First City Monument Bank (FCMB) has reduced interest rates on consumer loan products.

The reduction, which took effect from August 12, applies to 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 be able to repay lower amounts  monthly and can also borrow higher amounts than previously.

In addition to the benefits of interest rates cut, customers also have the option to restructure their consumer loans by opting for reduced tenure instead of reduced repayment amount.

In a statement, FCMB explained that the decision to reduce the interest rates was informed by the coronavirus (COVID-19) pandemic, which has impacted negatively on personal and households income and expenditure, among others.

The Executive Director, Retail Banking of FCMB, Mr. Olu Akanmu, said: “We realise the financial challenges confronting our customers due to the prevailing economic situation caused by COVID-19.

‘’As a caring and responsive bank, we are committed to give them all the support needed to ease the situation. This year alone, we have given out more than N30 billion in retail loans to over 475,000 customers. Because we have also digitised 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, we expect to make positive impact in more lives by giving our customers the financial support they need, when it matters most.”