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Credit products

Corporate Overdraft Facility

Get cash flow relief and emergency funding through the bank's Overdraft facility for Corporate customers.

Requirements
  • 6 months active account.
  • Marketable collateral.
  • Memorandum of association / articles of association.
  • Board resolution to borrow from the Bank
  • Cash flow projections.
  • Business plan and company profile.
  • Insurance policy covering full value of the collateral with our financial interest duly noted.
  • Audited financial statements and management accounts

Facility amount
  • Up to 60% of business turnover
  • Up to 80% of acceptable collateral value

Purpose
  • Working capital, purchase of stock

Interest rate
  • Base Rate + Risk-Based margin

Term
  • Subject to renewal every 12 months

Features
  • Additional temporary facilities of up to 10% of existing limit are permissible.

Benefits
  • Ability to bridge cash flow gaps.
  • Can be used to finance administration and operation expenses.
  • Can be used for working capital

Asset Finance Loans

An ideal facility when you need to acquire high value assets like motor vehicles, machinery or specialist equipment.

Requirements
  • 6 months active account.
  • Quotation of the asset from the supplier.
  • copy of latest audited accounts.
  • Management accounts for the currentfinancial year,
  • Cash flow projections for the next 12 months.

Purpose
  • Purchase of assets like vehicles, computers,machinery, etc.

Interest rate
  • Base Rate + Risk-Based margin

Term
  • Up to 60 months for brand new assets.
  • Up to 36 months for second hand assets.

Characteristics- Flexible facility structure

Security
  • Normally the asset being purchased: but sometimes we requireadditional security e.g. residential property covering not less than 50% of the facility.

Benefits
  • You obtain the use of an asset even without acquiring it.
  • You conserve capital that would have been tied in an asset if bought on cash
  • A flexible repayment structure that is convenient to your cash flow pattern

 

Staff Motor Vehicle Loan Scheme

This facility gives a chance to corporates that would want their members of staff to access car loans through NBS Bank. The Bank enters into an agreement with the Corporate customer to deduct and remit installments to the bank.

Repayment Period
  • 36 months for second hand vehicles.
  • 60 months for brand new vehicles

Advantages
  • This helps companies to increase employee morale and retention.
  • Low maintenance costs of vehicles since members of staff tend to be more careful whenever they are using their personal vehicles.

 

Insurance Premium Finance

If you have property or your life insured, you may access our Insurance Premium Finance to pay insurance premiums

Requirements
  • 6 months active account.
  • Deposit of 3 months premiums.
  • Insurance policy rights ceded to the Bank.
  • Audited accounts, management accounts, 12 months cash flow projections
  • Memorandum/Articles of Association and Board Resolution to borrow

Facility amount
  • As per Insurer’s invoice.

Purpose
  • Payment of insurance premiums.

Interest rate
  • Base Rate + Risk-Based margin

Term
  • 9 months

Characteristics
  • Interest repayment on reducing balance basis.

Benefits
  • Flexible collateral.
  • Can obtain parallel loans if you have an excellent credit record.

 

Mortgage

The NBS Bank Mortgage facility provides you a once in a lifetime opportunity to own your own home. Institutions can also acquire property through this facility.

Requirements
  • Offer letter/ sale agreement.
  • Identification document (Passport or drivers license)
  • Income documentation (3 most recent payslips or letter of salary)
  • Confirmation from employer or 6 months recent bank statements for the self employed.
  • Copy of certificate of lease or land certificate.
  • Bills of quantities and approved plans (if constructing).
  • A valuation report from a registered and Bank approved valuer/quantity surveyor.
  • An NBS Bank active account aged 6 months and above.
  • Memorandum/Articles of Association
  • Board resolution to borrow from the Bank.
  • Audited accounts for preceding financial periods plus latest management accounts.

Facility amount
  • Up to 80% collateral value

Interest rate
  • Base lending rate (owner occupied)
  • Base +2.5% (for renting purposes).
  • Base + 5% (Commercial buildings)
  • Base + 7% (Personal Loan against mortgage)

Term
  • 180 months maximum for occupational mortgage
  • 120 months maximum for rental mortgage
  • 60 months for commercial mortgage and personal loans against mortgages.

Characteristics
  • Interest calculated on reducing capital balance basis.
  • Monthly, Quarterly, bi-annual repayments are permissible.
  • Bullet payments allowed.

Benefits
  • Property gets insured against loss due to fire and other natural causes.
  • Borrower’s life is insured to protect the mortgage (funds used to liquidate or reduce loan amount upon death of borrower).
  • NBS Bank mortgage can also be used to build a new house or make home improvements
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