How To Get First Bank Loan Without Collateral And All You Must Know

Right now in Nigeria, between banks and online lenders, you have a lot of options to choose from when you need a loan. However, not all loans are created equal, and First Bank loans are a step above the rest. In case you are in need of a loan, just visit your local First Bank. They offer a variety of loan options, from personal loans to business loans, with highly competitive rates.

Currently, first Bank has introduced a collateral free loans for Small and Medium Enterprises in an effort to drive the growth of the SME sub-sector.

Now getting loans without collateral is part of their contribution towards boosting the growth of the SME segment. It is true that most SMEs don’t have collateral to secure loans. And with this development, all a prospective borrower is asked to do is to go through a psychometric test. And once the SME passes it, they will get the loan.

Below Are Available Loans From First Bank

Personal Loan Against Salary

In case you have a salary account with FirstBank, all you need is to simply fill their Loan Application Form to start enjoying their Personal Loan Against Salary structure made to help you cover pressing financial obligations before your pay-day arrives.

Benefit Of The Personal Loan Against Salary Service

Applicants get up to 36 months repayment option, which is subject to retirement age of 60 years and the Repayment Structure is Flexible.
You don’t need a guarantor
Fast processing time
You do not need equity contribution
Only minimum documentation needed

Note that your Salary Account must be domiciled with FirstBank for the period the facility is in place Flexible repayment structure.

Secured Term Loans (Business loan)

If your business yearly revenue is N500 million and below, first bank have made this loan facility to provide retail organizations like yours with finance to execute capital projects like acquiring new technology, asset replacement and others.

READ ALSO- Zenith Bank SME Loan, The Requirement And Repayment Plans

The Features

The maximum amount is N40 million.
The maximum tenor of 36 months.
Loan facility is limited to 50% of the last six (6) months turnover.
The collateral is legal mortgage over property in FirstBank acceptable Locations or Treasury Bills/Fixed Term Deposit.

The Benefits

It assist businesses manage cash flow.
It allows retail businesses to obtain funds for capital projects while repayment is done on installments.
You can conveniently repay plan (equal monthly or quarterly repayment over 36 months period).
It has competitive interest rates.

The Documents Needed

An application letter.
A duly completed Retail Loan Application Form.
A Proforma Invoice from FirstBank approved vendors.
Your company profile.
Your current utility bill.
Your Latest Audited Account.
Your six (6) months Bank statement.
And other KYC requirements for opening a corporate account.

First Trader Solutions (FTS)

This First Trader Solution is a short-term overdraft facility offered to traders in pre-approved market locations who deal in fast selling goods. The loan comes in two variants which is, Main FTS (180-day variant) and the Exceptional FTS (90-day variant).

The Features

It’s available to traders that deal in fast moving goods.
The tenor is either 90 days or 180 days
The maximum Loan amount is N5m
No collateral is required for the 90 days variant.
The collateral for the 180 days variant shall be equitable mortgage on shop title documents to cover 200% of facility amount.
It requires opening of a Charged Savings account with opening amount of 5% of the facility amount. Although there will also be subsequent deposits as shown below:
A 0.5% of the loan amount daily throughout the tenor of the 180 days facility.
A 1% of the loan amount daily throughout the tenor of the 90 days facility.