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Retail TOD
Retail TOD is a short-term credit facility designed to augment working capital requirements for customers (SMEs) against expected cashflow from business.
Loan Information
Description
Features
Benefits
Description
RTOD is aimed at providing customers with flexible temporary overdraft to meet urgent business financial needs.
Features
Features of TOD include:
- Access up to N5million monthly subject to 10% of 6 months credit turnover from sales
- Interest rate is competitive and subject to changes in money market realities
- No tangible collateral is required
- Facility tenor is 30 days and can be accessed up
to 12 times in one year
Benefits
Benefits of TOD include:
- Assists in growing business volumes which positions SMEs for higher facility limit
- Useful in emergency situations to meet urgent business needs
- No tangible collateral is required
- Available throughout the year once initial existing facility is repaid within 30days
- Cheaper interest rate due to short facility tenor
FAQs
SMEs with regular cash flow who have maintained an account with First Bank in the last 6 months or 12 months in another commercial bank.
N5million monthly subject to 10% of the customer’s last 6 months credit turnover.
Yes, if the personal account is used to lodge your business proceed. However, you can only take TOD two times, after which you are required to open an account with your registered business name to continue to enjoy the facility.
Useful for urgent financing needs and available throughout the year.
Terms and conditions apply.
