Loans

From time to time in life and business, we find ourselves needing a little or a lot more money than we have to meet certain pressing financial goals. At NortWard Bank our loan offerings provide a fall-back position to secure the funds you need.
TERM LOAN
Term Loan is a credit (short term, medium or long term) availed to finance specific capital projects expansion or lines of business for a specified tenor. Repayment can be bullet, balloon or by installment.

InterSwitch Transfers This transfer platform enables you electronically transfer funds from your account to accounts in any bank on the Interswitch platform. The beneficiary of the transfer receives value immediately.

NEFT Transfers Certain transfers require a more sedate transmission of value to the beneficiary. The National Electronic Funds Transfer is perfect for this scenario as it takes 24 hours for the beneficiary to receive value. However, you can notify the beneficiary of the payment by sending proof of payment before value for the transfer is received.

Foreign Currency Transfers With this transfer platform you can transfer foreign currency to any bank account in the world. You can transfer up to the equivalent of ten thousand US Dollars daily. You must have your hardware token to authenticate all transfers on Internet Banking.

Invisible Remittance Invisible Remittances relate to payment for services (intangible transactions) such as School Fees, Technical fees, Dividends, Airline Tickets, Loans repayment, Judgment debt, Personal Home Remittance, etc. Invisible remittances are usually paid by SWIFT or Foreign Drafts.

TRADE TRANSACTIONS

Trade transactions via email on the following:

• Inflow
• Export repatriation notification (30 days to maturity, On maturity)
• Bills Telex
• Form M batching
• Shipping Document batching
• Receipt of Risk Assessment Report (RAR)
• Rejection of Shipping document
• Expiration of Bills
• Letter of Credit establishment

Import Letters Of Credit (LC)

A Letter of Credit (LC) is an undertaking by a bank, on behalf of an importer (the applicant) to the beneficiary to make payment, provided that the exporter complies with all the terms and conditions stipulated by the credit. Letters of credit can be confirmed or unconfirmed and are irrevocable upon Issuance. Payment is made at Sight, Deferred Payment, and Mixed payment or by Acceptance.

Import Bills For Collection

A documentary Bill for Collection is an order by the seller to his bank to collect a certain sum from the buyer against the transfer of the shipping documents. Payment can be made by cash or by acceptance of a Bill of Exchange. This means the handling by banks of documents in accordance with instructions received in order to obtain payment and/or acceptance, or deliver documents against payment and/or against acceptance, or deliver documents on other terms and conditions.