Does Bank of Industry loan require security?
Loan Amount Security Arrangement
≤ N10 million A combination of;
  • 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)
The guarantees must be supported by duly Notarized Statement of Net worth acceptable to BOI                 
  • 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.
                     OR
  • Bank Guarantee from a Commercial Bank acceptable to BOI
We greatly appreciate your feedback.


Bank of Industry, Nigeria.

Powered by LiveZilla Helpdesk