First City Monument Bank (FCMB) declared that it has slashed interest rates on all consumer loan products and reduced tenure for repayment.
This was contained in a statement released on Tuesday, September 8, entitled, ‘FCMB reduces interest on consumer loan products, offers customers opportunity to restructure tenure for repayment.’
Speaking about the slash in the interest rate on customer loans, the Executive Director, Retail Banking of FCMB, Mr. Olu Akanmu, said: “With the reduction in interest rates, we expect to make a positive impact in more lives by giving our customers the financial support they need, when it matters most.
“We realise the financial challenges confronting our customers due to the prevailing economic situation caused by COVID-19.
“This year alone, we have given out more than N30 billion in retail loans to over 475,000 customers. Because we have also digitized the application process for many of our loans.
“Customers can get some loans instantly simply by applying on their mobile phone or the ATM. With the reduction in interest rates.
Akanmu also said that the reduction includes Premium Salary Plus, Auto Loans and Home Loans, of FCMB, whether they are newly disbursed or already running loans.
He explained further that the slash of interest rates means that customers will be repaying lower amounts each month and can also borrow higher amounts than previously.
The director said: “Customers as well have the option to restructure their consumer loans by opting for a reduced tenure instead of reduced repayment amount.
“The decision to reduce interest rates and restructure its consumer loan products in a more flexible manner are the latest initiatives in response to the current economic realities induced by the novel COVID-19 (coronavirus) pandemic, which has impacted negatively on personal and households income and expenditure, as well as on businesses and the socio-economic environment in general.
“FCMB’s bold move to cut interest rates has been applauded by customers, as it will go a long way in enhancing the standard of living by helping customers free up extra income to boost purchasing power and meet other expenses in a convenient manner.
“The development is also expected to have a multiplier effect on the Nigerian economy in terms of stimulating growth and development.”