IT IS the beginning of another
school term and as students
return to school after the long
holidays, First Bank of Nigeria
Limited remains committed
to supporting schools with
their business requirements
to enhance preparations for
the school year. FirstBank
has developed an array
of products and solutions
targeted at enabling schools
acquire attractive educational
facilities to support their
business whilst empowering
parents and guardians to
seamlessly send their wards
back to school. The Bank has
set aside N15bn for private
schools in Nigeria.
FirstBank’s educational
products and solutions
include the FirstEdu Loan,
Operational Vehicle Loan,
Term Loans for constructing
new sites and extension of
existing sites, Personal Loan
against Salary (PLAS) and
Salary Overdraft (SODA)
which enhances Parents/
Guardians’ capacity to pay
their wards’ school fees.
The FirstEdu loan is
targeted at private Nursery,
Secondary and A-Levels
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 school account with the
Bank. This reduces the cost
of borrowing to the customer
and eliminates the challenges

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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.
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
customers’ convenience.
There is no equity contribution
or collateral requirement. The
Salary Overdraft Account
(SODA) is also available to
customers who want short
tenured overdraft to meet
immediate financial needs.
SODA can be dispensed as a
one-off overdraft for 30 days
with up to 40% net salary and
a revolving overdraft for 180
days with 25% of applicant’s
average previous 3 months
net salary. Only a salary
account will qualify you to
access PLAS and SODA if you
work with any of FirstBank’s
approved list of employers.
FirstBank’s educational
facilities are offered without
collaterals. So as the new
school term resumes, the
Bank has the right products
just for you and is poised
to constantly provide the
platform to support the
life styles of its teeming
customers. Customers and
stakeholders are enjoined to
visit any FirstBank branch for
further information about its
school solutions.

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