If you are a trader and you are looking for funds to finance your business, you are currently at the right place. The First Trader Solution Loan 2021 will help finance your business and take it to the next level.
The First Trader Solution is a short term overdraft facility offered to traders in pre-approved market locations that deal in fast-moving goods.
The overdraft allows you to continue withdrawing money even when your account with First Bank has no money in it or has insufficient funds to cover the amount needed for withdrawal. So, it is a kind of loan.
|SEE ALSO: First Bank of Nigeria Job Recruitment (5 Positions)|
Features of First Trader Solutions Loan 2021
- It is only available to traders that deal in fast-moving goods.
- The loan tenor is either 90 days or 180 days.
- The minimum loan amount is five million Naira (N5,000,000).
- It does not require collateral for the 90 days variant.
- Collateral for the 180 days variant shall be an equitable mortgage on shop title documents to cover 200 per cent of the loan amount.
- It requires opening of a charged Savings account with an opening amount of 5% of the loan amount. There will also be subsequent deposits as shown below:
- a) 0.5% of the loan amount daily throughout the tenor of the 180 days facility.
- b) 1% of the loan amount daily throughout the tenor of the 90 days facility.
|SEE ALSO: How to Get Quick Loans with First Bank Salary Advance|
Benefits of the facility
- It helps increase business volume through the injection of additional funds.
- The steady build-up of funds which can be used to either pay back the loan or ploughed back into the business upon liquidation of the facility.
- Easy repayment plan.
- No collateral required.
How to Apply for First Trader Solutions loan 2021
Kindly follow the guideline below to apply for a First Trader Solution loan:
1. Download the Retail Loan Application Form. To download the application form Click Here
2. Complete the form and submit it to the nearest FirstBank branch
3. Wait for a response from the bank