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 fnancial needs due to
the stringent conditions.
The Central Bank of Nigeria (CBN) had introduced the Know-Your-Customer (KYC),
among other policies, to enhance fnancial 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 in*ation rate, among other operating headwinds, meeting
demands of owning a dream car, house, and travel for vacation become challenges
as daily expenses in*ate.
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 o4er 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 fullling
accomplishments. PLAS o4ers *exible options to top-up and renance existing loans
at competitive rates.
The product is designed to also help customers meet immediate personal nancial
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 full their
dreams. PLAS is available to employees whose salary accounts are domiciled with
FirstBank.
FirstAdvance is a digital lending solution designed to o4er 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, in the last six monthsormore.

The maximum amount accessible is N500,000.00, subject to 50 percent of the net
average three months salary, whichever is lower
Culled from THISDAY