Obligor Limit: N5,000,000.00 (Five Million Naira)
Product Description: Overdraft facilities for traders within HBL approved market locations.

Eligibility Criteria

  1. A trader inside HBL approved market
  2. Achieved 150% of the amount requested as average monthly turnover.
  3. Collateral Insured value cover to be at least 150%

Key Conditions Precedent

  1. Achieve 200% of facility amount as monthly turnover post disbursement.
  2. Account to swing to credit at least once within the 90 days.


180 days; facility will be reviewed within 90 days to ensure:

  • Turnover covenant is met
  • Account swings to credit at least once within 90 days

Interest Rate:  29% p.a.
Fees:  1% flat Commitment & 1% flat Management


  1. Transfer of ownership of shop title OR Money market instruments with 130% cover.
  2. Personal Guarantee of the obligor
  3. Undertaking to domicile daily sales proceeds
  4. Comprehensive insurance of collateral via Heritage Banc assurance Unit noting Heritage Bank Limited as the first loss payee
  5. Other bank un-dated cheque with 150% cover.

Documents Required

  1. Completed Approval Request Form
  2. Customer’s Application Letter
  3. Call memo capturing the brief business profile and business needs as it relates to the loan request
  4. Statement of account from other banks- 12 months
  5. Copy of shop title document
  6. Valuation report on the shop
  7. Physical visitation report by the RM and confirmed by the Resident Internal Control
  8. 2 Clean independent credit reports

Open an Overdraft for Market Traders Loan

Designed for Traders, packed with lots of incentives.



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At Heritage Bank we cultivate real partnerships with Micro, Small and Medium Enterprises (or MSMEs, if you like). You practically become part of a family – call it a ‘progress club’. By our very nature, our services are personal, and deliberately approached from a bespoke angle, to simplify your life.

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