Does Bank of Industry loan require security?
|≤ N10 million
||A combination of;
The guarantees must be supported by duly Notarized Statement of Net worth acceptable to BOI
- Irrevocable Personal Guarantee of the Chief Promoter of the company
- Two (2) external Guarantors acceptable to BOI who must belong to any of the following categories:
- Senior Civil Servant (Level 12 and above) who should not be more than 53 years old or not more than 28 years in service (whichever comes first.
- Bankers (not below the level of Assistant Manager) and must have been confirmed by current employer.
- Professionals i.e. Medical Doctors, Lawyers, Accountants, Engineers, etc.
- Senior Staff (not less than a manager) of reputable quoted Companies, International Oil Companies, Telecommunications Companies (GSM providers)
- Payment of 10% security deposit into designated BOI account; in addition to lien over the equipment (present and future)
- Asset and Credit Life Insurance of the Chief Promoter
|≥ N10 million
- All assets debenture/ Legal mortgage in choice locations.
- Irrevocable Personal Guarantee of the Chief Promoter of the company.
- Asset and Credit Life Insurance of the Chief Promoter.
- Bank Guarantee from a Commercial Bank acceptable to BOI
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