Salary Plus Loan is a consumer credit scheme available to salary account holders. Through this scheme, qualified FCMB customers can access short- or medium-term funding, before payment of salaries.

Eligibility is based on criteria such as domiciliation of salary account with consistent receipt of salaries for a period of 6 months and categorized employer.

Salary Plus Top-Up

Salary top-up loan is a credit scheme available to existing customers who have a salary plus loan. Prequalification is done based on criteria such as up-to-date salary and no missed repayments on loans within the last 6 months.

REDUCTION IN SALARY PLUS LOAN

As a demonstration of the Bank’s commitment to support our customers during the Covid-19 pandemic, we are pleased to inform you of a reduction in the interest rate on your Salary Plus Loan effective August 12, 2020.

However, you have the option of requesting for a reduction in your repayment tenure instead of a reduction in interest rate. This implies that you will retain your original repayment amount but have a reduced tenure.

Kindly click here if you would want a deduction in your repayment tenure. One of our representatives will reach you for confirmation after you complete the form.

You can also contact your Relationship Manager or visit the nearest FCMB Branch.

You can apply for this loan in 2 easy ways:

LOAN TOP-UP VIA FCMBONLINE

To top-up your Salary loan through FCMBOnline , simply follow the steps below:

  • Log on to FCMBOnline
  • Click on Consumer Loan
  • Click on Salary plus top up
  • Select Current account number
  • Confirm loan amount
  • Check the box for terms and conditions.
  • Submit request and loan is disbursed within 8 hours.

Frequently Asked Questions on Top up on RIB

SALARY PLUS TOP UP AT BRANCH

To top-up your Salary Plus loan at any FCMB Branch, simply follow the steps below:

  • Hand over account number to the Teller at the Branch
  • Teller inputs customer account number on the system to confirm customer eligibility.
  • Eligible amount is displayed.
  • Customer confirms go ahead with the loan amount and conditions.
  • Teller submits the request to Head teller for appropriate confirmation
  • OTP is generated upon completion and sent to the customers ‘registered phone number for confirmation
  • Customer reads out the OTP and teller.
  • Loan is disbursed within 8 hours.

 

Frequently Asked Questions on Branch Top up

TERMS AND CONDITIONS

SALARY PLUS LOAN AGREEMENT

Amount: Disbursed Loan Amount is subject to the outcome of Bank's assessment.

Repayment: Equal Monthly Repayments comprising of Principal & Interest, which shall be subject to amount eventually disbursed will be taken from your salary account

Security: This loan is approved subject to formal domiciliation of your monthly salary and any other allowances to FCMB. Kindly note that non receipt of salaries at any time within the duration of the loan will be considered as default.

Pricing:

Interest Rate (variable). The applicable interest rate is based on your company categorization with the Bank, and it is as displayed during the application process.

Monthly Interest on your loan is Calculated as follows:

“Interest Rate” x Outstanding Principal x (30/360)

Management Fee:1% (flat) of disbursed loan amount for New Loan and 0.5% of Principal balance after TOPUP for TOPUP Loan. This is taken upfront (non refundable).

Annual Percentage Rate (APR):is calculated as: 2nc/P(N+1). Where n = Number of repayment periods in 1 year; c = Total cost of the loan which is made up of total interest payments and all other fees charged (including third parties’ charges such as insurance, etc); P = Principal or Net amount borrowed; N = Total number of payments to pay off the loan.

The APR reflects the total cost of the credit on a yearly basis expressed as a percentage, using the information of the disclosure date.

Price Caveat:The pricing is subject to money market fluctuation and tied to your current employer hence it may change if you leave your current place of employment.

Insurancee (for Death): The Borrower agrees to take a life insurance policy naming the Bank as

Loss Payee in case of death and this will be arranged by the Bank. This does not cover loss of Job.

The borrower undertakes to pay the insurance premium (non-refundable) of 0.9% (variable) of disbursed loan amount multiplied by the tenure of the facility.

This total premium will be deducted from the Borrower's loan amount during disbursement.

