How to Apply for First Bank Personal Loan
FirstBank provides personal lending options for customers who need financing for personal and household needs. One of its major salary-based facilities is the Personal Loan Against Salary, while the bank also provides digital lending products such as FirstCredit and FirstAdvance.
This guide focuses on how to apply for a FirstBank personal loan, particularly Personal Loan Against Salary, while also explaining the bank’s other personal digital loan options so you can understand which type of facility may apply to your situation.
What Is FirstBank Personal Loan Against Salary?
Personal Loan Against Salary, commonly referred to as PLAS, is designed for salaried individuals whose salary accounts are domiciled with FirstBank. FirstBank states that the facility can be used for personal needs such as school fees, rent, vacations, furnishing a home and investment opportunities.
The bank currently publishes access of up to ₦100 million for eligible customers under PLAS, with a tenor of up to 72 months.
Who Can Apply?
The Personal Loan Against Salary is designed for salary account holders. FirstBank’s published FAQ states that applicants must have their salary account with FirstBank.
The bank will also assess employment, income, existing obligations and credit information before deciding the amount available to an applicant.
How to Apply for FirstBank Personal Loan
- Maintain an eligible FirstBank salary account.
- Confirm that your employment and income satisfy the applicable requirements.
- Contact FirstBank or visit an official branch for the personal-loan application process.
- Complete the required application documents.
- Provide the requested employment and income information.
- Allow FirstBank to conduct its credit and affordability assessment.
- Review the offer provided if your application is approved.
- Accept the facility only after understanding its repayment terms.
- Complete the remaining documentation and disbursement requirements.
FirstBank Personal Loan Amount
FirstBank currently states that eligible Personal Loan Against Salary customers can access up to ₦100 million. This is a maximum published figure rather than a guaranteed amount for every applicant.
The amount available to you will depend on your salary, existing obligations, employment information, credit profile and the bank’s affordability assessment.
FirstBank Loan Tenor
The bank currently publishes a maximum tenor of up to 72 months for Personal Loan Against Salary.
Before accepting a longer tenor, compare the monthly instalment with the total cost of the facility. A longer repayment period can spread payments over more months, but it may also affect the total amount paid over the life of the loan.
What Can You Use the Loan For?
FirstBank states that its Personal Loan Against Salary can support personal and family needs. Examples mentioned by the bank include school fees, rent, vacations, home furnishing and investment opportunities.
Always ensure that the proposed use complies with the terms of your loan agreement.
FirstCredit
FirstBank also provides FirstCredit, a digital lending product intended for quick access to smaller amounts without the traditional branch-based process.
FirstBank’s current product information states that customers can access FirstCredit digitally and that the product does not require collateral or physical documentation.
The bank currently lists amounts from ₦1,000 up to ₦500,000 and a maximum tenor of 30 days on its product page.
How to Apply for FirstCredit
- Dial the official FirstBank USSD service where the FirstCredit option is available or use the FirstMobile app.
- Select the loan option.
- Select FirstCredit.
- Choose the option to request a new loan.
- Select the eligible account.
- Review the available loan options.
- Select the desired amount.
- Accept the applicable terms if you wish to proceed.
- Complete the required authentication.
FirstBank’s published information indicates that FirstCredit applicants must have operated an eligible FirstBank account for at least six months, have a valid BVN, maintain updated telephone information and have a positive credit record.
FirstAdvance
FirstAdvance is another digital lending option designed for payroll customers who need access to funds while awaiting salary payment.
FirstBank states that FirstAdvance can provide up to 50% of net monthly income for the 30-day variant and up to 75% of net monthly salary for the three-month variant, subject to eligibility.
How to Apply for FirstAdvance
FirstAdvance can be accessed through FirstBank’s digital channels where the customer is eligible.
- Open the FirstMobile app or use the bank’s official USSD channel.
- Navigate to the loan section.
- Select FirstAdvance.
- Check your available offer.
- Review the repayment terms.
- Confirm the request if the offer meets your needs.
What Documents May Be Required?
Documentation varies depending on the FirstBank loan product. Salary-based lending can require evidence of employment, income and other information necessary for credit assessment.
Digital products such as FirstCredit may require less documentation because eligibility is determined through the bank’s existing customer and credit information.
How Credit History Affects FirstBank Loans
Credit history is important in responsible lending. FirstBank states that a positive credit record is part of the requirements for FirstCredit.
Customers should therefore keep existing loans up to date and resolve inaccurate credit information before applying for substantial borrowing.
What Happens After Approval?
Once the bank approves the loan and all required conditions have been satisfied, the funds are disbursed according to the product’s terms.
Check your official FirstBank account and notification channels rather than relying on a third party claiming that your loan has been approved.
How to Repay a FirstBank Loan
Repayment depends on the specific facility. Personal Loan Against Salary generally involves scheduled repayment, while FirstCredit and FirstAdvance have their own short-term repayment structures.
Keep enough money available for scheduled deductions and monitor your account after every repayment.
Can You Get a Top-Up?
FirstBank states that customers with existing Personal Loan Against Salary facilities and satisfactory repayment histories may be eligible for top-up or refinancing arrangements, subject to the bank’s assessment.
Frequently Asked Questions
What is FirstBank Personal Loan Against Salary?
It is a personal lending facility designed for salaried customers whose salary accounts are domiciled with FirstBank.
What is the maximum amount?
FirstBank currently publishes up to ₦100 million for eligible Personal Loan Against Salary customers.
What is the maximum repayment period?
The published maximum tenor is up to 72 months.
Can I apply for FirstCredit?
Eligible customers can apply through FirstBank’s digital channels, subject to the bank’s requirements.
Does FirstCredit require collateral?
FirstBank describes FirstCredit as a digital loan that does not require collateral.
Final Thoughts
FirstBank has different personal borrowing options for different customer needs. Personal Loan Against Salary is designed for salaried customers seeking larger, longer-term personal financing, while FirstCredit and FirstAdvance provide digital alternatives for eligible customers.
Always check the current offer and repayment terms through FirstBank’s official channels before accepting a loan.