As a business owner looking to expand your operations to take it to the next level, you need to be a part of the FCMB business loan. In today’s business world, access to financial assistance is crucial to business growth, FCMB understands this need and provides help through their loan system. Accessing the FCMB business loan service can help provide the necessary capital to support your business goals.
First City Monument Bank (FCMB) is a leading financial institution in Nigeria that provides an array of banking services to both individual and corporate customers. However, for business owners, FCMB offers various loan products tailored to meet working capital, asset acquisition, and expansion needs.
With FCMB business loans, entrepreneurs can access the required funds required to purchase equipment, finance inventory or raw materials, or cover other operational expenses. Loan amounts range from ₦500,000 to ₦50 million, giving business owners the flexibility to borrow what they need.
The application process is straightforward – you simply need to visit your nearest FCMB branch to discuss your financing requirements with a business banker. They will guide you through assessing your eligibility and putting together a loan proposal. Subject to approval, funds can often be disbursed quickly.
In this article, we will thoroughly outline the FCMB’s business loan options in more detail, including repayment terms, collateral requirements, and how to apply. Our goal is to help more Nigerian entrepreneurs unlock the growth potential of their companies through access to competitive financing from a trusted financial partner. Keep reading to find out more.
FCMB Loan Products
FCMB loan products refer to the several loans available to businesses and individuals. The loan products are listed below:
Fast Cash
Dial *329*11# and you will be able to get up to N200,000 loan amount. Customers can apply as many times as they are eligible. Collateral is not needed and it comes with 30 days tenure for new customers.
Fast Cash-Backed Loan
This loan is open to individuals on salary as well as self-employed persons with fixed deposits and other liquid investments.
They have a management fee of 1%, flexible loan tenure, and overdraft ability.
Auto Loan
Auto Loans need no collateral, have no hidden charges, and contribute as low as 20% towards the purchase.
Loan amounts range from N500,000.00 to N30,000,000 with comprehensive insurance on the car for the entire loan period.
How to Apply for FCMB Business Loan Service
You can apply for the FCMB loan following the easy and fast steps listed for you below:
- Dia *329#
- Follow the prompt and enter 1
- Type your NIN
- Create a 4-digit pin
- Click “Accept”
You can now proceed to provide the required information by dialing *329*11#
Requirements for the FCMB Business Loan Service
To be a recipient of the FCMB business loan you have to meet some of the requirements listed below:
- You must have an account with FCMB
- You must be within the age range of 18-60
- Your credit rating must be satisfactory
Benefits of the FCMB Business Loan Service
The Benefits of the FCMB loan are numerous due to the high demand for financial support for businesses, companies, and individuals. Below are some of them:
Flexible Repayment Options
FCMB provides those who wish to be part of the loan system with flexible repayment options which allow them to choose a repayment plan that best suits them.
Competitive Interest Rates
FCMB offers competitive interest rates to its borrowers by providing them low interest rates which helps them save money on their interest payments.
Quick Loan Disbursement
FCMB provides their loan to borrowers with fast disbursement processes enabling them to get the loans promptly.
Wide Range of Loan Products
FCMB offers several ranges of loans depending on the needs of the borrowers. There are personal loans, business loans, mortgage loans, asset financing, and others.
Loan top option
FCMB enables borrowers with existing loans to top up their loans however it is subject to certain conditions.
Relationship Based Discounts
FCMB provides preferential interest rates and discounted loan terms to customers who have maintained a strong banking relationship with FCMB over time.
Support For Financial Goals
FCMB assists individuals and businesses in achieving their financial goals in education, property purchase, vehicle purchase, business expansion, and other goals
Loan Calculator Tools
FCMB offers online loan calculators to borrowers and potential borrowers to help them calculate the estimate on their loans as well as repayment amounts and interest rates.
FAQs
What is the FCMB USSD code?
The FCMB USSD code is *329# with this code you can apply for a fast cash loan.
Does FCMB have loan products for salary earners?
Yes, they do, some of them include salary-plus loans, FCMB Loan Salary-Plus Loan Top-Up, and Premium Salary Loan.
The requirement for salary earners to get a loan is to have a salary account domiciled with FCMB and a consistent history of receiving salaries for six months.
What is the FCMB Loan Interest Rate?
FCMB loan interest rates with all charges inclusive with a tenor of up to 4 years for an interest rate of 13% per annum.
What is the FCMB Loan Calculator?
FCMB loan calculator is a user-friendly tool that enables individuals to easily estimate the monthly return or repayment they need to refund for their loan.
The tool benefits customers greatly, to use this calculator, visit the FCMB website or mobile app, go to the loans or calculators’ sector and you will find it.
Enter your loan details and click calculate. Your result will be displayed for you.
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