An advance on contract facility is offered in FRW by the Bank to enable its customers to execute purchase orders or contracts. Up to 70% of the cost of the order/contract.

• The source of repayment of an advance on contract facility is the proceeds from the purchase order/contract.
• The facility will be settled upon receipt of funds. In the event that there are no funds on repayment due date, the RM must immediately take action.
• In all cases a second way out must be provided in the form of acceptance and easily realizable security.

• Facility letter signed by the customer to confirm his acceptance of the terms of the bank’s offer.
• Original purchase order/contract from the buyer.
• Identification proof

Clients/prospects in the various business units’ target markets fulfilling the risk acceptance criteria set by the Bank, but with a proven record of monthly income to be channelled in our books.

• The IPF will be used to finance all types of insurance policies except medical and life insurance policies.
• The Bank will only finance premiums for insurance policies that are current and continuing or newly written policies.

• A commitment from the insurance company guaranteeing the repayment of the unutilized premium portion in case the customer fails to honor its repayment obligations within a period not exceeding 7 days.
• Upfront payment of first two installments.
• Personal guarantee of the shareholders for the total facility amount plus accrued interests.
• Additional collaterals may be requested depending on the risk profile of the client.