How To Obtain FirstBank Secured Term Loan

FirstBank Secured Term LoanThis 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

Accompanying Documents

  • 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.

Next Step

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

Top Read: Reasons Why Banks Won’t Give You Business Loans

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:

  1. A Government issued Certificate of Ownership
  2. 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

As we are always committed to your advancement, we will keep on updating you on opportunities available both within and outside the Nation. All you have to do is to keep visiting our site and to also share these information with friends and loved ones. Thank you.



Submit a Comment

Your email address will not be published. Required fields are marked *

Top News Today:

How to Check Mock Jamb Result 2022

This article is for you If you're among the candidates who have participated (sat) in the Mock Jamb Result for the 2022 session. Joint Admissions and Matriculation Board (JAMB) has officially released the results of the Unified Tertiary Matriculation Examination...

Travel & Tourism Tips:

Live and Work in Canada | Apply for Canadian jobs abroad

It isn't new to know that Canada is a land of opportunity, that's the reason individuals and families are migrating. It is weird to even think of finding and applying for a job in Canada from abroad, right? But it's possible. Ever since the pandemic, Canada’s labor...

Most Read Tech Reviews:

Most Trending Opportunities To Explore:

Top 7 Ways To Avoid Job Scams – Job Recruitment Safety Tips

We have heard countless times people complain and wail about having been scammed. The truth is that we have many job scammers roaming around every street these days. And unfortunately, they have learned how to appear decent and unsuspecting. Regardless, these Top 7...

Fashion & Lifestyles:

5 Proven Steps To Achieve Success Faster

To be able to succeed in life, you must work hard to achieve success. It’s very rare to see someone become successful without any labour put in. It would be considered a Miracle then. For anyone aiming for success, you need to climb some tough ladders or cross some...

Entertainment Zone:

Full Guide – How to Apply for the Guinness World Record

Guinness World Records is a global organization that recognizes " set or break a record" achievements across the globe. Of truth, breaking an already existing record or setting a new one is a prestigious accomplishment that showcases your extraordinary skills,...

How to Vote Big Brother Titans – Vote your Favourite Housemate

The Big Brother Titans reality TV show kicked off on January 15th, 2023, with a total of 24 Nigerians and South Africans being present in Big Brother’s house. The show is packaged with lots of exciting activities - captivating the interest of viewers. To some fans, it...

Trending How-To’s Articles:

How To Verify Google AdSense WITHOUT A PIN

– Is your Google AdSense Payment on hold because you haven’t verified your address with Google PIN?
– Have you applied for the PIN 4 times and still haven’t gotten any?
– Is your YouTube or Blog not displaying ads because you haven’t verified your Google Account?
If any of this concerns you, then you are on the right page to restore your Google AdSense + Blog +YouTube Earnings again.

Business Zone:

Zenith Bank Internet Banking Login Page

Zenith Bank Internet Banking Login Page

Banking has become widely adopted around the world, and your bank's banking system is not excluded. There are several digital banking methods offered by Zenith Bank - each method offers seamless services. Talking about the available Zenith Bank digital banking...

Leading 11 Fintech Companies in Nigeria (Mobile Money Apps)

Leading 11 Fintech Companies in Nigeria (Mobile Money Apps)

Arguably to say that the Fintech companies in Nigeria are indeed revolutionising access to finance and banking services, with the consistent strategy of delivering outstanding features (products and services) to individuals and businesses in the country. It almost...

Understanding Student Loan Forgiveness Program

Understanding Student Loan Forgiveness Program

Student loans have been of great opportunities to many and yet a disturbing thing to some as well. Understanding every principle behind the student loans, application processes, and the escape roots (also known as Student Loan Forgiveness Programs) would be a...

Pin It on Pinterest

Share This