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FCMB cuts interest on consumer loan products and creates opportunity to restructure payment terms – The Sun Nigeria

First of all City Monument Bank (FCMB) has once again met expectations as a customer-centric business by reducing interest rates on all consumer loan products.

The reduction, which took effect on August 12, 2020, applies to all of its Salary Plus loans, including Premium Salary Plus, auto loans and home loans, whether newly disbursed or already in progress. The reduction in interest rates means that customers will repay lower amounts each month and will also be able to borrow higher amounts than before.

In addition to the benefits of lower interest rates, customers also have the option of restructuring their consumer loans by opting for a shorter term instead of reducing the repayment amount.

In a statement, the FCMB explained that the decision to cut interest rates and restructure its consumer credit products more flexibly are the latest initiatives in response to the current economic realities brought about by the new COVID-pandemic. 19, which had a negative impact on personal property. and household income and expenditure, as well as on businesses and the socio-economic environment in general.

The decision to cut interest rates has been applauded by customers as it will go a long way in improving living standards by helping customers generate additional income to increase their purchasing power and meet other expenses. in a practical way. Development is also expected to have a multiplier effect on the Nigerian economy in terms of stimulating growth and development.

Commenting on the reduction in interest rates and restructuring of the repayment term, its Executive Director, Retail Banking, Mr. Olu Akanmu, said, “We are aware of the financial challenges our clients are facing as a result of the situation. current economic impact caused by COVID-19. As a benevolent and responsive bank, we are committed to providing them with all the support necessary to calm the situation.

This year alone, we have provided more than N30 billion naira in personal loans to more than 475,000 clients. Because we have also digitized the application process for many of our loans, customers can get loans instantly by simply applying on their cell phone or at an ATM. With lower interest rates, we hope to positively impact more lives by providing our clients with the financial support they need, when it matters most. “

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