About Invoice Financing
MTB Bank offers invoice financing, where either the seller or the buyer can apply for a certain percentage of the balance due/receivable on the invoice as a loan.
Loan Amount | Loan Tenor | Interest Rate | Service Charges |
80% of Invoice | Invoice payment term Maximum 1 year |
10% to 14.5% | With Collateral – 1% Without Collateral – 2% |
Requirements
Basic Personal Documents
- NRC
- Passport Photo
- Household Member List
- Ward Recommendation Letter
Business Documents
- Business license
- DICA certificate of incorporation and company extract, company constitution
- Resolution, Import/export license.
- BOD Resolution, Company Profile (for exceptional case)
- Receipts of income tax for the last 3 years (if applicable)
- Financial statements for the last 3 years
- Business Plan for Loan Purpose
Collateral Documents
- BCC (copy)
- Grant/ Leasehold Land/ Freehold Land (Copy)
- Contract between with the land owner and contractor
- Sale contract history
- Property Photo (Front, Back, Left, Right)
- Map 105/106 (If the land and building)
Note:
Depending on the purpose of the loan application and the type of business, additional documents may be required