First City Monument Bank (FCMB) has announced a reduction in interest rates on all of its consumer loan products.
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, a statement by the bank said on Sunday.
The slash of interest rates means that customers will be repaying lower amounts each month and can also borrow higher amounts than previously.
In addition to the benefits of interest rates reduction, customers also have the option to restructure their consumer loans by opting for reduced tenure instead of reduced repayment amount.
In the statement, FCMB explained that the decision was in response to the current economic realities induced by the COVID-19 pandemic.
“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 Executive Director, Retail Banking of FCMB, Mr. Olu Akanmu, said, “This year alone, we have given out more than N30 billion in retail loans to over 475,000 customers. With the reduction in interest rates, we expect to make positive impact in more lives by giving our customers the financial support they need, when it matters most.”