Secured Term Loan
This product is designed to provide a structured and controllable mechanism through which FirstBank may provide overdraft to retail organisations in all segments of the economy to finance working capital requirements of the business.
- Maximum amount is N40 million
- Maximum tenor of 36 months
- The Facility is limited to 50% of the last six (6) months turnover
- Collateral – Legal Mortgage over property in FirstBank acceptable Locations or Treasury Bills/Fixed Term Deposit
- Assists businesses manage cash flows
- Retail businesses may obtain funds for capital projects while repayment is done on installments
- Convenient repayment plan (equal monthly or quarterly repayment over 36 months period)
- Competitive interest rates
- Application letter
- Duly completed Loan Application Form
- Proforma Invoice from FirstBank approved vendors
- Company Profile
- Current ultility bill
- Latest Audited Account
- Six (6) months Bank statement
- Other KYC requirements for opening a corporate account.
Who can benefit from this facility?FirstBank offers the Secured Term Loan Product to small and medium scale businesses with annual turnover of N500 million and below. The business account would be domiciled in FirstBank for the period of the loan.
How much can be obtained under this product programme?The amount any business organisation can get will ultimately be determined by the cash inflow from their business, evidenced in their bank statement of account.
Would the Bank require any form of collateral?Yes. The bank would require either real properties or treasury bills/fixed term deposit as collateral?
Must properties to be used as collateral have valid title documents?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