This is a business financing series. We are going to show you Obtain FirstBank Secured Term Loan. This product (First Bank Secured Term Loan) 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.
Obtaining a business loan and other credit facilities is one of the major setback facing business successes all over the world. Many business ideas have unfortunately died natural deaths as result of lack of business capital and finance. In bridging this gap, the FirstBank Secured Term Loan is made available for you to adopt and utilise. We want to break it down for your convenience.
Features Of The FirstBank Secured Term Loan
- 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.
To apply for the Household Equipment Loan,
- Download the Secure Term Loan Form Here
- Complete the form and with the accompanying documents, submit at the nearest FirstBank branch
Frequently Asked Questions
- 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
- Is this product available to only existing customers of FirstBank?
These products may be availed by new customers of FirstBank with suitable cash flow.
- Can a big business get more than N40 million?
Yes. Subject to clear evidence of capacity to repay, however fully at the discretion of FirstBank.
Must Read: Why You Must Start your Business Today
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