First Bank Comes To Town With 4 Major Educational Support Facilities As School Resumes

Grounded financial institution, First Bank just unveiled four major educational support facilities as school resumes.

The full details are produced as sourced

AS the long holidays wind up, First Bank of Nigeria Limited said it is set to support schools and educational institutions with their educational requirements 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.
First Bank

First Bank is a brand of strength and dynamism, committed to provide the best financial solutions. It 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/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 to 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 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 per cent 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 on the long run as well as the additional source of revenue from rentals.
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.