How to Apply for First Bank First Trader Loan Money on www.firstbanknigeria.com First Bank of Nigeria just Launched a loan initiative Titled: First Trader Loan, this Loan initiative was setup by Fist bank of Nigeria to assist Nigeria Struggling traders to reach their peak, it was objected to make business easier and money Financially Friendly to Nigerian Traders all over the Country.
The FirstTrader Solution 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).
FirstTrader Loan Features
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- 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.
Loan Benefits from firsttrader
- 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 for First Bank of Nigeria First Trader Loan Money
To Apply for a First Trader Solution loan,
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