Apply for First Trader Solutions (FTS) Loan 2021 following the guideline below:
The First Trader Solution is a short-term overdraft facility offered to traders in pre-approved market locations who deal in fast-moving goods. It comes in two variants; the Main FTS (180-day variant) and the Exceptional FTS (90-day variant).
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.
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 percent of the loan amount.
- It requires the 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.
Benefits of First Trader Solutions Loan 2021
- It helps increase business volume through the injection of additional funds.
- The steady build-up of funds 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
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