First Bank Auto Loan Nigeria, N20m Financing and Flexible 48-Month Plans for Salary Earners

Overview of First Bank Auto Loan Nigeria

First Bank Auto Loan Nigeria gives salary earners a clear route to owning a brand-new car with financing up to N20 million and repayment tenures of up to 48 months. The product is tailored to Nigerian payroll realities, letting employees in Lagos, Abuja and across the country spread cost over months while keeping monthly payments manageable.

This auto loan focuses on salaried customers with domiciled salary accounts, offering simple eligibility and a transparent process. With competitive rates and a straightforward proforma invoice requirement, First Bank Auto Loan Nigeria positions itself as a practical choice for anyone who wants a new vehicle without draining savings.

Eligibility, Equity and Required Documents

To qualify for First Bank Auto Loan Nigeria you must be a salaried employee with a salary account domiciled at First Bank or be ready to move your salary to First Bank. The typical equity contribution is 30 percent of the vehicle invoice, making the loan ideal for buyers who can cover part of the purchase up front.

Applicants need to submit a completed application form, proforma invoice from an approved dealer, valid ID like a National Identity Card or Driver’s Licence, payslips, and a domiciliation letter. The documentation checklist is straightforward and processing is faster when your employer cooperates with salary domiciliation.

Rates, Repayment Flexibility and Insurance

First Bank Auto Loan Nigeria offers competitive interest rates designed for the Nigerian market and salaried borrowers, helping reduce the total cost of credit. Flexible repayment plans allow choices across short and longer tenures up to 48 months, so you can pick an EMI that fits your monthly budget and cash flow.

Credit life insurance and comprehensive motor insurance are mandatory to protect both borrower and bank, and these policies can be arranged through FBN Insurance brokers for convenience. Transparent fees and clear breakdowns of interest versus principal make it easy to compare options and avoid surprises during the loan term.

How to Apply and Key Benefits

Applying for First Bank Auto Loan Nigeria is simple: download the application form on the First Bank website or visit any branch, attach the required documents and submit your proforma invoice. Once your salary is domiciled, approval timelines shorten and disbursement can be coordinated directly with the vehicle dealer.

The main benefits include access to up to N20 million for new cars, tailored repayment plans up to 48 months, competitive rates and a process built for salary earners. If you want to fast-track vehicle ownership, check First Bank Auto Loan Nigeria details online or speak with a branch loan officer to start your application and drive away sooner.