If you are trader and you are looking for funds to financial 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.
- Open Heaven 28th May 2021 RCCG Daily Devotional (Honor Them Now)
- Association of Master Bakers and Caterers of Nigeria (AMBCN) to Increase Bread, Biscuits Price By 30%
- Obafemi Awolowo University (OAU) Admission List for 2020/2021 Academic Session
- Breaking: President Buhari Appoints New Chief of Army Staff, Maj. Gen. Farouk Yahaya
- Accountant at Rossland Screening Solutions | How to Apply
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 opening of a charged Savings
An 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 the facility
- It helps increase business 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 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
2. Complete the form and submit to the nearest Firstbank branch
3. Wait for response from the bank
- Apply For: Rise Up Youth Champions Initiative 2021 grants
- Katsina State College of Nursing and Midwifery (CONAMKAT) Community Nursing Programme Admission Form 2021
- Open Heaven 16th June 2021 RCCG Daily Devotional (The Sin Of Covetousness)
- Federal University of Technology Minna (FUTMINNA) Pre-Degree/IJMB School Fees for 2021/2022 Academic Session
- Professional Tailor at Westingate Group – Apply Now
Religion7 days ago
Open Heaven 10th June 2021 RCCG Daily Devotional (Blessed Fruitfulness)
Npower6 days ago
N-Power: FG shortlists 550,000 Batch C applicants for final stage
Scholarship6 days ago
TY Danjuma Scholarship 2021/2022 for Africans to Study in Leading Business Schools
Nigeria News7 days ago
Update: Npower Batch C Stream 2 Commencement Date…
Religion6 days ago
Open Heaven 11th June 2021 RCCG Daily Devotional (Let There Be Order)
business5 days ago
CBN Nirsal Covid19 Loan 2021 Approval Begins – If you applied for House Hold, Check here
Education5 days ago
JAMB considers conduct of a 2nd UTME for 2021 candidates with registration issues
Education6 days ago
University of Ilorin (UNILORIN) Resumption Date for Commencement of 2020/2021 Academic Session