A term loan is a credit facility that is repaid in fixed payments over a set period. Term loans usually last between one and ten years.
- Interest Rate: 9.00% – 14.00% computed on a reducing balance
Application Requirements
- National Identification Card, Valid Passport or Valid Driver’s License of all Directors
- TIN Certificate of Company
- Certificate of Incorporation or Business Registration
- Memorandum of Association or Articles of Association
- Annual Return (Previous two years)
- Audited Financial Statements (Previous three years)
- Business Plan / Application indicating purpose of financing
- Bank Statement from Current Bank (Minimum one year)
- Copy of Transport / Title of property offered as collateral
- Valuation of Property (To be done by an approved valuator by the Bank)
View related fees here: www.citizensbankgy.com/about-us/fee-structure/