Products / Loans / Asset Loan
Asset Loan
Make Your Home More Comfortable
The Asset Loan is designed to help civil servants purchase essential household items and assets without placing undue strain on their finances. Whether your salary is domiciled with First Royal Microfinance Bank or another bank, this loan offers an affordable way to acquire the items you need.
Ideal For: Civil servants looking to finance the purchase of household items such as furniture, home appliances, electronics, generators, solar systems, and other valuable assets.
Why Choose This Loan?
- Affordable financing for household assets
- Available to both domiciled and non-domiciled civil servants
- Flexible repayment plan
- Simple and convenient application process
Loan Details
| Purpose | Purchase of household equipment and assets |
| Repayment Period | Up to 12 Months |
| Repayment Capacity | Up to 60% of your monthly net salary |
| Interest Rate | 12% per annum |
| Minimum Opening Balance | ₦3,000 (serves as the processing fee) |
| Minimum Operating Balance | ₦0 |
Requirements
- Duly completed Account Opening Form
- Two (2) recent passport photographs
- Three (3) months' payslips
- Six (6) months' salary account bank statement
- Letter of Appointment
- Letter of Introduction
- Staff Identity Card
- Employee Confirmation Letter
- National ID Card
- Valid National Identification Number (NIN)
- Recent utility bill (electricity, water, or rent receipt)
Ready to Apply?
Visit any First Royal Microfinance Bank branch today to speak with one of our loan officers and apply for the Asset Loan. We'll help you finance the household items you need with a repayment plan that suits your income.
Apply for Asset Loan