Kayode Tokede examines ways monthly salary earners with
FirstBank accounts can benefit from the lender’s numerous loans initiatives
amid harsh economy
In time past, monthly income earners – especially bank customers
– were unable to have quick access to personal loans to meet their immediate
financial needs due to the stringent conditions.
The Central Bank of Nigeria (CBN) had introduced the
Know-Your-Customer (KYC), among other policies, to enhance financial inclusion
and reduce the incidence of related identity fraud in the banking sector. These
have enhanced the capabilities of banks to grant soft loans to customers.
With these, monthly income earners have access to loans every
month with an attractive interest rate, below the stipulated limit, which has
eased customers with the opportunity to access soft loans (Personal loans) and
meet urgent needs.
Amid double-digit inflation rate, among other operating
headwinds, meeting demands of owning a dream car, house, and travel for
vacation become challenges as daily expenses inflate.
Personal loans are borrowed money that can be used for large purchases, debt
consolidation, emergency expenses, and much more.
These loans are paid back within the period advised in the terms
and conditions of the facility. The payback period can be within a month, a
couple of months or a few years.
Salary accounts can do more than just receive monthly pay; they
have inherent wealth that can be unlocked to help customers achieve dreams as
they advance in their careers and be on top of ‘money demanding’ situations at
home and work.
Over the years, First Bank of Nigeria Limited has adopted the
strategy of creating opportunities for salary accounts holders to unlock the
wealth in their accounts with numerous initiatives introduced to bridge the gap
in the access of quick loans.
The bank’s salary accounts offer zero opening balance, zero
minimum daily operating balance, zero account maintenance charge, First Free
Verve or Master Card Issuance and access to consumer loans.
The bank also introduced Personal Loan Against Salary (PLAS),
First Advance, and FirstCredit Salary Account designed to meet personal loans
demands.
With FirstBank’s PLAS, the salary account holder can access
personal loans up to N30 million to pursue capital projects, carry out renovation
works on their properties, acquire assets, give their children the best
education, and other fulfilling accomplishments. PLAS offers flexible options
to top-up and refinance existing loans at competitive rates.
The product is designed to also help customers meet immediate
personal financial obligations such as rent renewals, vacation trips to choice
destinations and pay for professional examinations to take their career to the
next level. With PLAS, Nigerian salary earners need to be assured of a funding
partner in FirstBank to fulfil their dreams. PLAS is available to employees
whose salary accounts are domiciled with FirstBank.
FirstAdvance is a digital lending solution designed to offer
convenient and easy access to cash for payroll customers awaiting payment of
their salaries.
The product is meant for salary earners whose accounts are
domiciled with FirstBank and have received regular salaries in the last six
months or more.
The maximum amount accessible is N500,000.00, subject to 50 percent of the net
average three months salary, whichever is lower.
The eligible amount is calculated after deducting all other loan
obligations to the Bank. This product can be accessed via the Bank’s leading
digital channels: FirstMobile and USSD.
The features of FirstAdvance include: Salary account must be
domiciled with FirstBank, loan amount of up to 50 per cent of net monthly
income, the tenor is 30 days or next payday [whichever comes first]. Repayment
is taken immediately salary is received, while a lien is placed on the unfunded
account, among others
The bank also has FirstCredit, a product designed to provide customers with a
quick and simple loan to fund their immediate needs.
FirstCredit loans can be accessed from anywhere without visiting
the Bank. It involved no documentation or collateral required and all the
customer need is a mobile phone or tablet.
FirstCredit
is easy and convenient as it promotes immediate access to loans to meet needs.
It facilitates quick loan requests and disbursal with no physical documentation
required nor collateral required. Neither are there hidden charges nor fees.
Its features include: the customer’s account must have been
operational in FirstBank for at least six months; linkage of the account to a
valid BVN is a requirement; primarily details of the account, including phone
number and residential address, must be correctly updated and the customer must
have a positive credit history and score with Credit Bureaus. The maximum loan
amount is N300,000
Others are loan tenor: of 30 days, an interest rate of 10 per
cent flat and insurance fee is also taken upfront on loan disbursal. To apply
for FirstCredit, customers are to Dial *894#, select Loans, and follow the
instructions.
Culled from ThisDay
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