Apply For First Bank FirstTrader Solution Loan

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Apply For First Bank FirstTrader Solution Loan

Application is open for First Bank FirstTrader Solution Loan. This is a short-term overdraft facility offered to traders in pre-approved market locations and supermarkets who deal in fast moving goods. It comes in two variants; the Main FTS (180-day variant) and the Exceptional FTS (90-day variant)

Features

  • Available to traders that deal in fast-moving goods
  • Tenor is either 90 days or 180 days.
  • Minimum loan amount is N5 Million.
  • No collateral is required for the 90 days variant
  • Collateral for the 180 days variant shall be equitable mortgage on shop title documents to cover 200% of the facility amount.
  • Requires opening of a charged Savings Account with opening amount of 5% of the facility amount. There will also be subsequent deposits as shown below:
    • 0.5% of the loan amount daily throughout the tenor of the 180 days facility.
    • 1% of the loan amount daily throughout the tenor of the 90 days facility.

Benefits

  • Provides opportunity for increased business turnover/volume through injection of additional funds.
  • Steady build-up of funds which can be used to either pay back the loan or ploughed back into the business upon liquidation of facility
  • Easy repayment plan
  • No tangible collateral required

How to Apply?

To Apply for a First Trader Solution loan,

For more information visit the First Bank First Trader Solution Loan

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