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Bonds and Guarantee
The Bonds and Guarantee product is targeted at FirstBank customers who are contractors to major companies that require guarantees (i.e. comfort/security) from a bank on their contractors.
Loan Information
Description
Features
Benefits
Required Documents
How to Apply
Description
The Bonds and Guarantee product is targeted at FirstBank customers who are contractors to major companies that require guarantees (i.e. comfort/security) from a bank on their contractors.
Features
- Contract for which the Guarantee is being given must be legitimate.
- Lien if placed on Advance Payment Sum.
- Tenor of Guarantee does not exceed one year.
Benefits
- Improved profitability from the award of more contracts.
Required Documents
- Contract / Term sheet.
- Draft Guarantee document.
- KYC documentation on Account openings.
How to Apply
The product is available to existing and prospective customers of the Bank, they can apply through any of our branches. Formal request letter is to be submitted to the Relationship Manager at the Branch.
FAQs
No, you do not have to be a customer of the Bank, however, you must provide evidence of 6 months banking relationship with another Bank.
