Everything You Must Know ABout FirstBank Secured Term Loan

According to FirstBank official page the product is designed to provide a structured and controllable mechanism through which FirstBank may provide finance to retail organizations with annual turnover of N500 million and below in all segments of the economy to finance capital projects like new technology
acquisition, asset replacement etc. Below are the features of the product:

1. Maximum amount is N40 million
2. Maximum tenor of 36 months
3. The Facility is limited to 50% of the last six (6) months turnover
4. Collateral – Legal Mortgage over property in FirstBank acceptable Locations or Treasury Bills/Fixed Term Deposit
Benefits
1. Assists businesses manage cash flows
2. Retail businesses may obtain funds for capital projects while repayment is done on installments
3. Convenient repayment plan (equal monthly or quarterly repayment over 36 months period)
Competitive interest rates
Accompanying Documents which includes:
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
Complete the form and with the accompanying documents, submit at the nearest FirstBank branch 
Good luck.

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