Conditions Precedent to Disbursement

a. Acceptance of the Terms and Conditions of the loan

b. Positive Credit Bureau report

Other Conditions Precedent to Disbursement

Disbursement of the loan is subject to the approval of the management of First City Monument Bank Ltd (”FCMB”). FCMB shall not be liable for any loss, damages or expenses which may be suffered or incurred by you due to the non-approval of the loan by its management

The above summary Terms and Conditions are preliminary and are subject to change and do not purport to summarise all of the conditions, terms, covenants, representations, warranties and other provisions which would be contained in definitive legal documentation for the credit facility contemplated hereby.

Early Salary Payment:I consent that the Bank should debit or place a hold on the equivalent of my Monthly Repayment Amount in the event that my salary is paid earlier than the normal scheduled repayment date - including but not limited to Festive Periods

Disbursement Preference:I hereby instruct the Bank to disburse my loan immediately after approval

BORROWERS ATTESTATION

I agree that my repayment schedule will be sent to my email or collected from the branch after disbursement or when a rate change is initiated/effected and that the schedule is only valid if repayments are met without default in a timely manner. I agree and accept that interest rate is subject to change and that such changes may lead to extension or reduction of the loan tenure and the lender shall be entitled to make such adjustments in the loan repayment period in line with the changes in the interest rate and in accordance with the Bank’s credit risk policy. I agree that Rate change notification and any other communication relating to this loan will be sent electronically by email and/or SMS only. As a result, I am responsible for ensuring that my contacts details maintained with the Bank are valid. I also acknowledge that all documents provided and submitted in respect to my loan request was provided by me.

By accepting this offer and drawing on the loan, I consent to repay the loan as and when due. In the event that I fail to repay the loan as agreed, and the loan becomes delinquent, the Bank shall have the right to report the delinquent loan to the CBN through the Credit Risk Management System (CRMS) or by any other means, and request the CBN to exercise its regulatory power to direct all banks and other financial institutions under its regulatory purview to set-off my indebtedness from any money standing to my credit in any bank account and from any other financial assets that may be holding for my benefit. I covenant and warrant that the CBN shall have power to set-off my indebtedness under this loan agreement from all such monies and funds standing to my credit/benefit in any and such accounts or from any other financial assets belonging to me and in the custody of any such bank. I hereby waive any right of confidentiality whether arising under common law or statute or any other manner whatsoever and irrevocably agree that I shall not argue to the contrary before any court of law, tribunal, administrative authority or any other body acting in any judicial or quasi-judicial capacity.

SALARY PLUS LOAN AGREEMENT

IT IS AGREED AS FOLLOWS:

1. The Loan

The Bank hereby agrees to make available to the Borrower and the Borrower accepts the sum to be disbursed (hereinafter referred to as “the loan”), by the Bank after loan underwriting process, for a period commencing from the disbursement date as shall be advised on borrower repayment schedule to be forwarded to borrower email address provided on the application loan form.

In addition to other documents precedent to disbursement of the loan, the customer has to have a Positive Credit Bureau check result.

2. Interest

2.1 The Bank will charge interest on the loan amount at the applicable interest rate (Variable) offered to the customer during the application process, and the interest rate will be on floating terms subject to changes in money market conditions, for the period of the loan. If the Borrower fails to pay any
amount which the Borrower owes the Bank in terms of this agreement on the due date

2.2 Past Due Obligation Fee: This is calculated at the penal rate of 1% Flat on outstanding obligation. This will be taken monthly on any outstanding principal and interest obligations unpaid as at when due as well as any unauthorized overdrafts in salary account. However, seven (7) days grace period shall
be allowed in which there will be no penal charge on late repayment.

3. Fees.

3.1 Management Fees: The Borrower shall pay to the Lender a management fee calculated at the rate of 1% flat of the disbursed loan amount for New loan and 0.5% of the principal outstanding for TOPUP.

4. Payment

4.1 The Borrower agrees that the Bank shall have the right to deduct the monthly instalments in full directly from the Borrower's salary and allowances (“emoluments”) as a deduction from his or her employer's payroll.

4.2 The Borrower hereby gives the Bank the right to deduct monies owing to it from any unpaid wages, remuneration credits or terminal benefits payable to the Borrower if the Borrower leaves the service of his/her employer for any reason before the total amount repayable under this agreement has been paid.

4.3 In the event that the period between the loan disbursement date and first repayment date exceeds 31 days, the first instalment due will be slightly higher than the equal monthly instalment (EMI) amounts for subsequent months due to the extra days accrued.

