Advertisers Association of Nigeria
  • About ADVAN
    • Who We Are
    • ADVAN Members
  • Membership
    • Member Benefits
    • Individual/MSME Memebership
    • Become a Member
  • Knowledge Base
  • Events
    • Upcoming Events
    • Past Events
    • Gallery
  • News
    • ADVAN News
    • Sponsored Contents
    • Vacancies
  • Contact
No Result
View All Result
Advertisers Association of Nigeria (ADVAN)
  • About ADVAN
    • Who We Are
    • ADVAN Members
  • Membership
    • Member Benefits
    • Individual/MSME Memebership
    • Become a Member
  • Knowledge Base
  • Events
    • Upcoming Events
    • Past Events
    • Gallery
  • News
    • ADVAN News
    • Sponsored Contents
    • Vacancies
  • Contact
No Result
View All Result
Advertisers Association of Nigeria (ADVAN)
No Result
View All Result

FIRSTBANK: UNLOCKING WEALTH IN SALARY ACCOUNT

by Admin
23 December 2021
in Sponsored Contents
0
FINTECH 5.0: EVALUATING HOW FIRSTBANK STRENGTHENS COLLABORATION
Share on FacebookShare on TwitterShare on LinkedinShare to WhatsApp

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

Related Posts

Winner of the 61 st FirstBank Lagos Amateur Open Golf Championship gets listed in The World Amateur Golf Rankings (WAGR)
ADVAN News

Winner of the 61 st FirstBank Lagos Amateur Open Golf Championship gets listed in The World Amateur Golf Rankings (WAGR)

Emmanuel Ojeabulu, winner of the 61 st FirstBank Lagos Open Golf Championship has been listed in the WAGR. The...

5 December 2022
FINTECH 5.0: EVALUATING HOW FIRSTBANK STRENGTHENS COLLABORATION
ADVAN News

FirstBank Boosts The Business Operations Of Its Customers With a Bouquet Of Retail Product Offerings

FIRSTBANK BOOSTS THE BUSINESS OPERATIONS OF ITS CUSTOMERS WITH A BOUQUET OF RETAIL PRODUCT OFFERINGS   14 October 2022...

21 October 2022
FIRSTBANK REINFORCES ITS FINANCIAL INCLUSION DRIVE; DISBURSES OVER 17 BILLION NAIRA LOANS THROUGH FIRSTADVANCE
ADVAN News

FirstBank Rewards Customers In Its Ongoing Verve Card Campaign

FIRSTBANK PARTNERS VERVE INTERNATIONAL, MAKES CUSTOMERS MILLIONAIRES IN THE FIRSTBANK VERVE CARD PROMO In partnership with FirstBank – Nigeria’s...

27 September 2022
Sponsored Contents

2022 CR&S WEEK

FirstBank commemorates its annual Corporate Responsibility & Sustainability week and promotes kindness across over 7 countries The FirstBank CR&S...

25 August 2022
Next Post
FirstBank wins Global Banking and Finance’s Retail Banking CEO Award

ADEDUNTAN: FIRSTBANK IS RESILIENT, STABLE AND BUILT FOR THE LONG HAUL

Please login to join discussion
Advertisers Association of Nigeria (ADVAN)

Advertisers’ Association of Nigeria (ADVAN) is the only association in Nigeria which represents the collective interests of ‘Advertisers’ (Corporate organizations that engage in high level marketing).

Subscribe Our Newsletter

© 2022 Advertisers Association of Nigeria (ADVAN) - Designed by Accret.

No Result
View All Result
  • About ADVAN
    • Who We Are
    • ADVAN Members
  • Membership
    • Member Benefits
    • Individual/MSME Memebership
    • Become a Member
  • Knowledge Base
  • Events
    • Upcoming Events
    • Past Events
    • Gallery
  • News
    • ADVAN News
    • Sponsored Contents
    • Vacancies
  • Contact

© 2022 Advertisers Association of Nigeria (ADVAN) - Designed by Accret.

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept
Privacy & Cookies Policy

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are as essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may have an effect on your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
SAVE & ACCEPT