How To Apply For CBN NIRSAL Non Interest Loan; How To Repay NIRSAL Loan

nirsal non interest loan

The Central Bank of Nigeria (CBN) has granted NIRSAL Microfinance Bank a license to operate as a microfinance bank in Nigeria. The Company was established in 2019 as a Private Limited Company and began operations after the Central Bank of Nigeria granted it a license to function as a National Microfinance Bank in the same year. The Bankers Committee owns 50% of the company; NIRSAL owns 40%; and NIPOST owns 10%.

The non-interest loans from NIRSAL are extremely affordable and have lengthy tenors to facilitate business and payback.

Types of NIRSAL Microfinance Bank loans:

1.Targeted Credit Facility (TCF)

2.Agri-business Small and Medium Enterprises Investment Scheme (AGSMEIS)

The bank is undoubtedly a national player, and they have created these credit products to aid both major and little participants in the various value chains in successfully completing their operations. There are a lot of people who have suffered negatively as a result of COVID-19.

Profit is secondary to everything else for this bank. The major objective is to provide specific government-packaged intervention money to households, small and medium-sized firms, and everyone else who is engaged in business.

This essay will examine the CBN NIRSAL non-interest loans that have been reopened, how to apply without stress, who is eligible to receive NIRSAL loans, and other topics.

Who is Eligible for NIRSAL Non-Interest Loans?

Here are basic criteria you must meet to become qualified for the NIRSAL non-interest loans:

Micro, small, and medium scale enterprises with at least 1-5 staff
Micro, small, and medium scale enterprises with verifiable business space and activities
Micro, small, and medium scale enterprises that have been affected negatively by Coronavirus
Hospitality businesses, health (pharmaceuticals and medical supplies) Airline service providers, manufacturing/value addition, trading, and any other income-generating activities as may be prescribed by CBN and are Shari’ah compliant.

How much Non-Interest Loan can my Household or Business Access?

MSMEs – N2.5m
Households – N1m

What is NIRSAL loan tenor?

3years (36 months)

How to Apply for NIRSAL Non-Interest (COVID-19) Loan

Here is a step-by-step guide on how to apply for the NIRSAL non-interest loan from your phone/personal computer:

Launch your browser
Go to https://nibloans.nmfb.com.ng/noninterestlendingtcfsme
Follow all prompts and enter all necessary details
Submit

The NIRSAL MFB Credit Administrators will analyze your loan application after submission and reach a conclusion.

How to Repay NIRSAL Loan

Five percent of the grant amount will be taken out as administrative and management costs at the time of disbursement. Within the following 36 months, the remainder is due (3 years).

Contrary to popular belief, the NIRSAL loan is not a grant; it has a specified repayment period and must be paid back to NIRSAL.