Secured Term Loans

Does your business have an annual turnover of N500 million and below? We have designed this loan facility to provide retail organisations like yours with finance to execute capital projects  like acquiring new technology, asset replacement etc.


  • Maximum amount is N40 million.
  • Maximum tenor of 36 months.
  • The facility is limited to 50% of the last six (6) months turnover.
  • Collateral – Legal Mortgage over property in FirstBank acceptable Locations or Treasury Bills/Fixed Term Deposit.



  • Assist businesses manage cash flow.
  • Retail businesses may obtain funds for capital projects while repayment is done on installments.
  • Convenient repayment plan (equal monthly or quarterly repayment over 36 months period).
  • Competitive interest rates.


Accompanying Documents

  • Application letter.
  • Duly completed Retail Loan Application Form.
  • Proforma Invoice from FirstBank approved vendors.
  • Company Profile.
  • Current utility bill.
  • Latest Audited Account.
  • Six (6) months Bank statement.
  • Other KYC requirements for opening a corporate account.


Who Can Apply 

SMEs with annual turnover up to N3billion.

To apply for the Household Equipment Loan,

1) Who can benefit from this facility?

FirstBank offers the Secured Term Loan Product to small and medium scale businesses with annual turnover of N500 million and below. The business account would be domiciled in FirstBank for the period of the loan.


2) How much can be obtained under this product programme?

The amount any business organisation can get will ultimately be determined by the cash inflow from their business, evidenced in their bank statement of account.

3) Would the Bank require any form of collateral?

Yes. The bank would require either real properties or treasury bills/fixed term deposit as collateral

4) Must properties to be used as collateral have valid title documents?

Yes. Properties that may be accepted as collateral must have either of:

  • A Government issued Certificate of Ownership
  • A registered deed of Assignment, Deed of Sub Lease or Deed of Conveyance


5) Is this product available to only existing customers of FirstBank?

These products may be availed by new customers of FirstBank with suitable cash flow.

6) Can a big business get more than N40 million?

Yes. Subject to clear evidence of capacity to repay, however fully at the discretion of FirstBank

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Fixed Deposit Account: With this account, you can invest a specific amount for an agreed period of time and interest rate.

Conventional Term Loans

Conventional Term Loans & Overdrafts: If your business falls outside government intervention funds specification, this facility is for you.


FirstCollect: Organizations/businesses can receive payments for goods and services through our FirstBank branches nationwide.

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