FCMB loans are financing options that make your life a little easier and help you to get through everyday situations without worrying about funds.
These loans come in various forms and types and cater to the different needs of individuals, businesses, and corporate organizations.
FCMB loans are designed to serve different groups of people with tailored requirements and rates that make repayment hassle-free.
To make the right choice for a loan you wish to apply for, this article will guide you and provide the requirements and rates for all available FCMB loans.
FCMB Loans
Below are the available FCMB loans with their requirements:
Click to Scroll to Section
Fast Cash
Limit
₦200,000
Interest
5-15%
Tenor
30 days
Fast cash is a quick loan from FCMB that gives you access to funds for urgent needs and possible emergencies. With this loan, there is no need for collateral and paperwork.
You are availed up to a maximum of N200,000 to repay within 30 days. Returning customers have a 90-day clean-up cycle while all customers can apply as often as needed with all previous loans liquidated.
Requirements for FCMB Fast Cash Loan
- An existing account with FCMB for at least one month
- A phone number registered to your account
FCMB Fast Cash Loan Application Channels
You can apply for this FCMB loan through the following:
- USSD code *329*11#
- FCMB Mobile App
Salary Plus Loan
Limit
Based on individual
Interest
5-15%
Tenor
30 days
This FCMB loan is available to salary earners with salary accounts lodged with the bank. The Salary Plus loan allows these customers to request a short or medium-term loan to cater to their needs before salaries are paid.
While liquidating this loan, it is possible to receive a top-up. The requirements are consistent payments and up-to-date salary for the last 6 months. The maximum amount and its rate available to you when topping up will be displayed on the FCMB online portal as you apply. The online platform is an efficient and stress-free way of application.
For a physical application for the Salary Plus Top-Up, you can walk into any FCMB branch and meet with a Teller. Once the loan becomes approved, it will be disbursed into your account within 8 hours. Once at the teller, the monthly repayment can be viewed and your repayment schedule sent to your email.
Requirements for FCMB Salary Plus Loan
- An existing account with FCMB for at least six months
- Domiciled salary account with the bank
Requirements for FCMB Salary Plus Top-up Loan
- Up-to-date salary for the last six months
- No missed payments on liquidating loans for the last six months
- Mobile phone and phone number registered to your account
FCMB Salary Plus Top-up Loan Application Channels
You can apply for this FCMB loan through the following:
- FCMB Online
- Any FCMB Branch
Premium Salary Plus Loan
Limit
₦2 million
Interest
5-15%
Tenor
60 months
Any salary earner whose organization is rated on Moody’s can enjoy this loan type. It applies to employees who are eligible for a minimum of N2 million with a maximum of up to 60 months in tenor to repay.
The collateral needed to access this FCMB Bank loan is the lodging of your salary, allowances, and other terminal benefits with the bank.
Requirements for FCMB Premium Salary Plus Loan
- Domiciled salary account with the FCMB
FCMB Premium Salary Plus Loan Application Channels
You can apply for this FCMB loan through the following:
- Any FCMB Branch
Auto Loan
Limit
₦3 million
Interest
29.5%
Tenor
12-60 months
For any FCMB customer who wants to purchase a car, this loan provides a convenient solution for making such a purchase and repaying over time in smaller bits. Every eligible customer can choose from the available auto-dealer partners with FCMB to choose a brand and model they prefer.
All cars above N3 million purchased through this loan receive free tracking devices and insurance embedded in the loan repayment.
Customers with salary accounts and self-employed individuals with regular income can apply for this loan and get between N500,000 and N30 million to repay between 12-60 months with an interest rate of 29.5%.
Requirements for FCMB Auto Loan
-
20% contribution toward payment
FCMB Auto Loan Application Channels
You can apply for this FCMB loan through the following:
- Any FCMB Branch
Cashed Back Loan
Limit
Subject to investment
Interest
29.5%
Tenor
Flexible
Any customer with investments and fixed deposits at FCMB can use such investments as collateral for a loan. This loan is available as an overdraft and a term loan.
There are no insurance charges while you enjoy unrestricted access to funds and steady interest on your investments. With this FCMB loan, the collateral coverage is up to 110%
Requirements for FCMB Cashed Back Loan
-
An investment or fixed deposit with FCMB
FCMB Cashed Back Loan Application Channels
You can apply for this FCMB loan through the following:
- Any FCMB Branch
Quick Loan
Limit
₦50 million
Interest
5-15%
Tenor
180 days
This loan is a short-term credit facility for SMEs. This loan gives access to any amount between N20,000 and N50 million with no collateral and a maximum of 180 days for repayment.
