By Modupe Gbadeyanka
First Bank of Nigeria has set aside N15 billion for private schools in Nigeria through the lender’s educational products and solutions.
These products include the FirstEdu Loan, Operational Vehicle Loan, Term Loans for constructing new sites and extension of existing sites, Personal Loan against Salary (PLAS) and Salary Overdraft (SODA) which enhances Parents/Guardians’ capacity to pay their wards’ school fees.
A statement issued by the financial institution’s Group Head, Marketing & Corporate Communications, Folake Ani-Mumuney, explained that 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.
With this product, school owners/proprietors can stay ahead of competition in providing educational services and support to the target population by maintaining acceptable standard infrastructure at all times.
This product allows the customer access up to N10 million with no tangible collateral required apart from the domiciliation of school account with the bank. 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. 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 customers’ convenience. There is no equity contribution or collateral requirement.
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 with up to 40% net salary and a revolving overdraft for 180 days with 25% of applicant’s average previous 3 months net salary. Only a salary account will qualify you to access PLAS and SODA if you work with any of First Bank’s approved list of employers.
First Bank’s educational facilities are offered without collaterals. So as the new school term resumes, the bank has the right products just for you and is poised to constantly provide the platform to support the life styles of its teeming customers.
Customers and stakeholders have been enjoined to visit any First Bank branch for further information about its school solutions.