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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
Retail TOD is a short-term credit facility designed to augment working capital requirements for customers (SMEs) against expected cashflow from business.
Benefits
Benefits of TOD include:
- Customers can draw more funds than is available in their account up to approved limit.
- Useful in emergency situations to meet urgent financing need.
- 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
Customers who have maintained an account in the past 6 months with the bank or 12 months in another commercial bank
N4m subject to 50% of average 6months turnover
Yes, if the personal account is used to lodge your business proceed. However, you can only take TOD 2 times, after which you are required to open an account with your registered business name to continue to enjoy the facility.
Yes, all you need is to provide additional documentations required to operate a business/ corporate Account.
