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First Bank Loan Requirements And Procedures

Discussion in 'Finance' started by Ada, Oct 11, 2017.

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  1. Ada

    Ada Member

    Hello friends, what is first bank loan requirements and procedures?.
    I currently have an account with Firs Bank Nigeria and wish to acquire loan of about 800,000 Naira. What are the things a needed to get this amount of loan from Firstbank of Nigeria?.
  2. Victor

    Victor Member

    I haven't inquire of Firstbank before but I have done in some other banks were I was ask for 2 guarantors, good worthy collateral, proofs of address for both guarantors.

    Then I wanted just N200,000 Naira only. So since you are getting high amount, I can't say what they are going to required of you actually.

    My advice is to visit the nearest Branch and request for loan.
  3. Lisa

    Lisa Moderator Staff Member

    I you have something good to use as a collateral then meet your account officer to begin your loan process.
  4. Joy

    Joy Member

    Getting loan from Firstbank is not as easy as that you think. There is a lot of procedures and requirement especially if you are an individual who doesn't own company. Why not check on some micro finance banks?
  5. Andrew

    Andrew Moderator Staff Member

    Afar have you tried getting the loan from Firstbank? what was their respond or how did things went?
  6. Ada

    Ada Member

    Hi friends, thanks for all of your advice. I check on Firstbank Nigeria and I'm still trying to meet up with the requirements. But believe this banks of a thing are quite frustrating sometime. Getting loan in Nigeria is not that easy. But I learned that after this first time, it won't be as this difficult getting loan some other time. It always like this for every first time they said.

    Once again, thanks everyone who contributed to this. I so much appreciate all of your efforts and suggestions. God bless Proudnaira and everyone of us.
  7. Lisa

    Lisa Moderator Staff Member

    Go straight to your bank branch of the Firstbank you operate. Meet your account officer and tell him/her of your interest in getting loan. Know that collateral will be required.

    Aside First Bank Nigeria, there are some other banks that offer loan for a low return interest or routine interest but the amount that you will be giving a beginning will have limit or self you provide collateral.

    Bank such as accion Micro Finance bank, Ac micro finance bank and some other micro finance banks are there which you can check.

    My advice: Never five up, loan without loan, hustle hard to see you succeed on your dream. Wish you good luck ma'am.
  8. Ebiesuwa Benson

    Ebiesuwa Benson New Member

    Loan in commercial banks today is very difficult just because a lot of people dont repay their loan as agreed, which of course makes it hard for other people to obtain loan. Commercial bank loan interest is not as high as that of micro banks, despite that if you are sure of the business micro can work out easily for you . Their requirement: an existing lockup shop nd guarantor .
    Ada likes this.
  9. Janny

    Janny New Member

    Hi here! I am neeewww
    Ada likes this.
  10. Ada

    Ada Member

    Yeah that is true. I think you are right, because banks no longer give individuals loan. Some Nigerians self, why won't they pay what was agreed?
  11. Ada

    Ada Member

    Welcome to the family @Jenny
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    skillz New Member

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  13. Lizzy

    Lizzy New Member

    If you want to take the loan for a business, the first way is to take a loan in your country. But if you don't want to wait a time and you need money quickly you can apply to a foreign bank. When my friend need a money he applies to a Chinese bank and they give him a loan. But you should know the Chinese language, or ask the translator for https://adgloriam-translations.com/ help. As my friend said without a translator is very difficult to understand the documents they help you with documents" and you take a loan.

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