First Bank unveils new products for schools

New products aimed at supporting school operators and entrepreneurs  has been unveiled by the management of First Bank of Nigeria Limited.

According to the bank, the product are: FirstEdu Loan, Operational Vehicle Loan, Commercial Mortgage and Personal Loan against Salary (PLAS).

The foremost financial institution explained that the FirstEdu loan is targeted at private schools in the nursery, secondary and A-Levels schools.

The product 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.

Under this arrangement,  school owners/proprietors are expected to stay ahead of competition in providing educational services and support to the people by providing the needed infrastructure for the school.

The bank explained that  customers can access up to N10 million with no tangible collateral required apart from the domiciliation of school account with the Bank.

For the operational vehicle loan, the bank  allows  registered businesse operators and entrepreneur to acquire brand new vehicles to boost business operation.

First Bank said: “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.”

According to the Head of Consumer Banking Products of the bank, Mrs. Adebimpe Ihekuna, the bank is commited to providing a platform to support the life styles of its customers.

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.

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