4.4 In the event that post dated cheques (PDCs) are executed as repayment instruments for the loan availed, these will be presented on due dates. Cash payment will only be accepted in extenuating circumstances at the Bank's sole discretion.

4.5. Blank cheque and unused post-dated cheques shall not be returned to borrower upon loan maturity, pre-termination or for any other reason. Such unused post-dated and blank cheques shall be destroyed by the Bank

4.6. Where repayment is tied to upfront (annual/quarterly), if the salary structure changes to monthly gross payments, the borrower shall immediately inform the Bank and the loan is restructured to Equal Monthly Instalments (EMI) payment at the Bank sole discretion.

5. Insurance

The Bank will require the borrower to take a life insurance policy to cover loan repayment in case of death, through the Bank's approved insurance plan. The insurance will cover the principal amount up to the unsecured limit of the loan and the insurance policy shall name the Bank as Loss Payee. There will be no refund of the insurance premium collected up-front for pre termination of the loan or for any other reason.

6. Costs and Charges

6.1 The Borrower agrees that, if the Bank has to use lawyers, Debt Recovery Agents and/or other Consultant because the Borrower has not carried out any part of this agreement, the Borrower will have to reimburse to the Bank all the costs incurred.

6.2 No/Late Salary Domiciliation: 2% flat penal charge on loan amount disbursed if salary domiciliation is not effected within agreed time.

6.3 This offer is based on the Borrower's current employer details and its terms and conditions may be reviewed if this changes during the tenor of the facility. Employer switch charge of 2% on outstanding loan amount will apply

6.4 All out-of-pocket expenses including registration and legal fees, stamp duties and other fees incurred by the Bank in processing of this facility and enforcement of security and recovery of facility in the event of default will be for the account of the Borrower.

7. Breach

In the event of:

i. any failure by the Borrower to pay any amount which is due and owing under this agreement in full as and when due;

ii. any breach by the Borrower of the terms of this agreement or

iii. any failure of the Borrower to carry out his or her duties under this agreement;

then the full sum outstanding under this agreement, together with any penalty interest and all other charges and expenses owing to the Bank by the Borrower shall become immediately due and payable, and without giving notice to the Borrower or affecting any of the Bank's rights under this agreement, the Bank shall be entitled to terminate this agreement and claim and/or recover from the Borrower any damages/losses it may have suffered as a consequence. The Bank will advise the Borrower of any change in lending rate, charges, fees or any other terms and conditions of the loan by written notifications to the Borrower's company Human Resource/ Payroll unit.

8. Letter of Undertaking

The Borrower agrees to submit to the Bank an irrevocable letter from the Borrower's employer undertaking during the term of the facility to:

i. either remit the Borrower's monthly emoluments to the Borrower's account with the Bank or remit

directly to the Bank such part of the Borrower's emoluments that is due, to the Bank monthly and

ii. to ensure that all the emoluments due to the Borrower in the event of the Borrower leaving the employment either temporarily or permanently and for any reason shall also be paid to the Bank up to the maximum sum outstanding on the loan and other unpaid charges as advised by the Bank.

9. Set off and consolidation rights

The Bank may at any time and without notice to the Borrower combine all or any of the Borrower's accounts and liabilities with the Bank in Nigeria (or elsewhere) whether singly or jointly with any person, or set off all or any monies standing to the credit of such account(s) including the Borrower's deposits with the Bank (whether matured or not) towards satisfaction of any of the Borrower's liabilities to the Bank whether as principal or surety, actual or contingent, primary or collateral, singly or jointly with any other person and the Bank may effect any necessary currency conversion at the Bank's own rate of exchange then prevailing. Exchange risks associated with any collateral, cash or otherwise in satisfaction of outstanding debt shall be borne by the Borrower.

