Term Loan
A Term Loan is a non- revolving product designed to assist customers’ for specific purposes. It is a loan made for a period longer than one year with or without moratorium.
Target Market
Individual & Joint Association
Corporate bodies
Partnerships
Trustees, Executors & Administrators
Associations, Societies & Clubs
Non- profit organizations & Religious Institutions
Product Features
Usually amortized fully equally on monthly, quarterly, bi-annual installments or as otherwise stated.
The Facility is governed by specifically written agreed terms & conditions.
Customers’ equity contribution is essential.
Product Benefits
Assists customers in carrying out specific purpose e.g. projects, fixed assets e.t.c.
Access to money as at when needed.
Product Requirements
Must have a current account
Must be registered at Corporate Affairs Commission