How To Obtain First Bank Automobile Loan, Features And Requirements

How To Obtain First Bank Automobile Loan – First Bank Nigeria is one of the best Nigerian banks. In fact, for many, it is seen as the number one bank in Nigeria. The First bank offers a lot of loan facilities to her customers. There are different types of loans on offer. Some of them include hose loans, car loans, students loans, overdrafts etc.

If you have ever wanted to won your own car, then you need to know how to obtain First Bank automobile loan. We will point out every thing you will need to know as well how you can apply for this loan at your own convenience.

How To Obtain First Bank Automobile Loan

To apply for the automobile loan, here what you will need to do.

  1. Download the Auto Loan Application Form
  2. Complete the form and submit at the nearest FirstBank branch.
  3. Follow whatever else they may ask you to do till you access the loan.

Also See: How To Apply Access Bank PayDay Loan & Requirements

First Bank Automobile Loan Features

Below re the features of this loan facility.

  1. Maximum loan amount of N10 million
  2. Maximum tenor is 48 months (4 years)
  3. Equity contribution is required
  4. Competitive interest rates
  5. Automobiles to be financed must be new and from FirstBank approved vendors
  6. Salary domiciliation.

Benefits

  1. Allows customers to channel funds that would have been expended on vehicle purchase to other commitments
  2. Promotes personal banking relationship.

Also See: Diamond Bank School Fees Loan Application Form

First Bank Automobile Loan Requirements

You must provide the following documents.

  1. Application letter
  2. Auto Loan application form
  3. Proforma Invoice from FirstBank approved vendors
  4. Current 3 months pay slip
  5. Statement of account
  6. Letter of total emolument.

Who Can Apply

Those who can apply for this automobile loans are all Employees in paid employment.

First Bank Automobile Loan FAQs

1) Is the Auto loan facility available to salary account holders in other banks?

  • Applicants must have a salary account with FirstBank.

2) Can the facility be used for the acquisition of fairly used vehicles?

  • The facility is restricted to the purchase of brand new vehicles only.

3) Is credit insurance premium mandatory for this product?

  • Yes. Credit life insures the borrower while the car insurance premium insures the vehicle purchased.

4) Is it mandatory to purchase my vehicle from FirstBank pre-approved vendor list

  • Yes, it is.

5) Is it mandatory to insure the vehicle financed?

  • Yes, all vehicles purchased must be ensured comprehensively through FBN Insurance brokers.

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