What is Term Loan?
- Term Loan is the type of loan that First Private Bank offers to its customers to fulfill their revolving fund requirements and investment requirements with tenure of up to 3 years.
Types of Collateral
- Immovable Properties (Land and buildings)
Interest and Repayment Plan
| (1) Interest | 14% Per Annum |
| (2) Interest Repayment - | Must repaid on quarterly basis. |
| (3) Principle Repayment | 30% of Principle amount must repaid at the end of the 1st year. 30% of Principle amount must repaid at the end of the 2nd year. 40% of Principle amount must repaid at the end of the 3rd year. Or Customer can negotiate with the bank for the repayment plan of the principle amount. |
Requirements
- A copy of NRC Card and Household Registration Card with a passport photo of the applicant
- Copy of valid Business License/Registration
- Copy of DICA Registration
- BOD Resolution (Original document is required)
- Business Photos
- Financial Statements for the latest 3 years.
- Receipts of Income tax for the latest 3 years.
- Title Deeds, Lease (Original and Copy)
- Form-105/Form-106 in the name of the applicant mentioning that the reason is to borrow from the bank
- If the building is self-constructed, original building permit and original residency permit should be submitted to the bank.
- Photos of the building.
- Court Affidavit mentioning that the property is free from mortgage, free from sale and free from giving as a gift to someone.
Application Procedure
- Please visit the nearest First Private Bank Branch and discussed with the branch manager for required documents, etc. and fill Application Form and submitted it to the bank.
- Responsible personnel will scrutinize the applied information and inspection will be made for Title clearance and assess the market value and forced-sale value of the properties.
- Term Loan will be disbursed within maximum 2 weeks provided that all the required documents are adequate and in line with rules and regulations of the bank.
- Sign the loan contract and related documents at the bank once the term loan has been disbursed.
