FCMB Loan: We believe you do hear people saying that FCMB is the most valuable bank in the hole Nigeria, am ain’t doubting the fact anymore because they have proven to be the giant amongst other banks in Nigeria just with this new opportunity for their SME entrepreneurs.
The First City Monument Bank has recently launched an SME opportunity with the aim of serving its customers better unlike the other banks that are only bent on deducting on monthly bases from these customers that FCMB has decided to give to.
In this article, we will discuss a lot of FCMB and every single thing relating to FCMB loan like ‘how to apply for the loan, types of loan offered by FCMB, their interest rate, repayment plan, how much you can access from FCMB, eligibility status, with many other opportunities that you can get as an FCMB customers.
Let’s start with the FCMB loan opportunity for SME entrepreneurs.
What is FCMB Quick Loan?
The FCMB Quick Loan is a short and reliable financial support strictly designed for their SME customers which also comes with a quick turnover day.
The loan opportunity in question gives its customers the opportunity to access credit ranging from N20,000 to N10 million naira just within a few minutes,
The most interesting part of this loan opportunity is that it doesn’t require any collateral and also it comes with flexible monthly repayment options that are up to 180 days.
Customers who intend to apply for this loan can apply through the Internet/mobile banking or kindly visit any branch near them.
How to apply for the FCMB Loan
Applying for the loan is pretty easy just like we mentioned above, all you need to do is;
- First, download the mobile App for those that don’t have.
- Log in to the mobile banking app and click on loans, a menu will drop then click on SME Quick loan.
- Fill in your business account number which must be an FCMB account.
- Then complete the set of 15 short and quick questions.
- Click on submit, a prompt showing your loan status will pop up.
- Finally, visit any nearest branch close to you and collect your printed offer letter then go to your account officer to continue with the loan disbursement.
Note that this opportunity is meant to be enjoyed by FCMB customers who have a good 6-month banking relationship with FCMB.
Note that the SME loan opportunity has a market target in their SME and they are listed below;
- Power and utilities.
- Creative industry.
- And many other SME businesses.
Most importantly, their SME quick loan is not for BDC’S which is the Bureau de Change, Financial institutions, Government and public sectors.
FCMB Loan eligibility statues
How do I know if I am eligible to apply for the loan
Before you consider yourself to be an eligible applicant on the on going SME loan opportunity, you must make a good turnover and have ensured consistent monthly inflow through the account or you can as well contact your account officer to check your eligibility status.
Apart from all this long story, you can simply dial *329# on your mobile phone with the number linked to your FCMB account and BVN “Bank Verification Number”
How much can I get from FCMB Loan?
Yes, we understand that your question might be how much can I get from these FCMB Quick Loan, don’t worry we will explain.
You as an active customer of FCMB can get a loan ranging from N20,000 to N10million naira. that is to say a minimum of N20,000 and a maximum of N10million naira.
Note that the amount of loan you get from FCMB depends on your credit score that’s why we always advise you maintain a good credit score and the only way you can maintain a good credit score is by being debt-free that is not owing any bank or any loan providers like Carbon paylater, Renmoney, Branch, Quickteller and so many others.
This because if you are owing any loan provider, you account number and your BVN will be reported to the National Credit Bureau which can cause many damages like losing your job and not being able to access loan from any loan provider or bank in the future.
FCMB Loan repayment
As an FCMB customer who has in one way or the other enjoyed their Quick loan services, you must want to know when and how you can repay your loan, below is the exact thing you are asking for.
Every loan repayment on FCMB must be done with after 180 days of the loan disbursement, i.e. that you can choose 30 days, 60 days, or 90 days options that will be given to you on or before the disbursement.
FCMB Loan interest rate
What is the loan interest rate?
FCMB offers a 2.5% monthly interest which is equivalent to 30% per year
FCMB Loan code
Without visiting any branch for assistance, you can simply dial *329# on your mobile phone with the number linked to your bank account and BVN ‘Bank Verification Number” and wait for their response.
Types of loans offered by FCMB
First City Monument bank offers four major types of loan which are suitable for their customers, they are listed below;
FCMB FastCash Loan
The FCMB FastCash is a convenient loan facility that doesn’t require any collateral or paperwork which is designed to meet your emergency and urgent needs.
FastCash is an instant loan opportunity and the application can be done online or just by dialing their loan USSD code *329#.
Note that the FastCash is strictly designed for already existing First City Monument Bank customers.
Benefits of FCMB FastCash Loan
- With the FasCash loan, you have instant access to funds.
- You can access up to N100,000.
- No paperwork is needed.
- No collateral is required.
- A 30 days clean upcycle.
- There is no limit, this means that you can apply as many times as you want to be provided you maintain a good credit score.
FCMB Salary Plus Loan
The salary plus loan is a credit facility designed and available for salary earners/salary account holders.
With this credit facility, qualified First City Monument Bank customers can gain access to the short and medium loans before the payment of their salary.
FCMB Salary Plus Loan eligibility
- Domiciliation of salary account with consistent receipt of paid salaries for the past 6 months and categorized employer.
FCMB Premium Salary Loan
The Premium Salary Loan is a credit facility designed for the staff of commercial organizations.
The staff of commercial organization must earn a minimum monthly income of N100,000 before he/she can think of applying for the FCMB Premium Salary loan.
Benefits of FCMB Premium Salary Loan
- Free issuance cost for premium debt and credit card.
- Premium cheque book.
Features of FCMB Premium Salary Loan
- You get a maximum loan of N10 million naira.
- And a minimum of N1 million naira.
- The maximum tenure of 60 months.
- Minimum tenure of 6 months.
- A high prize competition.
- Life insurance: total premium 0.75% loan amount.
- The employee must earn a minimum monthly income of N100,000 to qualify for the Premium salary plus loan.
FCMB Auto Loan
The Auto Loan is a consumer credit facility which gives its customer the privilege of getting their dream car, i.e. that with this, customers can own their dream car and pay over a period of time.
Benefits of FCMB Auto Loan
- Installation of free car tracking devices for cars that cost N3 million naira and above.
- Your dream car must be from the list of their acceptable brands and spread repayment over a convenient period.
- They will provide you with reliable car dealers who are accredited to ensure you buy from safe hands.
- Convenient insurance payment is included in the loan repayment.
- There is no residual cost at the end of the loan tenure.
Features of FCMB Auto Loan
- You can borrow from N5 million naira to N7,5 million naira.
- Repayment is done within 12 to 48 months of loan disbursement.
- You contribute as low as 20% of the purchase.
- Standard insurance on the car for the entire loan period.
- They don’t require any security.
FCMB Auto Loan eligibility
- Only individuals in structured employment can access the loan.
- Self-employed individuals with regular income can also access this loan.
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