Requirements for FCMB Quick Loan
-
An existing FCMB account with 6 months of banking relationship
FCMB Quick Loan Application Channels
You can apply for this FCMB loan through the following:
- Any FCMB Branch
- FCMB internet banking
- FCMB mobile banking
SME Development Finance Facility
Limit
₦500,000
Interest
5-15%
Tenor
36 months
One of the most helpful purchases a business can make is that of commercial properties such as warehouses, office buildings, and the sort.
This removes the burdens of lease payments and agreements. Using this loan, businesses are able to finance the purchase of such property and enjoy long-term payments with considerate interest rates.
With a minimum of N500,000 offered by this loan, you can make the right moves your business needs to have the right assets and pay back in a maximum of 36 months.
Requirements for FCMB SME Development Finance Facility Loan
-
An existing FCMB account with 6 months of banking relationship
FCMB SME Development Finance Facility Loan Application Channels
You can apply for this FCMB loan through the following:
- Any FCMB Branch
SME Asset Finance Facility
Limit
₦3 million
Interest
5-15%
Tenor
48 months
Whatever part of the production chain you occupy, there are certain assets that can boost your productivity and performance rate. But acquiring such assets may come at heavy costs to your business.
Now, you can go ahead to make acquire the machinery and pieces of equipment you need to step up your business.
This loan comes in handy for manufacturers, retailers, and wholesalers. With this loan, you can access N3 million with a maximum tenor of 48 months.
Requirements for FCMB SME Asset Finance Facility Loan
-
An existing FCMB account with 6 months of banking relationship
FCMB SME Asset Finance Facility Loan Application Channels
You can apply for this FCMB loan through the following:
- Any FCMB Branch
SME Working Capital Facility
Limit
₦500,000
Interest
5-15%
Tenor
30 days – 36 months
FCMB’s working capital facility avails term loans or overdrafts to businesses to aid the financing of daily activities while buffering other expenses for expansion.
The overdraft loan provides a minimum of N500,000 with a tenor between 30-180 days. The term loan offers a much longer tenor for larger scale businesses with a minimum limit of N500,000 and between 1-36 months for repayment.
Requirements for FCMB SME Working Capital Facility Loan
-
An existing FCMB account with 6 months of banking relationship
FCMB SME Working Capital Facility Loan Application Channels
You can apply for this FCMB loan through the following:
- Any FCMB Branch
SME Working Capital Facility
Limit
₦500,000
Interest
5-15%
Tenor
30 days – 36 months
FCMB’s working capital facility avails term loans or overdrafts to businesses to aid the financing of daily activities while buffering other expenses for expansion.
The overdraft loan provides a minimum of N500,000 with a tenor between 30-180 days. The term loan offers a much longer tenor for larger scale businesses with a minimum limit of N500,000 and between 1-36 months for repayment.
Requirements for FCMB SME Working Capital Facility Loan
-
An existing FCMB account with 6 months of banking relationship
FCMB SME Working Capital Facility Loan Application Channels
You can apply for this FCMB loan through the following:
- Any FCMB Branch
School Aid Facility (SAF)
Limit
₦5 million
Interest
30% p.a
Tenor
6 weeks
This unsecured lending is available to registered private schools that need a capital of about N5 million in 6 weeks installments after the resumption of each term. This includes crèche, nursery, and primary and secondary schools.
With this FCMB loan, these schools are afforded between N250,000 to N5 million to aid daily operations and other requirements. This loan comes with an interest rate of 30% p.a.
Requirements for FCMB School Aid Facility Loan
-
An existing FCMB account with 6 months of banking relationship
FCMB School Aid Facility Loan Application Channels
You can apply for this FCMB loan through the following:
- Any FCMB Branch
School Support Facility (SAF)
Limit
₦20 million
Interest
19-21.5% p.a
Tenor
2 years
This FCMB loan was created to help private schools recoup from the pandemic experience and access Covid-19 compliant protocols around schools.
With this loan, the schools can purchase the necessary materials and kick-start their operations once again.
Privately owned schools can access up to N20 million for two years at an interest rate between 19-21.5% per annum.
Requirements for FCMB School Support Facility Loan
-
An existing FCMB account with 6 months of banking relationship
FCMB School Support Facility Loan Application Channels
You can apply for this FCMB loan through the following:
- Any FCMB Branch
If you are feeling lucky, take some minutes to calculate how much you will pay back before applying for any using the below FCMB loan calculator:
FCMB Loan FAQs
In this article, you will find the available FCMB loans today. This way, you can make a choice on the type of loan you wish to apply for based on the interest rates, tenors, and other requirements to gauge your eligibility.
You can get other funding options such as loans from other providers.
- Requirements for Bridge Credit Loans - 20.03.2023
- Requirements for ZedvanceLoans - 19.03.2023
- Requirements for Bank of Industry Loans - 19.03.2023