10. Banking instructions telex/facsimile/e-mail

Unless the Borrower instructs the Bank to the contrary, the Bank is authorized but not obliged, to act on the Borrower's Banking instructions transmitted through a telex, facsimile service or e-mail. The Borrower releases the Bank from, indemnifies and holds the Bank harmless from and against all actions, suits, proceedings, costs, claims, demands, charges, expenses, losses and liabilities however arising, in consequence of or in any way related to:

The Bank having acted in good faith in accordance with the Borrower's written facsimile, e-mail or telex instructions, notwithstanding that such instruction(s) may have been initiated or transmitted in error or fraudulently altered, misunderstood or distorted in the lines of communication or transmission.

i. The Bank having refrained from acting in accordance with written, telephone, e-mail, facsimile or telex instructions of the Borrower by reason of failure of actual transmission thereof to the Bank or receipt by the Bank for whatever reason, whether connected with fault, failure or un-readiness of the sending or receiving machine.

ii. The Borrower's failure to forward all original copies of facsimile, telephone or e-mail instructions to the Bank

11. Notices

11.1 The Borrower agrees to accept service of all notices, processes and any other communication relating to this loan through email address and/ or SMS to phone number indicated in the application form and hereby confirms these addresses as his/ her address for service. Therefore, Borrower also agrees that it is his/her responsibility to ensure that his/her contact details maintained with the Bank are valid.

11.2 All notices and processes sent by registered post will be deemed to have been received Seven (7) days after the date of posting; all notices and processes delivered by hand shall be deemed to have been received on the day such letter is dated.

12. Appropriation

12.1 All amounts received by the Bank will be first apportioned towards overdue interest charges/fees, and interest. Any balance left thereafter will be appropriated lastly towards the principal sum.

12.2 The Bank reserves the right to refuse acceptance of post-dated cheques or such other instruments towards payment or settlement of the credit facility.

13. Indemnity

The Borrower agrees to fully indemnify the Bank against all costs and expenses (including legal fees, collection commission et cetera) arising in any way in connection with the Borrower's accounts, these terms and conditions, in enforcing these terms and conditions or in recovering any amounts due to the Bank or incurred by the Bank in any legal proceedings of whatever nature.

14. Waiver

14.1 No forbearance, neglect or waiver by the Bank in the enforcement of any of these terms and conditions shall prejudice the Bank's right to strictly enforce the same. No waiver by the Bank shall be effective unless it is in writing.

14.2 In so far as any right is conferred on the Borrower with regard to any obligation imposed on the Borrower by this contract, the Borrower hereby waives and forgoes all such rights and benefits, whether conferred by a statute.

15. Operations and Regulation of Credit Bureau and Credit Bureau Related Transactions in Nigeria by Central Bank of Nigeria, the Bank hereby gives Notice to the Borrower of its duty to share information on the Borrower's credit status and business history as may be required from time to time by Regulators

16. Assignment to Third Parties

The Bank reserves the right to assign this agreement to a third party without the permission of the Borrower

17. General Provisions and Conditions

17.1 Drawdown under the facility is subject to availability of funds.

17.2 SMS alerts / notification charges incurred in relation to this loan shall be for the account of the borrower.

17.3 The Borrower irrevocably undertakes that for the period of this agreement, he or she will maintain his or her bank account designated for the purposes of the loan with the Bank.

17.4 The Borrower hereby consents that FCMB shall be entitled to debit his/her/its account with the Bank on a monthly/quarterly/annual basis for the repayment of the facility, interest and all other charges and such consent shall be irrevocable and shall remain in force until a written confirmation is obtained from the bank that all obligations to FCMB in respect of the facility has been fully discharged by the borrower.

17.5 First City Monument Bank Ltd will give the Borrower, at the Borrower's request, a statement setting out all deductions from his/her emoluments, the outstanding balance and any amounts payable in arrears.

17.6 In the event that the facility becomes due and unpaid, the Bank reserves the right to notify Embassies, High Commissions and foreign consulates about the Borrower's indebtedness.

17.7 The Borrower authorizes the Bank to access any information available to assess his or her application, and permission to register details of the trend of the Borrower's account with any credit bureau, and the Borrower waives any claims he or she may have against the Bank in respect of such disclosure.

17.8 The Bank reserves the right to unilaterally review the facility including pricing, prepayment and past due obligation charge from time to time in the light of changing market conditions and also to terminate this facility based on any adverse information threatening the basis of this relationship or putting the facility at the risk of loss and where you (as borrower) are in breach of any of the terms and conditions of this facility. You shall be notified of any decision taken in this respect.

17.9 The Borrower hereby agrees and consents that such notification by the Bank shall be by way of text messages sent to the Borrowers mobile phone numbers listed on the Borrowers account package with the Bank or by e-mail messages sent to Borrower's e-mail address listed on the Borrower's account details/application with the Bank or through any other means the Bank may consider appropriate.

