In previous times, getting a bank loan was a herculean task however technology has simplified things to make them extremely easy for customers who wish to get loans. Nowadays, getting a loan is as easy as ABC this is because you can apply for it from the comfort of your home. One of the banks that make it easy to obtain loans is the First City Monument Bank (FCMB).
FCMB is one of the financial organizations in Nigeria dedicated to providing banking services to the people. They offer retail, corporate, and investment banking services to individuals and the society at large. One of its successful reputations is the loan system it provides. This article will give you detailed information on FCMB loan types and how to apply for them. Keep reading to find out more.
Types of FCMB Loans
FCMB loan options are numerous, read about them below to make your choice on the appropriate loan type for you:
FCMB Fast Cash Loan
The FCMB fast cash loan option is a type of loan that offers customers loans of up to N200,000. This loan type needs no paperwork or collateral for application.
Features of the FCMB Fast Cash Loan
Here are the amazing features of the FCMB fast cash loans:
- Customers get quick access to funds
- Their Loan amounts up to N200,000
- The loan needs no paperwork. simply apply via the mobile app or the USSD code
- Customers are not required to bring collateral
- The interest rate for non-salaried customers is 85 while for salaried customers is an upfront charge of 15%
- The loan tenor for new customers FCMB fast cash loans is 30 days
- The loan tenor for returning customers is 90 days max
- The application is open to customers as many times as they can
Requirements to get the FCMB fast cash loan
You need the following to get the FCMB fast cash loan:
- You must be an FCMB customer which means you have an account with them
- The loan must be needed for an urgent need
- FCMB must have granted you access to their fast cash services already
How to Apply for the FCMB Fast Cash Loan
You can apply through your mobile app or the USSD code.
To apply through your mobile app, follow the steps below:
- Download the FCMB app on your device
- Create an account on the app using your bank details
To apply using the USSD code, simply dial *329*11# on your device with the phone number connected to your bank account.
FCMB Salary Plus Loan
This loan is offered to salary account holders this means if you have an FCMB account where you are paid from then you can get access to the loan.
This scheme allows qualified FCMB salary account holders to have access to short or medium-term credit before payment of their salaries.
To be eligible for salary plus loans primarily depends on the domiciliation of your salary account with FCMB.
Additionally, you must have a consistent receipt of your monthly salaries from at least 6 months from a specific employer.
How to Apply for the FCMB Salary Plus Loan
You can apply using the Loan Top-Up Via FCMBOnline or Salary plus top-up at a branch. They are explained below:
Loan Top-Up FCMBOnline
To get your Salary loan via FCMBOnline, just follow the steps below:
- Log on to your FCMBOnline banking account on your mobile device
- Click on “Consumer Loan”
- Click on “Salary plus top up”
- Enter your current account number and confirm the loan amount
- Tick the terms and conditions agreement box
- Submit your loan application and wait for its reflection within the time frame of 8 hours
Salary Plus Top Up at a branch
To get your Salary Plus loan at the FCMB Branch closest to you, follow the steps below:
- Visit the FCMB branch closest to you
- Give your account details to the Teller at the bank.
- The teller will use your details to inform you if you are eligible for the salary plus loan and your loan amount.
- Thereafter, you can go ahead to confirm your loan amount as well as the conditions. This automatically means you are applying for the loan.
- The teller will help you submit the application to the Head teller for necessary confirmation
- They will generate an OTP for you and send it to you for confirmation.
- Once confirmed your loan is to be disbursed. This should take 8 hours at most.
FCMB Premium Salary Plus Loan
This loan provides employees of commercial organizations with funds, they can get these loan funds when their organization has been rated a minimum of BB on Moody’s.
Features of the Premium Salary Plus Loan
Below are the amazing features of the FCMB premium salary plus loan:
- Minimum loan amount – N2 Million
- Maximum loan tenure – 60 Months
- Minimum loan tenure – 12 Months
- Management fee – 1% flat upfront (0.5% for a top-up loan)
- Collateral here is the domiciliation of salary account, terminal benefits, as well as other allowances received.
- The Insurance fee is 0.9%*loan amount*tenure (in years)
FCMB Auto Loan
The FCMB auto loan is a credit scheme that allows eligible individuals to purchase cars for personal use with part finance.
This means the loan package permits individuals to own a car which they repay over a specific period.
It enables individuals to access cars from specific auto car dealers that have been prequalified based on FCMB standards.
Features of the FCMB Auto Loan
Below are the amazing features of the FCMB auto loan:
- The interest rate is as low as 22%
- You can borrow a loan amount of N500,000.00 to N30,000,000.00
- The loan tenor is between 12 to 60 months
- Make contributions as low as 20% towards your car purchase
- Comprehensive Insurance protects the car for the full loan period
- No additional security needed
- They have competitive pricing
- They have no hidden charges
FCMB Credit Card
FCMB visa credit card allows customers to have access to a life without limitations that is they can purchase anything anywhere and at any time.
Customers can get access to this credit card by following the steps below:
- Visit the FCMB official website
- Open the menu
- Click on “Loans and credit cards”
- Click “How to get one”
- Fill out the online form
- Click Submit
FCMB Cash-Backed Loan
The FCMB cash-backed loan is available to both salaried and self-employed FCMB customers. They can make use of investments as collateral to get access to the loans.
These loans are instant and they come at competitive interest rates. They can use fixed deposits or other forms of liquid investments.
How to Apply for FCMB Cash-Backed Loans
- Visit the FCMB official website
- Open the Menu dashboard and click on “Loans and credit cards”
- Click on “How to get one”
- Fill out the online form and submit it.
- Wait for them to process your request
FAQs
How do I get a loan from FCMB?
simply follow the steps below to get an instant loan from FCMB:
- Go through the FCMB loan offers listed above, and pick the most suitable one for you.
- Apply for it through your mobile device or
- Visit any FCMB branch and tender your application for that type of loan.
What is the Loan Amount Given for FCMB salary plus loan?
The disbursed loan amount and the interest it will attract are dependent on the findings of the bank’s assessment. This means that it will differ based on your eligibility.
How Can I Contact FCMB?
You can contact FCMB by visiting their physical address at Primrose Tower, 17A Rinubu Street, Marina, Lagos State.
You can also visit their official website online @ www.fcmb.com
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