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Device Finance Loan
This product is positioned to fund the acquisition of brand-new smartphones for salaried employees whose salary account is domiciled in FirstBank.
Loan Information
This product scheme would bridge the gap for salaried consumers who want to purchase new smartphones but would not want to incur the expense of such purchase at once. It also appeals to the customer psyche that wants to tie borrowing directly to tangible assets. The product would enable customers to purchase smartphones and spread repayment over a period of up to 12months.
- Eligibility: Your salary must be domiciled with FirstBank.
- Flexible Tenor: Choose a repayment period between 3 to 12 months.
- Loan Limit: Access up to ₦1,000,000.
- Affordable Repayment: Monthly repayment (including interest) must not exceed 20% of your monthly salary.
- Competitive Interest Rate: Enjoy a 3% monthly interest on a reducing balance.
- Monthly N1,000 Data Bundle (Subject to satisfactory monthly loan repayment)
- Management Fee: 1.0% flat (one off)
- Credit Life Insurance: 1.0% flat (one off)
- Seamless Repayment: Repayment is automatically deducted once your salary is received. A lien is placed on unfunded accounts.
- Minimum Account Balance: Maintain at least ₦5,000 to cover the upfront insurance and management fees.
- Interest Payment: Interest is deducted monthly along with your repayment.
To apply,
- Kindly Click here to access the list of our partners’ stores around you and the sale representatives.
- Visit your preferred store location and begin your journey to owning a new smartphone.
FAQs
Agent Credit is a digital lending solution designed to solve immediate liquidity challenges.
Customers can access up to N1.5 Million subject to 25% of daily average credit turnover.
The maximum tenor for weekday loan is 24hours, while Weekend/Public Holiday is Maximum of 72hours or the next working day.
The interest rate is only 0.3% flat on the principal amount.
Yes, Insurance fee of N1000 per annum which covers death and permanent disability.
The loan will be disbursed to your account under one minute.
You can apply using your Firstmonie App.
You must have been an Active Agent for a minimum of three months to qualify for loan.
No, it is only ADMIN Pin that can access loan.
No, it is only one account per BVN at a time.
Your other accounts linked to your BVN will be debited, you will be blacklisted from getting further loan and your Agent License will be withdrawn.
You can access the loan multiple times subject to your eligibility amount within 24hours for the selected Store.
- Get up to N1.5 Million to fund more Transactions.
- Access to fund before Cash lodgment at the Branch.
- Available for use every day including Peak Period (Weekdays, Weekend and Public Holiday).
- Business Expansion and Increase in Income.
No, you need to renew your ID card with the Bank before accessing loan.
No, you can only access loan on a credit balance.
No, you cannot.
No, you cannot access loan on any other stores if the first loan was not completely paid.
