The FirstTrader Solution is a Firstbank short-term overdraft facility offered to traders in pre-approved market locations and supermarkets that 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.
- The minimum loan amount is N5 Million
- No collateral is required for the 90 days variant
- Collateral for the 180 days variant shall be an equitable mortgage on shop title documents to cover 200% of the facility amount.
- Requires opening of a charged Savings Account with an 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 an opportunity for increased business turnover/volume through the injection of additional funds
- The steady build-up of funds that can be used to either pay back the loan or plowed back into the business upon liquidation of the facility.
- Easy repayment plan
- No tangible collateral required.
How to Apply:
Interested traders should click on the link to apply: https://www.firstbanknigeria.com/personal/loans/more-financing-options/first-trader-solutions/
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