The fact that Nirsal has reopened its site for new non-interest and non-collateral loans is no longer news. You may recall that the Central Bank of Nigeria, in partnership with Nirsal Microfinance Bank, issued a joint invitation to appropriately eligible Nigerians to apply for the COVID-19 Collateral-Free Loan in early 2021.
Many Nigerians throughout the 36 states and the federal capital territory reacted positively to the application (FCT). As COVID-19 pandemic activity wane, a previous application was made in 2020. The gesture was made to assist small and micro businesses in reviving their enterprises following COVID-19.
Nirsal has recently started a new application after the last one was closed. The new application is a 50 Billion Naira Non-Interest and Collateral-free Targeted Credit Facilities to support individuals and businesses in Nigeria.
Loan Amount: N500,000 and N750,000
Moratorium: Up to 12 Months
Tenor: Up to 36 Months
2) NON-INTEREST AGSMEIS
The Non-Interest AGSMEIS Traders dealing in foodstuff, electronics, allied products, computers/phones, spare parts, building material, transportation, etc.
Loan Amount: Up to N3,000,000
Moratorium: Up to 12 Months
Tenor: Up to 36 Months
Important Notice about the Collateral-Free Loans
1. The CBN will only pay approved loan amounts to its own authorized Vendors to supply you with desired things to start or sustain your business, therefore these facilities are not cash-based.
2. You are not eligible for the new non-interest TCF if you have already benefited from the COVID-19 TCF. You are, however, eligible to apply for the N3,000,000 Non-Interest AGSMEIS.
3. You are not eligible to apply for the new non-interest AGSMEIS if you have already benefitted from the previous AGSMEIS program. You can, however, request for a TCF with no interest of N500,000 or N750,000.
4. There are no specific conditions for the non-interest TCF of N500,000 application.
5. Business name, RC number, and Tax Identification Number are required for the N750,000 application (TIN).
6. Applicants must complete a mandated short business training, certification, and business plan writing from CBN authorized Enterprise Development Institutes before applying for an AGSMEIS of N3,000,000 (EDIs).
How to Apply for the New Collateral-Free Loan
For the N500,000 Non-Interest Targeted Credit Facility [Household], visit https://nibloans.nmfb.com.ng/noninterestlendingtcfhousehold]
For the N750,000 Non-Interest Targeted Credit Facility [SME], visit https://nibloans.nmfb.com.ng/noninterestlendingtcfsme
For the N3,000,000 AGSMEIS facility, visit https://nibloans.nmfb.com.ng/agsmeisnoninterestlending
