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Asset Finance
The secured overdraft is a loan type designed to finance small- to medium-scale retail businesses with an annual turnover of ₦3 billion and below.
Loan Information
Description
Target Market
Features
Benefits
Requirements
How to Apply
Description
This product offers part-finance for the acquisition of assets and equipment such as:
- Office furniture
- Electricity generating sets
- Computer sets
- Solar power generating set
- Other equipment required in the normal running of the company’s business.
Tenor: 18months
Target Market:
- SMEs in different sectors of the economy
- Reputable professional firms such as: Accounting, Audit, Law, and other specialised disciplines.
Target Market
- SMEs in different sectors of the economy
- Reputable professional firms such as: Accounting, Audit, Law, and other specialised disciplines.
Features
- Competitive pricing
- Flexible repayment period
- Flexible Collateral Structure
Benefits
- It empowers SMEs to get all equipments needed for maximum productivity.
Requirements
- Customer must have been in business for at least 1year
- Equipment financed must be of use in the customer’s line of business
- Customer will have maintained an active account with either FirstBank or any reputable bank for minimum of 6 months
How to Apply
- Application letter on customer’s letter head
- Duly completed Retail Loan Application Form. Click here for form
- Visit any FirstBank branch to submit letter and form to Branch/Business Manager to get started
FAQs
FirstBank offers the Secured Overdraft Product to small and medium scale businesses with annual turnover of N500 million and below.
The amount any business organisation can get will ultimately be determined by the cashflow from their business evidenced in their bank statement of account.
Yes. The bank would require either real properties or treasury bills/fixed term deposit as collateral.
Yes. Properties that may be accepted as collateral must have either of:
- A Government issued Certificate of Ownership
- A registered deed of Assignment, Deed of Sub Lease or Deed of Conveyance
Yes. Subject to clear evidence of capacity to repay, however this is fully at the discretion of FirstBank
Kindly visit any FirstBank branch closest to you nationwide.
