How to Apply for CBN NIRSAL Non-Interest Loan; How to Repay NIRSAL Loan

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NIRSAL Microfinance Bank is a leading Nigerian financial institution licensed by the Central Bank of Nigeria (CBN) as a microfinance bank in Nigeria. The Company was incorporated as a Private Limited Company in 2019 and started operations following the grant of a license by the Central Bank of Nigeria to operate as a National Microfinance Bank in the same year. The Bank is Owned 50% by the Bankers Committee, 40% by NIRSAL, and 10% NIPOST.

NIRSAL’s non-interest loans are very cheap and with long tenors to allow ease of repayment and business. 

Types of NIRSAL Microfinance Bank loans:

  1. Targeted Credit Facility (TCF)
  2.  Agri-business Small and Medium Enterprises Investment Scheme (AGSMEIS)

The bank is sure a nationally-oriented one, and they have designed these credit products to help major and minor players in the different value chains conclude their businesses efficiently. Many who have been adversely impacted by the effects of COVID-19.

For this bank, in the grand scheme of things, profit comes second. The main aim is to help households and small and medium scale businesses and everyone who is in their business with special government-packaged intervention funds.

This article is going to look at the re-opened CBN NIRSAL non-interest loans, how to apply without stress, who is qualified to take NIRSAL loans, and so on.

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Who is Eligible for NIRSAL Non-Interest Loans?

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

  1. Micro, small, and medium scale enterprises with at least 1-5 staff
  2. Micro, small, and medium scale enterprises with verifiable business space and activities
  3. Micro, small, and medium scale enterprises that have been affected negatively by Coronavirus
  4. 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?

  1. MSMEs – N2.5m
  2. Households – N1m

What is NIRSAL loan tenor?

3 years (36 months)

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

CBN NIRSAL non-interest loan

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

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

Upon submission, the NIRSAL MFB Credit Administrators will review your loan application and make a decision.

How to Repay NIRSAL Loan

Upon disbursement, 5% of the granted amount will be deducted as administrative and management fees. The rest is repayable in the next 36 months (3 years). 

Against public opinion, the NIRSAL loan is not a grant, it must be repaid to NIRSAL within set tenor.

How Do I Contact NIRSAL MFB?

You can call the NIRSAL Bank support team via 09010026900 or 07041800003. You can also send a mail to: [email protected]

Address: House 1, Plot 103 /104, Monrovia Street, Wuse 2, Abuja.

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