October 3, 2022
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First Bank Automobile Loan – How to Apply for the First Bank Automobile Loan

Are you looking for financial assistance in getting the car of your dreams? Or are you interested in driving and making a living out of transportation? The First bank automobile loan is here to give you the automobile loan you deserve.

Businesses can also apply for the loan too. You may need an automobile to carry out day-to-day business activities. You may be needing to make deliveries even. Now you need the First Bank automobile loan.

Benefits of the First Bank Automobile Loan

Some of the free benefits of the automobile loan includes:

  • Free vehicle / car registration.
  • Free vehicle / car servicing for an entire year or for a 15,000km mileage.
  • Free fuel card for a year.
  • A three-year manufacturer’s warranty for the car.

Who is eligible for the First Bank Automobile Loan?

Anyone and everyone looking for a new automobile can apply as long as he / she is an employee in paid employment. So that means you can speak to one or more of your working friends today to get this loan for automobiles.

Interested in other FirstBank loans? Check out this one.

Terms and Conditions of the First Bank Automobile Loan

Amount: The first bank automobile loan has a maximum offer of N15 Million.

Tenor: The loan is expected to be repaid within the maximum period of forty – eight months (48 months). That is four (4) tenor period.

Rate: Following the automobile loan is an interest rate of 22%. Yeah, that’s right, 22%.

Equity: There is also a required equity contribution of 20%.

Note that the vehicles that are to be purchased must be new otherwise the loan offer / application would be disregarded and must be purchased from FirstBank approved automobile vendors. Also, be aware of the salary domiciliation policy.

What Documents are Required for the Automobile loan?

To apply the following documents are required:

  1. A formal application letter for the loan.
  2. A filled up application form.
  3. An invoice from a First Bank approved vendor.
  4. A pay slip showing the last three months.
  5. A statement of account.
  6. A formal letter of complete / total emolument.

How to Apply for The First Bank Automobile Loan

Step 1

To apply for the Automobile loan, you have to follow the following easy steps;

Step 2

Get together the above-listed required documents.

Step 3

Download the automobile loan application form here.

Step 4

Complete the form and take it to the nearest FirstBank branch.

Step 5

Submit your application and begin the loan application process.

That’s One Smart Way to get the First bank Automobile loan. Note that there are lots of loan offers available and you can get all of them in our One Smart Way blog. Please Share and comment in the comment section.

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