FCMB Quick Loan: How to apply for school loan and requirements

Are you searching for how to get FCMB Bank school loan as school owner to offset your emergency need or you are looking for shot term loan to improve your school expansion and cash inflow, if yes continue reading this content as we dive more on various  loan that suit your needs.

The loan package is designed for Fcmb account holders whose business account domicile with the bank.

In this post we are going to take a look at first city monument bank Quick Loan that is designed for school owners.

1. Quick Loan

Fcmb quick loan  is a short-term credit facility customers can get up to five million naira with no collateral required.The short-term facilities/loan comprises of School Aid Facility (SAF),
School Support Facility (an hybrid of SAF due to impact of COVID-19) and Temporary Advance

School Aid Facility (SAF): This short-term loan facility availed to private school business owners, it serve as as cash inflow to finance school administrative expenses such as purchase of books, school uniforms and consumable and other reoccurring school expenses within the term.

School owners can get up N500,000 to N5,000,000 as loan amount and repayback within 6 weeks. the loan come with Competitive Interest rate.

School Support Loan: Private school business owner can get a school support loan of up to 20 million naira once they are qualify

Benefits of FCMB School Support Loans

1. Get a loan of up to N20 million to cater to the needs of your school
2. Convenient repayment plan of 24 months
3. Competitive interest rate of 12% per annum and 1.5% flat fee.
4. Option of up to 50% collateral coverage.

School Support Facility (SSF): The loan is designed for All Privately owned schools in Nigeria. The School Support Facility was introduced as an upgrade to School Aid Facility in view of the impacts of COVID-19 as well as the conundrum brought to school business by the lockdown imposed by Federal Government of Nigeria (FGN)

This kind of loan is up to 12 months tenor (with option of up to 12 months moratorium) and customers can access up to N250,000 to N20,000,000. The interest rate is (1.18% monthly

How to apply for fcmb school loan

to apply for fcmb school loan kindly visit their online portal https://www.fcmb.com/school-loans/

2. Enter your School Name
3. Email address
4. Phone number
5. indicate if you are FCMB Business Account Holder by yes or NO
6. Also indicate if your business been impacted by COVID-19 with YES OR NO
7. Submit your application.

Temporary Advance Facility (TAF): This is a short-term loan for all businesses (goods and services oriented except those in BDC, financial services and CBN prohibition list) requiring quick/urgent financial assistance to meet working capital need or to improve turnover cycle.

The credit facility is designed for the following target market.

1. Retail Trade
2. Wholesale Trade
3. Contracting
4. Professional Practice Firms
5. Agric Business; Supply
6.Manufacturing
7. Health Care
8. NGOs
9. Associations
9. Clubs
10. Religious Bodies
11. Unallocated
12. Schools
13.Hospitality

Borrower can get up to N500,000 to N10,000,000 as loan amount with 180 days tenor. The interest rate is (as low as 2.5% cost of fund per month)

How to apply for Temporary Advance Facility

You can apply for fcmb Temporary Advance Facility via FCMB Online (Business Version) or FCMB Business App. You can also visit the closest FCMB Branch to speak to your account officer or send e-mail to [email protected]

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