First Bank of Nigeria Limited has unveiled products in form of loan, aimed at supporting school operators and entrepreneurs with the needed finance to boost their business operations.
These products are; FirstEdu Loan, Operational Vehicle Loan, Commercial Mortgage and Personal Loan against Salary (PLAS). According to the bank, its support for educational development and business growth is an evident of the bank’s commitment to promote education and financial inclusion in Nigeria.
The FirstEdu loan is targeted at private schools in the nursery, secondary and A-Levels schools. The product, according to the bank offers opportunity for private schools to access flexible funding to meet urgent cash needs such as replacing old furniture and equipment, as well as refurbishing of dilapidated buildings and classroom blocks.
The bank explained that with this product, school owners/proprietors can stay ahead of competition in providing educational services and support to the people by providing the needed infrastructure for the school.
The product also allows the customer access up to N10 million with no tangible collateral required apart from the domiciliation of school account with the Bank.
It added that this reduces the cost of borrowing to the customer and eliminates the challenges posed by the provision of additional demanding collaterals.
For the operational vehicle loan, the bank it allows registered businesse operators and entrepreneur to acquire brand new vehicles to boost business operation.
It explained that organisations can take advantage of the facility to purchase school buses and even upscale their staff welfare schemes. “The organisation can access up to N10 million, for a single transaction, with flexible repayment plan spread over 36 months. The minimum equity contribution is 30per cent and the purchased vehicle doubles as collateral for the loan.”
The commercial mortgage facility, according to the bank offers flexible financing options for the acquisition of landed property for commercial purposes while 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 among others. “Customers can now own their business premises and even earn rental income on acquired property.
This product enhances wealth creation for customers given the capital appreciation on the property on the long run as well as the additional source of revenue from rentals.
Again, the property financed is the only collateral required. “PLAS has a flexible repayment plan spread up to 48 months for our customers’ convenience. There is no equity contribution or collateral requirement.
Only a salary account will qualify you to access PLAS if you work with any of FirstBank’s approved list of employers. “A common factor for accessing these facilities is that FirstBank offers them without collaterals.
So as the new school session resumes, whether you have teachers’ salaries to pay, new furniture fittings, students’ uniforms and textbooks to purchase, new buses to replace old ones or even an expansion for your school, FirstBank has the right products just for you.”
The Head of Consumer Banking Products of the bank, Mrs. Adebimpe Ihekuna explained that the bank was commited to providing a platform to support the life styles of its customers, adding that the bank would continue to stay ahead of trends in order to deliver quality services to customers.
Source: Guardian Newspaper