Parents are not left out, as the Bank has bespoke products
which empowers parents and guardians to meet the educational needs of their
children.
The Bank’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
FirstAdvance which enhances Parents/Guardians’ capacity to pay their wards’
school fees.
The FirstEdu loan offers short-term finance to private
pre-primary, primary and secondary schools/registered A-level educational
institutions with steady flow of income. The product offers opportunity for
private schools to access flexible funding to meet urgent cash flow needs,
replace old furniture and equipment or assets, purchase of fairly-used school
buses, as well as refurbishing dilapidated buildings and classroom blocks. This
product helps school owners/proprietors in bridging the “no-income” gap between
school terms, and to enhance diverse assets acquisition.
It allows schools access up to N20 million with no tangible
collateral required apart from the domiciliation of school fees with the Bank.
Schools with CAC registration that are yet to get Ministry of Education
approval can access up to N2million without collateral for up to 90days. In a
bid to cushion the effect of covid-19 pandemic, the Bank is in partnership with
Lagos State Employment Trust Fund (LSETF) to finance low-cost private schools
at a single digit interest rate where schools can access up to N5million.
The Bank is also in partnership with the apex association of
private school owners in Nigeria, National Association of Proprietors of
Private Schools (NAPPS) to finance member schools at a highly competitive rate.
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
product terms and conditions is competitive.
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 our customers’ convenience. There is
no equity contribution or collateral requirement.
FirstAdvance is a 30days tenured digital loan also available
to salary customers who are in need of assistance to meet immediate financial
needs. It empowers customers to access upto 50% of their net monthly salary in
less than a minute at any desired time by dialing 89411# or through our
FirstMobile App. Only a salary account domiciled with FirstBank will qualify you
for PLAS and FirstAdvance.
Beyond these, FirstBank is at the forefront of promoting
virtual learning, whilst exposing not just school children but individuals of
all ages to various e-learning initiatives, designed to promote innovation and
skills development on emerging technologies through focus areas such as
Artificial Intelligence, Coding, Cloud, Internet of Things, Blockchain, Data
Science and Analytics, and Cybersecurity.
In achieving this, the Bank has collaborated with Lagos
State government, IBM and Curious Learning to ensure the e-learning initiative
swiftly moves across the country to school children and individuals with the
need to promote the pursuit of knowledge, irrespective of age.
Speaking on the Bank’s support for schools, Mr. Chuma
Ezirim, FirstBank’s Group Executive, e-Business & Retail Products, said;
“At FirstBank, we recognize the indelible roles the
educational sector plays in promoting national economic development and we are
delighted to support schools with collateral free educational solutions to meet
various needs and projects to advance to the next level.”
“As schools proceed with the new term, we enjoin interested
schools to visit the nearest branch or the Bank’s website for more information
and encourage everyone to access our e-learning driven initiatives to keep
learning and get exposed to various opportunities to stay ahead in today’s
technologically advanced world.”
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