FIRST Bank of Nigeria Limited is set to support schools and educational institutions to enhance preparations for a new school year.
The bank’s support for educational development of the child and the institution is an offshoot of its focus on entrepreneurship, financial empowerment and development, as well as financial inclusion for the youth. The bank has bundled its educational product offerings into four major facilities: The FirstEdu Loan, Operational Vehicle Loan, Commercial Mortgage and Personal Loan Against Salary, PLAS, which enhances parents/guidance’s capacity to pay their wards’ school fees.
The FirstEdu loan is targeted at private nursery, secondary and A-level schools. The product offers opportunity for private schools to access flexible funding to meet urgent cash flow needs, replace old furniture and equipment, as well as refurbish dilapidated buildings and classroom blocks. With this product, school owners/proprietors can stay ahead of competition in providing educational services and support to the target population by maintaining acceptable standard infrastructure at all times. This product allows the customer access up to N10 million with no tangible collateral required apart from the domiciliation of the school’s account with the bank. This reduces the cost of borrowing to the customer and eliminates the challenges posed by the provision of additional demanding collaterals.
The Operational Vehicle Loan is targeted at registered businesses. It allows the entrepreneur to acquire brand new vehicles for the day-to-day operation of the business. Organisations can take advantage of this facility to purchase school buses in the case of school proprietors and even upscale their staff welfare schemes through provision of staff buses. 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 30 percent and the purchased vehicle doubles as collateral for the loan.
The commercial mortgage facility offers flexible financing options for the acquisition of landed property for commercial purposes. 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 in the long run, as well as the additional source of revenue from rentals. Again, the property financed is the only collateral required.
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, etc. 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 First Bank’s approved list of employers.
A common factor for accessing these facilities is that First Bank 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, First Bank has the right products for you. According to Mrs. Adebimpe Ihekuna, Head of Consumer Banking Products at First Bank, the bank would constantly provide the platform to support the lifestyle of its customers. “In developing our products, we would continue to demonstrate an understanding of our customers’ modern lives, change in taste and behaviour to become their trusted partner,” she said.

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