NIRSAL Microfinance Bank Loan Application Processes & Requirements

We’re sure that you are looking for the NIRSAL Microfinance Bank Loan Application Portal. Well,  know that you are at the right place. You just need to consider this article carefully and find out how you can start your online application.

In this article, we will carry on with a discussion about the ongoing FG NIRSAL Microfinance Bank Loan. If you are an interested applicant for this loan, then you have to go through this article and find out everything about this latest loan from Federal Government.

Initially, you might be wondering what the NIRSAL Microfinance Bank Loan is all about and who it is meant for. Well, if you are that curious to know this then we would love to tell you more about this loan.

NIRSAL Microfinance Bank is one of the leading financial institutions operating in Nigeria licensed by the CBN to offer loans for various purposes – one of these is the NIRSAL COVID-19 loan. In addition, you can make the best-organized loan decisions when you compare loan offers from CBN-accredited institutions.

Details About the NIRSAL Microfinance Bank Loan

Below has information on loan products offered by NMFB:

  • The Agric, Small Medium Enterprise Scheme (AGSMEIS): AGSMEIS loan is a NIRSAL AGRIC Loan that provides up to N10 million to small and medium-scale enterprises. Businesses eligible for the AGSMEIS are those involved in creative & art industries (fashion, beauty, apparel & textile, arts & entertainment), Industrial & Manufacturing (agriculture & allied Processing, automobiles), Information & Communication Technology (telecommunication and media & publishing) and Hospitality (catering & event management). These loans are charged a single-digit interest of up to 9% per annum interest rate. They also do not require collateral security.
  • Anchor Borrowers’ Program: The Anchor borrowers’ program is an NMFB CBN loan that aims at creating and fostering a link between companies that engage in the processing sector and small-scale farmers who deal in essential Agricultural commodities. You can walk into any NIRSAL Microfinance Bank branch to apply.
  • NIRSAL Microfinance Bank Access Target Account: This is a saving scheme that targets micro, small, and medium-scale enterprises, as well as individuals, looking to cultivate a healthy saving culture. It usually runs for a specific period for a particular financial purpose. Through this scheme, NIRSAL Microfinance Bank aids its customers in saving for a variety of specific reasons, such as rent, purchase of goods, purchase of equipment, or even for festivities.  There is a predetermined limit put on the account, meaning they only allow a number of limited withdrawals by the account holder based on pre-agreed instructions. The Access Target account has an opening balance of ₦1,000 with a minimum balance of ₦500.

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NIRSAL Microfinance Bank Loan Application Procedures

The following are the documents required, which will be used & needed before you can access the NIRSAL Microfinance Bank Loan.

  • Your letter of employment
  • Pay slip
  • Your staff ID card
  • 6 months statement of your bank account
  • Other valid means of ID like your National ID, Drivers license, and so on
  • A utility bill
  • 2 passport photographs
  • A guarantor form

Once all the documents listed above are complete, then you are one step closer to borrowing the NIRSAL Microfinance Bank Loan. So, another thing you need to do is apply for a loan.

NIRSAL Loan Pros & Cons

Pros
  • They have a wide range of loan offerings
  • Their rates are competitive
Cons
  • Lots of paperwork for a large number of loans
  • You need a guarantor to access some loans
  • There is compulsory training for recipients

Note: You need to be aware that NIRSAL loans are not granted without repayment. You will have to pay for the loan when due to avoid your collateral being seized by the bank. You won’t like that.

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