LAGOS, JANUARY 10, 2018 – FirstBank of Nigeria Limited has set aside N15 billion loan budget for schools. The lender has also developed an array of products and solutions targeted at enabling schools to acquire attractive educational facilities to support their business while empowering parents and guardians to send their wards back to school.
The bank’s educational products and solutions include the FirstEdu Loan; Operational Vehicle Loan; Term Loans for constructing new sites and renovation 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.
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. Institutions can take advantage of this facility to purchase school buses in the case of school proprietors and upscale their staff welfare schemes through provision of staff buses.
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, among others.
“The PLAS has a flexible repayment plan spread up to 48 months for our customers’ convenience. There is no equity contribution or collateral requirement,”the bank said.
It continued: “The Salary Overdraft Account (SODA) is also available to customers, who want short tenured overdraft to meet immediate financial needs. SODA can be dispensed as a one-off overdraft for 30 days or a revolving overdraft for 180 days with up to 50 per cent of net monthly salary. Only a salary account qualifies you to access PLAS and SODA if you work with any of FirstBank’s approved list of employers.”