A secured short-term loan granted to augment working capital/operating funds.
Features
Maximum tenor of twelve (12) months, with equal monthly principal repayment instalments plus interest for SMEs and reducing interest payment for Corporate customers. Assignment of collateral (vehicle or landed property, depending on the credit exposure)
Benefits
Access to needed funds to purchase additional stock or meet operational expenses
Target Audience
Registered SMEs/Corporate customers (Sole Proprietorships, limited liability companies) with a banking relationship of at least three months
Application Requirements
Completed SME form; Application letter; Business profile; Two/three years' audited financial statement; projected cash flows and board resolution (for limited liability companies) Collateral documents.