Products & Services | |
Products & Services | |
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Monday, January 08,
2018 2:14PM/FirstBank
It is the beginning of
another school term and as students return to school after the long holidays,
First Bank of Nigeria Limited is in its usual style supporting schools with
their educational requirements to enhance preparations for the school year. FirstBank
has developed an array of products and solutions targeted at enabling schools
to acquire attractive educational facilities to support their business whilst
empowering parents and guardians to seamlessly send their wards back to school.
The Bank has set aside N15bn loan budget for schools in Nigeria.
The Bank’s educational
products and solutions include the FirstEdu Loan, Operational Vehicle Loan,
Term Loans for constructing new sites and renovation of existing sites,
Personal Loan against Salary (PLAS) and Salary Overdraft (SODA) which enhances
Parents/Guardians’ capacity to pay their wards’ school fees.
The FirstEdu loan is
targeted at private Nursery, Secondary and A-Levels schools. The product offers
opportunity for private schools to access flexible funding to meet urgent cash
flow needs, replace old furniture and equipment, as well as refurbish
dilapidated buildings and classroom blocks. With this product, school
owners/proprietors can stay ahead of competition in providing educational
services and support to the target population by maintaining acceptable
standard infrastructure at all times. This product allows the customer access
up to N10 million with no tangible collateral required apart from the
domiciliation of school account with the Bank. This reduces the cost of
borrowing to the customer and eliminates the challenges posed by the provision
of additional demanding collaterals.
The Operational Vehicle
Loan is targeted at registered businesses. It allows the entrepreneur to
acquire brand new vehicles for the day to day operation of the business.
Institutions can take advantage of this facility to purchase school buses in
the case of school proprietors and even upscale their staff welfare schemes
through provision of staff buses. The product terms and conditions are
competitive.
Personal Loan against
Salary (PLAS) offers customers in paid employment access to cash to meet
immediate financial needs such as payment of school fees, medical treatment,
holiday expenses, etc. PLAS has a flexible repayment plan spread up to 48
months for our customers’ convenience. There is no equity contribution or
collateral requirement. The Salary Overdraft Account (SODA) is also available
to customers who want short tenured overdraft to meet immediate financial needs.
SODA can be dispensed as a one-off overdraft for 30 days or a revolving
overdraft for 180 days with up to 50% of net monthly salary. Only a salary
account qualifies you to access PLAS and SODA if you work with any of
FirstBank’s approved list of employers.
FirstBank’s educational
facilities are offered without collaterals. So, as the new school term resumes,
the Bank has made available right products and services tailored for School
owners and proprietors just as it is poised to constantly provide the platform
to support the life styles of its teeming customers. Customers and stakeholders
are enjoined to visit any FirstBank branch for further information about its
school solutions.
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