How to Apply and receive First Bank Personal Loan against Salary (PLAS)

How to Apply and receive First Bank Personal Loan against Salary (PLAS)

How to Apply and receive First Bank Personal Loan against Salary (PLAS)

Personal loan against salary is a loan package created by First Bank of Nigeria to help salary earners access quick funds to solve their respective problems in times of financial need.

Be that as it may, if you’re a salary earner with your salary account residence in First bank and are in need of emergency funds, avail yourself this opportunity.

If you did not have an account with first bank, you can benefit from this by opening a First bank account likewise.

The essence is to help you meet your financial obligations before payday. You may as well call it payday loan if you so wish.

Requirements to access First bank Personal Loan against Salary

Accessing this loan does not require collateral, but it does not go without preliminary documentation. You will have to certify the following requirements your en-route to accessing this loan;

  • You need to write an application letter to First bank of Nigeria requesting to be granted this loan
  • You must be a salary earner whose salary account is residence with First bank
  • You ought to complete a personal loan application form, Click Here to print it.
  • You will present your pay slip.
  • You’ll have to present your statement of account
  • You will write a letter, detailing your total emolument
  • There should be a confirmation of your employer on FBN approved list of employers
  • Letter of irrevocable domiciliation of salary for the duration of the facility
  • Having completed the necessary documentation/forms, you will have to submit it at the nearest First bank branch to you for onward processing.

How to apply for First bank Personal loan against salary

Applying for this loan does not involve a rocket science, having downloaded, filled the form as shown above, alongside with the requisite documents.

Kindly visit any First bank branch in your location, walk straight to the customer service point, present your documents and ask for PLAS, the customer service officer or the service executive should be able to put you in perspective.

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All things been equal, your salary account would be credited with value, in respect to your threshold as deemed necessary by management in its wisdom, available in terms and condition.

You can as well call First bank customer service on: +234 1448 5500, +234 708062 5000

FAQ on Personal Loan against salary

The emergence of this product has given birth to array of questions begging for clarity, I’m bent on doing justice to these questions in this guide.

First Bank loan code

Just like you are aware, Nigerian banks are beginning to introduce payday loan packages, not only that, these loans are being assessed easily via the bank’s USSD, and paid straight into the applicant’s bank account.

This service is currently not available on First bank loan, customers would be advised when this service is available probably in the future, it then feels safe to inform you that First bank does not have loan application platform on USSD at the moment.

First Bank Payday loan

First bank Payday loan is same as the loan against salary we have here, like you are aware this loan is structured to be repaid on your next payday, but in this case, First bank payday loan has a repayment option of about 36 months, subject to retirement age of 60 years. First bank salary overdraft is same as payday loan or loan against salary.

First bank loan without collateral

It might interest you to know that the First bank payday loan come Personal loan against salary does not require collateral, you are however required to complete some documents to access this loan. These documents would hold brief insight into your employment and employee structure.

You may also like: How to get Access Bank Payday Loan straight into your salary account same day

Recall, you must have your salary account residence with First Bank of Nigeria before you could think in this direction, order-wise, start by transferring your salary account to first bank.

First Bank student Loan

First bank student loan is referred to as “FirstEdu Loan.” This loan is available to private school owners who require extra funds for smooth running of their school operations.

Features of FirstEdu Loan

  • Available to all private schools duly registered with CAC (Either government approved or not)
  • Tenor is from 90 days to 12 months
  • Maximum loan amount is N20m
  • Finance of operational vehicles for schools (New and fairly used)
  • Asset acquisition of up to N20m for 24 months.
  • Collateral is undertaking to domicile school fees with FirstBank
  • School must have been in account relationship with any bank for a minimum of 12 months.
  • School must have a minimum student population of 100.

Benefits

  • Convenient means to finance working capital needs

To access this loan, you have to accompany your application with the following documents;

  • Evidence of government approval of school
  • School Memorandum and Article of Association where applicable
  • Documents showing how long school has been in business
  • Documents showing the number of students in the school
  • Any other document as may be deemed necessary by the bank

Who can apply?

  • Private pre-Primary, Primary, Secondary schools, A’ Level Tuition providers registered with both state Ministry of Education and Corporate Affairs Commission.

Conclusion

The importance of First bankpersonal loan against salarycannot be neglected, it has touched lives and still counting, it makes for your;

  • Children School fees
  • Rent
  • Medical bills
  • And similar emergency funding that may arise from time to time, visit any First bank branch and enroll at once. Did you like this article, kindly return the favor by sharing it, I’ll appreciate, and some other persons might just need it at this time.

One thought on “How to Apply and receive First Bank Personal Loan against Salary (PLAS)

  1. your approach to accessing this loan is still too stringent compare to what is obtainable in many modern banks where you send just a code to get this facility in just seconds so long as you have salary account with them. Have you wondered why a lot of people have transfer their salary account to GTB?

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