Personal Loan Against Salary (PLAS) was introduced by FirstBank of Nigeria Limited to assist customers in meeting their daily obligations. AMAKA IFEAKANDU considers the product’s impact and benefits on account holders.
The recent increase in the prices of goods and services in the country has continued to put pressure on many Nigerians, forcing them to think about how to raise additional funds to meet their pressing needs and daily obligations on a daily basis.
Although the current administration, led by President Muhammadu Buhari, is doing everything possible to combat insecurity, crime, and maintain system stability in order for the country to overcome insurgency, high living costs, and ensure the nation’s economy recovers from the impact of COVID-19, their efforts have not yielded the desired results.
The economic downturn has forced many people to look for other ways to make more money to cover their day-to-day expenses such as house rent, children’s school fees, burial arrangements, medical bills, utility bills, and other emergency expenses.
FirstBank’s answer
Unbeknownst to them, however, some of their problems can be easily solved. With the advent of technology at the end of the twentieth century, the banking system has changed dramatically, making it easier for a salary account holder to secure loans to settle financial challenges and offset some of their debt and other difficult bills.
For example, a FirstBank customer with a salary account for six months to a year will be able to easily access a loan. The loan can be structured so that the customer pays it off at the end of the month or that it is deducted directly from her salary account on a monthly basis.
First Bank Loan Service
First Bank of Nigeria Limited, Nigeria’s premier and leading financial services provider, developed a product that will enable its customers to access quick loans to meet their respective problems in times of financial need. The product has assisted customers in meeting their short- and medium-term objectives. Salary account holders can benefit from more than just receiving their monthly pay with the bank’s assistance. Some bank accounts contain inherent wealth that can be unlocked to assist customers in achieving dreams that will allow them to be fulfilled at work and stay on top of situations at home and at work.
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The First Bank Personal Loan Against Salary (PLAS) account was designed specifically to help bank customers address urgent financial needs prior to payday.
First Bank Salary Loan (PLAS)
Salary accounts at banks can do more than just receive monthly pay; they contain inherent wealth that can be unlocked to assist you in achieving dreams that will make you fulfilled on the job and on top of situations at home and at work. First Bank of Nigeria Limited enables salary account holders to access the wealth in their accounts. This is possible thanks to FirstBank’s Personal Loan Against Salary (PLAS).
Features
The Personal Loan Against Salary product offers the account holder a repayment period of up to 36 months, subject to a retirement age of 60 years, and a flexible repayment structure. There will be no guarantor, and the account will be processed quickly because it does not require an equity contribution and has minimal documentation. For the duration of the facility, the Salary Account must be domiciled with FirstBank, and it has a flexible repayment structure.
How to Implement
To apply for a Personal Loan Against Salary, the customer must bring
Personal Loan Application Form, Pay Stub, Account Statement
applicant’s total emolument letter, confirmation that applicant’s employer is on the FBN approved list
The applicant is also expected to complete all of the requirements in the form and submit them at the nearest FirstBank branch.
Loans for various reasons
Individuals or groups borrow money from financial institutions to meet short-term or long-term financial needs, especially when funds are scarce. Borrowing a loan is the only option available to help bank customers invest in capital-intensive projects. With cash flow, one can make multiple investments. Cash flow assists you in establishing a solid foundation for your business while maintaining an operating cash flow. The company will not go bankrupt due to a lack of funds. To be a successful entrepreneur, you must have extra money to grow your business and pay your daily bills.
Obtaining a loan enables one to make an additional move in order to expand his or her business and standard of living. Apart from loans for business expansion, individual customers can use PLAS to secure loans to pay for difficult family bills in a matter of days.
Unlike in the past, the documentation process, provision of collateral, and other stringent requirements make it more difficult to obtain loans from a financial institution to cover emergency expenses.
However, depending on how the loan is structured, it is easier for salary account holders to obtain a loan from a bank to pay for school fees, house rents, and medical bills and repay at the end of the month. As a result, having a salary account increases customers’ confidence in obtaining loans.
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Regular loan repayment, on the other hand, gives you a good credit history. Borrowing as a salary account holder allows you to manage your challenges when you lack cash and are in a bind. Opening a salary account with First Bank of Nigeria Limited provides you with the opportunity to obtain a loan to meet all of your daily needs, pay off debts, and cover other expenses.
The viewpoint of First Bank
Abiodun Famuyiwa, Group Head, Products & Marketing Support, FirstBank, commented on the benefits of PLAS, saying, “Salary account holders can access up to N30 million to help them pursue capital projects, carry out renovation works on their properties, acquire assets, provide the best education for their children, and other fulfilling accomplishments.”
“The scheme provides options for topping up and refinancing existing loans at competitive interest rates.” These adaptable options were developed to provide convenience and reward customers while adhering to our brand promise of putting “YOU First.”
“FirstBank’s Personal Loan Against Salary (PLAS) will also assist customers in meeting rent obligations, planning vacations to desired locations, and paying for professional examinations to advance their careers.” Nigerian wage earners need to be assured of a funding partner in FirstBank in order to realise their dreams with PLAS. PLAS is available to employees with FirstBank salary accounts.”