17.10 The Borrower agrees that the Bank reserves the right to disclose the Borrower's financial and personal information to third parties including the Borrower's referees, guarantors, spouses, relations, debt recovery agent, lawyers and/or any other person or entity that may be appointed by the Bank for the purpose of loan recovery in event of the Borrower's default.

17.11 The Borrower hereby agrees to inform the Bank within 24 hours of any change in his/her employment status whether or not such change is permanent or temporary.

17.12 The Borrower specifically and unequivocally waives any right to contest, challenge, protest or claim upon any subsequent amendments made by the Bank to the terms of this facility or any notification sent by way of e-mail or text message to the Borrower's e-mail address or mobile phone numbers.

17.13 The terms and conditions of this banking facility are subject to the Banking and other applicable laws of the Federal Republic of Nigeria as prescribed from time to time and the jurisdiction of the Nigerian Courts.

17.14 The Bank does not make any representation or warranty as to the accuracy or completeness of any due diligence reports or other reports, documents, or credit analyses prepared, or caused to be prepared, by it in connection with its activities under this facility or otherwise.

17.15 Neither the Bank nor its Directors, employees, agents, advisors or consultants will be liable for any loss, cost, damage, claim or liability that the Borrower or any other party might suffer or incur in connection with, or arising out of any activities under this facility or any transaction contemplated by this Agreement.

17.16 Where Principal/Interest/Charges is not paid out within the stipulated tenor of this facility, this Offer with its attendant terms & conditions shall continue in force until payout of indebtedness. However, this shall neither be deemed as regularization of default to repay nor a waiver of the right of the Bank to call in the facility.

17.17 The Borrower hereby agrees that If a fraudulent activity ( e.g. salary diversion, forged documents, compromised digital banking credentials, etc) is associated with the operation of his/her account, the Bank has the right to apply restrictions to his/her account and report to appropriate law enforcement agencies.

17.18 The Borrower hereby agrees that the Bank shall not be liable for any loss incurred by the Borrower as a result of a negligent of fraudulent digital loan application submitted on Borrower’s account due to compromised digital banking credentials e.g. PIN, password, one-time password, etc..

17.18 The terms and conditions of the banking facility is subject to the Banking and other applicable laws of the Federal Republic of Nigeria as prescribed from time to time and the jurisdiction of the Nigerian Courts.

17.19 If dissatisfied with the resolution of your complaint, you can escalate the complaint to the Consumer Protection Department of the Central Bank of Nigeria by writing to the Director, Consumer Protection Department, CBN, Abuja or send an email to: cpd@cbn.gov.ng

Eligibility: A complaint shall only be escalated to the CBN:

(a) If the complainant has exhausted the Institution’s Internal Dispute Resolution (IDR) process.

(b) If an institution fails to acknowledge the complaint within 3 days.

(c) Within 90 days from the date of the receipt of a decision from an institution

(d) If it is not undergoing the process of resolution or already considered and resolved by a recognized ADR channel.

(e) If it is not under litigation or already adjudicated by a court of law, except where the aspect before the court is distinct from the matter brought to the CBN or where the court is dealing with the criminal aspect of the matter

(f) Provided that the provisions of Clauses 6.4.1d and Clauses 6.4.1e shall not fetter the power of the CBN over regulatory issues.

For enquiries and complaints on your loan facility, please call our 24/7 contact centre on 07003290000 or via WhatsApp on (+234)090 9999 9814 or (+234)090 9999 9815. Alternatively, send an email to customerservice@fcmb.com or visit the nearest FCMB Branch

I confirm that I have read, understood and agreed to the above terms and conditions. I also authorize my employer to deduct monthly instalments as per this agreement from my salary and allowances (“emoluments') until the loan has been fully paid and the Bank to recover any outstanding instalments against my terminal dues in the event of termination of employment before the loan is fully recovered.

I confirm that I have read, understood and agreed to the above terms and conditions. I also authorize my employer to deduct monthly installments as per this agreement from my salary and allowances (“emoluments’) until the loan has been fully paid and the Bank to recover any outstanding installments against my terminal dues in the event of termination of employment before the loan is fully recovered.