First Bank Loans and Overdrafts


In the dynamic world of personal finance, having access to credit facilities is essential. Whether you’re a business owner, a salaried employee, or a student, there are times when you need extra funds to cover unexpected expenses or seize opportunities. First Bank, one of Nigeria’s leading financial institutions, offers a range of loan products and overdraft facilities to meet your diverse needs. In this article, we’ll explore First Bank loans and overdrafts, demystify their features, and empower you to make informed borrowing decisions.

First Bank Loans and Overdrafts

First Bank Loans and Overdrafts

FirstBank offers various loan products and overdraft facilities designed to meet the diverse financial needs of its customers. Whether individuals require funds for personal expenses or businesses need capital for expansion, FirstBank provides tailored solutions to address specific requirements.

Understanding First Bank Loans and Overdrafts


A loan is a financial instrument in which a borrower receives a fixed amount of money from a lender, usually a bank or financial institution, which is required to be repaid over a specific period, along with interest. Loans are often used for significant expenses, such as purchasing a car, financing education, or expanding a business. They provide individuals and businesses with the necessary funds to achieve their goals and aspirations. The loan tenure can vary depending on the type of loan and the lender’s terms and conditions. It is essential to carefully consider the interest rates, repayment terms, and any associated fees before taking out a loan to ensure that it aligns with your financial capabilities and needs.


An overdraft is a type of credit facility that is linked to your current account. It allows you to withdraw more money than your account balance, up to a predetermined limit that is agreed upon between you and your bank. This facility is particularly useful for short-term cash flow gaps or emergencies, as it can provide you with instant access to funds without having to go through the process of applying for a loan.

When you use an overdraft, the interest is only charged on the amount that you use, not on the entire limit that has been agreed upon. This means that if you have a limit of $1,000 and only use $500, you will only be charged interest on the $500 that you have used. The interest rate on an overdraft is typically higher than that of a regular loan, but the advantage is that you only pay interest on the amount that you use and for the duration that you use it.

It is important to remember that an overdraft is a form of credit, and as such, it needs to be managed responsibly. If you exceed your agreed limit, you may be charged additional fees or penalties. It is always a good idea to speak to your bank to discuss the terms and conditions of your overdraft facility to ensure that you are fully aware of the costs and risks involved.

Features and Benefits of First Bank Loans and Overdrafts

Flexible Terms

FirstBank’s loan products and overdraft facilities come with flexible repayment terms, allowing borrowers to choose repayment schedules that align with their financial capabilities and cash flow requirements.

Competitive Interest Rates

FirstBank offers competitive interest rates on its loan products and overdraft facilities, ensuring affordability and cost-effectiveness for borrowers. Transparent pricing and favourable terms make FirstBank an attractive choice for financing needs.

Quick Approval Process

FirstBank streamlines the loan application and approval process, ensuring quick turnaround times for borrowers. With efficient processing and minimal documentation requirements, customers can access funds promptly to address their financial needs.

Customized Solutions

FirstBank understands that every individual and business has unique financial requirements. As such, the bank offers customized loan solutions tailored to meet specific needs, preferences, and circumstances.

Dedicated Support

FirstBank provides personalized customer service and dedicated support to assist borrowers throughout the loan application process and beyond. Experienced professionals offer guidance, advice, and assistance to ensure a smooth and seamless borrowing experience.

Application Process for First Bank Loans and Overdrafts

Below is the application process for First Bank’s loans and overdrafts.

Eligibility Assessment

Before applying for a loan or overdraft facility, individuals and businesses must meet FirstBank’s eligibility criteria, which may include creditworthiness, income verification, and collateral requirements.


Applicants are required to submit relevant documentation. The documents include identification documents, proof of income, business registration documents, and financial statements, as part of the application process.

Loan Application

Once eligibility criteria are met and documentation is submitted, borrowers can complete the loan application process through various channels. The channels include online applications, branch visits, or through designated relationship managers.

Approval and Disbursement

Upon successful evaluation of the loan application, FirstBank approves the loan or overdraft facility and disburses funds to the borrower’s designated account. Borrowers receive notification of approval and are provided with details regarding loan terms, repayment schedules, and other relevant information.


First Bank of Nigeria Limited stands as a beacon of financial stability and excellence. It offers a comprehensive suite of loan products and overdraft facilities to meet the diverse needs of its customers. Whether individuals require funds for personal endeavours or businesses seeking capital for growth and expansion, FirstBank provides flexible, affordable, and accessible financing solutions. With competitive interest rates, quick approval processes, and dedicated customer support, FirstBank remains a trusted partner for individuals and businesses seeking financial assistance. The bank is a pioneer in Nigeria’s banking industry. It also continues to innovate and evolve, empowering customers to achieve their financial goals and aspirations.

Frequently Asked Questions

Is overdraft allowed at FirstBank?

Since they pay overdrafts at their discretion, they cannot promise that they will always approve and cover overdrafts. ATM or regular debit card overdrafts are not covered by FirstBank unless you have specifically chosen for these overdrafts to be paid. Not suitable for every kind of account.

Does FirstBank provide its clients with loans?

FirstCredit is a solution made to give you an easy-to-use loan to finance your transactions. Loans are available without having to visit the bank, from any location. All you need is a smartphone or tablet; no further paperwork or collateral is needed.

What is the loan limit overdraft?

Banks provide overdraft credit based on your pay. With salary accounts, this typically functions. A bank-to-bank may have a different overdraft limit, but generally speaking, it can be double your wage. Typically, they arrive as pre-approved offers to clients based on consumption patterns of their monthly accounts and wage credit.