up or move their loan via a buy-over option. Although exact interest rates are not publicly highlighted, expect competitive rates aligned with industry standards. Documentation is simplified and processing is fast, encouraging quick access to funds for Nigerian employees seeking financial solutions for schooling, rent, vacations or investment.
How to Apply for FirstBank Personal Loan Against Salary
- Obtain and fill the Personal Loan Application form.
- Provide a valid ID (Driver’s license, International Passport or National ID card).
- Submit a letter of salary domiciliation from your employer.
- Return documents to the nearest FirstBank branch for processing.
What Sets It Apart
The loan stands out for its lack of need for a guarantor, reduced paperwork, and processed applications in a short time. Flexible repayment plans up to five years also give peace of mind for long-term planning.
Another draw is the ability for loyal customers to top up existing loans – a unique feature that rewards good repayment behavior and relationship with the bank.
Areas to Consider
Only FirstBank salary account holders are eligible, which may require salary migration for new users. Also, credit insurance is mandatory, possibly adding a small cost to your monthly payment.
The flexible tenure can be seen as a con for those seeking short-term options as the focus remains on medium to long term needs.
Final Verdict
Overall, FirstBank’s Personal Loan Against Salary is a strong choice for Nigerian employees needing sizable, flexible loans. If your salary is with FirstBank or you can move it, this offer is worth considering.