Overdraft Account

A product that offers the customer flexibility to overdraw their account(s) upto the approve limit. It is available to any customer having existing account(s) with us or wishes to open an account with us.

This product is designed for customers that may face time lags between receipt of payment from their debtors, and meeting their own obligation to their creditors. It provides continuity in the business operation while awaiting payment from the sale of goods and services.

The facility also enables our customer to draw funds against uncleared effects in their accounts.

Benefits

• The customer ultimately determines the interest cost of their facility, since interest charges will be based on the amount overdrawn only.
  
• This gives the customer the flexibility to draw according to their specific financial needs at a specific time. For instance, the customer may require funds over a period of six months and may make the piecemeal withdrawals from their overdraft account as and when required. The interest charged will then be based only on amount overdrawn at that specific time, as opposed to a loan where the full amount is disbursed at once, and interest is based on the full

Hire Purchase - Grow now, pay later

The Imperial Bank Hire Purchase facility is offered to aid in the purchase of designated assets such as motor vehicle, equipment, machinery and industrial plants.

This product enables the client to receive funds on the purchase of the asset over a period of time, ranging from 12 to 36 months. Easy access to motor vehicles is particularly enabled through the banks network with most motor vehicles dealers countrywide.

Benefits

• Provides funds for purchase of the required asset.
  
• Provides affordable monthly repayments as opposed to paying for your purchase in full.
  

Single Repayment Loans/Term Loans

Single Repayment (SR) and Term loans are designed for customers who require working capital funds for a short period of time from 1 month to 12 months.

For example, working capital for a specific project upon whose completion the customer has the funds to pay the loan out in full. In this case the customer then services the debt over the period of the loan facility, i.e. pays interest at the agreed rate every month until such a time as the loan principal is paid in full.

Benefits

• Enables our client to set realistic budgets.
  
• Provides flexibility in the repayment method where the loan principal amount can be repaid in bullet partial repayments even over the term of the loan

Bank Guarantee/ Bid Bonds / Performance Bonds

These are products offered to our clients to enable them bid for business tenders, especially Government tenders which require a bank to guarantee the bidder for a given period, usually 30 days from the tender validity date.

We can also provide other types of guarantee such as guarantee on payment of goods and / or services.

Benefits

• For some contractual agreements, guarantees are a requirement.
  
• These products provide an assurance to the third party, and therefore increases the opportunities for business to the customer