The First Trader Solution is a short-term overdraft facility offered to traders in pre-approved market locations and supermarkets who deal in fast moving goods. It comes in two variants; the Main FTS (180-day variant) and the Exceptional FTS (90-day variant).
- Available to Traders that deal in Fast Moving Goods
- Tenor is either 90 Days or 180 Days
- Minimum Loan Amount is N5M
- No collateral is required for the 90 Days Variant
- Collateral for the 180 days variant shall be equitable mortage on shop title documents to cover 200% of the facility amount.
- Requires opening of a charged Savings account with opening amount of 5% of the facility amount. There will also be subsequent deposits as shown below:
A) 0.5% of the loan amount daily through out the tenor of the 180days facility.
B) 1% of the Loan amount daily through out the tenor of the 90 Days facility.
- Provides opportunity for increased business turnover/volume through injection of additional funds.
- Steady build-up of funds which can be used to either pay back the loan or plough back to the business upon liquidation of facility
- Easy repayment plan
- No tangible collateral required
|Question: What is First Trader Solution (FTS)?
Ans: The First Trader Solution is a short-term overdraft facility offered to traders in pre-approved market locations who deal in fast moving goods.
Question: What is the tenor for FTS?
Ans: Tenor is either 90 days or 180 days
Question: What collateral deposits is required to access FTS?
Ans: No collateral is required for the 90 days variant. Collateral for the 180 days variant shall be equitable mortgage on shop title documents.
Question: What is the maximum amount accessible on FTS?
Ans: Maximum loan amount is N5Million subject to a maximum of 15% of average annual credit turnover or 60% of quarterly credit turnover
Question: Where can FTS request be made by customer?
Ans: Request can be made at any First Bank branch within 5km distance to the business location.
Question: What is required to access FTS loan?
Ans: Applicant must have been in current account relationship with First Bank or any other reputable Bank for at least 12 months and have a good credit history. Also, daily sales proceeds should be domiciled to their First Bank account.
Question: What is the pricing of FTS loan offered to traders by First Bank?
Ans: Pricing is competitive
Question: Will an applicant be required to make an equity contribution when applying for FTS loan?
Question: Can an applicant have more than one FTS loan running simultaneously?
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