The reduction, which took effect from August 12, 2020 applies to all Salary Plus Loans, including Premium Salary Plus, Auto Loans and Home Loans, of FCMB, whether they are newly disbursed or already running loans. The slash of interest rates means that customers will be repaying lower amounts each month and can also borrow higher amounts than previously.
FCMB’s bold move to cut interest rates has been applauded by customers, as it will go a long way in enhancing 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.
With a customer base of almost 6 million as at the end of June 2020, robust digital banking offerings cutting across mobile, internet and ATM platforms, as well as over 200 branches spread across Nigeria, FCMB offers bespoke financial solutions that align with the lifestyles of its existing and potential customers.