Banking Briefs
THE First Bank of Nigeria Limited is to disburse N15 billion as loans to schools for educational programmes.
The money which is meant for both primary and private secondary schools in Nigeria will enable proprietors of the institutions to acquire and upgrade educational facilities to support their business whilst empowering parents and guardians to seamlessly send their wards back to school.
FirstBank’s educational products and solutions include the FirstEdu Loan, Operational Vehicle Loan, Term Loans for constructing new sites and extension of existing sites, Personal Loan against Salary, PLAS, and Salary Overdraft, SODA, 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 be 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 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 collateral.
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.
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.
– Sept 11, 2017 @ 08:41 GMT /
Tags: and Salary Overdraft First Bank of Nigeria Limited First Bank slates N15bn for Loans to Educational Institutions FirstEdu Loan Operational Vehicle Loan Personal Loan against Salary PLAS primary and private secondary schools SODA Term Loans for constructing new sites and extension of existing sites
