First Bank Automobile Loans (Category: Safe Loan )

With First Bank’s Auto Loan, you can own the brand-new car you’ve always wanted, with a repayment plan that suits your budget. This loan is specifically tailored to help employees purchase vehicles from trusted vendors, offering a flexible and convenient repayment structure.

Key Features of the Auto Loan:

• Maximum Loan Amount: Up to N20 million
• Repayment Tenor: Flexible, with up to 48 months (4 years) to repay
• Equity Contribution: 30% of the vehicle’s invoice value
• Eligible Vehicles: Only brand-new cars are financed under this scheme
• Eligibility: Available to salaried individuals with their salary domiciled at First Bank, or those willing to move their salary account to First Bank
• Flexible Repayment Options: Tailored to suit your financial capability
• Competitive Interest Rates: Enjoy some of the best rates in the market
• Wide Vehicle Selection: Access to a variety of top vehicle brands and models

Required Documents for Auto Loan Application:

• Completed Auto Loan Application Form
• Proforma Invoice: From an authorized vehicle dealer
• Valid ID: Such as a Driver’s License, International Passport, or National ID card
• Letter of Irrevocable Domiciliation: Ensuring salary payments are sent to First Bank for the duration of the loan

Frequently Asked Questions:

1. Can applicants with salary accounts at other banks apply?
No. To be eligible for the Auto Loan, your salary must be domiciled with First Bank. However, you can move your salary account to First Bank to qualify.

2. Can the loan be used to buy used cars?
No, this loan is exclusively for the purchase of brand-new vehicles.

3. Is credit insurance required?
Yes, credit life insurance is mandatory to protect the borrower, while comprehensive car insurance covers the vehicle.

4. Is it necessary to insure the vehicle purchased?
Yes, comprehensive insurance for the vehicle is mandatory and must be arranged through FBN Insurance Brokers.

First Bank’s Auto Loan makes owning your dream car a reality, offering a structured and affordable way to drive away in a brand-new vehicle without straining your finances.