FCMB fast cash loan interest rate
Understanding the interest rate on a loan is really important because it determines how much extra money you have to pay back to the bank, on top of the actual amount you borrowed.
Let’s break it down a bit. The actual money you borrow is called the “principal.” The interest, on the other hand, is the profit that the lender (in this case, FCMB for their fast cash loan) makes from lending you money. For FCMB’s fast cash loan, the interest rate is set at 3.5% per month.
Now, what does this mean for you? Suppose you take a loan of N100,000 (one hundred thousand naira). With an interest rate of 3.5%, you’ll have to pay an additional 3.5% of N100,000 (which is the principal amount) as interest to the bank. So, in this scenario, the bank would expect you to repay N103,500 (N100,000 + 3.5% of N100,000) eventually.
It’s crucial to realize that the longer it takes for you to repay the loan, the more interest keeps piling up. This means if you delay paying back the loan, you end up owing the bank even more because of the added interest.
When you borrow money, the bank charges you extra (called interest) for using their money. This extra charge is a percentage of the amount you borrowed (the principal). So, if you borrow N100,000 and the interest rate is 3.5% per month, you’ll have to pay back N103,500 in total (N100,000 for the principal amount and N3,500 as interest).
Remember, the longer you take to pay back the loan, the more interest you’ll have to pay because it keeps accumulating every month. So, it’s essential to be aware of these details before taking a loan and to try paying it back as quickly as you can to avoid owing more due to the accruing interest.
How to repay FCMB fast cash loan
The FCMB Fast Cash Scheme is not just for FCMB customers but is available to anyone, even those who aren’t FCMB account holders. It’s a versatile loan meant for various needs like medical expenses, food, housing, etc.
To start, you’ll need a bank account, but it doesn’t have to be with FCMB. Any functional bank account will do. You’ll also need your National Identity Number (NIN) and Bank Verification Number (BVN).
Features for FCMB account holders
Features for FCMB account holders include immediate access to funds, a loan limit of N200,000, no need for collateral, and no paperwork. To get started, dial *329*11# using the phone number linked to your account.
Eligibility and Loan Details
Both salary earners and non-salary earners can apply for the FCMB Fast Cash Loan. You can spread your payments over three months, and even after paying off the loan, you can apply for it multiple times in a year.
The interest rate for this loan is 3.5% per month, and there’s a one-time management fee of about 1%. The borrowed funds will be sent to your salary account.
Federal Government civil servants or workers can apply, except for military and para-military personnel.
How to Apply for the Loan
- To apply, dial *329# on your mobile phone, select option 1, enter your National Identity Number, and create a four-digit PIN.
- Click ‘Accept’ and then dial *329*11#. You’ll need the details from the first code.
Repaying the Loan
Loan repayments happen in installments over a specific period. The amount you pay back is usually more than what you borrowed, consisting of the principal amount and the interest set by the bank.
Details about repayment terms and the agreed interest rate are found in the bank’s terms and agreement sheets.
Conclusion
The FCMB Fast Cash Loan is open to various individuals, doesn’t require collateral, and offers a reasonable repayment period. You can apply for it easily through your phone and repay according to the agreed terms outlined by the bank. Always ensure you understand the terms before taking any loan.
FAQs
How much is the maximum amount for FCMB fast cash?
The maximum amount for FCMB FastCash is N200,000 (two hundred thousand Naira). Nigerians can quickly access loans of up to this amount in minutes, with no collateral required for emergencies and urgent needs. FastCash is a collateral-free, convenient, and easy-to-access instant loan solution powered by First City Monument Bank (FCMB).
How does fast cash work in FCMB?
FASTCASH is a service offered by FCMB that allows eligible customers to receive a salary advance in the form of an overdraft before their salaries are paid by their organizations. With FCMB FAST Cash Loan, eligible customers can access a significant portion of their Net Monthly Income as an overdraft, providing them with financial flexibility and assistance when needed.
How do I qualify for a loan on FCMB?
FCMB provides loans to employees of companies that are rated by the bank. These ratings are typically based on factors such as the company’s financial stability, reputation, and relationship with FCMB. You can check if your company is rated by FCMB by visiting any FCMB branch.
To qualify for a loan, your salary must be domiciled with FCMB during the entire tenure of the loan. Domiciliation means that your employer will pay your salary directly into your FCMB account.
You need to have a minimum net monthly income of N18,000.00 to be eligible for a loan. Net monthly income refers to the amount of money you receive after deductions such as taxes and other expenses.
Before the loan is disbursed, you must have received at least one salary payment in your FCMB account. This requirement ensures that you have an established relationship with FCMB and have a history of receiving income through the bank.
Meeting these eligibility criteria demonstrates to FCMB that you have a stable income and a reliable relationship with the bank, increasing your chances of being approved for a loan.