FCMB Auto Loan Review

FCMB Car loan

FCMB (First City Monument Bank), known for its wide range of consumer credit schemes, caters to individuals seeking financial assistance to buy a car. Its auto loan service is designed to facilitate the purchase of vehicles through a structured repayment plan.

FCMB Auto Loan - Summary

FCMB Auto Loan - Summary

  • Loan amount: ₦500,000 to ₦30,000,000
  • Loan term: Up to 42 months
  • Monthly Interest rate: Starts at 29.5%

Requirements to get a loan:

  • Regular Income
  • Valid ID
  • Longer repayment terms are available
  • High maximum loan limit that accommodates different needs
  • Limited to vehicles from FCMB-accredited car brands
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Loan Offerings

  • Loan Amounts: FCMB offers loans ranging from ₦500,000 to ₦30,000,000, catering to a wide range of financing needs​​.
  • Repayment Period: The loan tenure is 12 to 60 months, providing a longer repayment tenure than most car loan providers​​.
  • Interest Rate: The interest rate starts at 29.5%, making it competitive in the market​​.
  • Equity Contribution: Borrowers are required to contribute at least 20% towards the car purchase​​.

Unique Selling Points

  • Comprehensive Insurance: FCMB ensures comprehensive insurance coverage for the car throughout the loan period​​.
  • No Security Requirement: Loans are granted without collateral, easing the application process​​.
  • Prequalified Auto Dealers: Customers can purchase vehicles from prequalified dealers who have agreements with FCMB, ensuring reliability and safety​​.

Application Process

Eligibility extends to individuals in structured employment and self-employed individuals with a regular income. The process enables customers to buy cars from FCMB’s list of acceptable brands​​.

Customer Experiences

While specific customer testimonials are unavailable from the FCMB auto loan webpage, the general features and benefits offered by FCMB suggest a focus on customer convenience and safety in vehicle financing.

Pros and Cons


  • No security or collateral is required for the loan.
  • High maximum loan limit that accommodates different needs.
  • Longer repayment terms are available, offering ease in financial planning.


  • Limited to vehicles from FCMB-accredited car brands, restricting customer choice.
  • While considered competitive, interest rates may still be high for some borrowers.

Wrap Up

FCMB’s auto loan service provides a range of beneficial features, including comprehensive insurance, a broader range in loan amounts and repayment, and a selection of prequalified dealers. However, the restrictions on vehicle brands and borrower eligibility criteria might limit its accessibility to a broader audience.

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