How To Apply For CBN Non-Interest Loan
In a collaborative effort between the Central Bank of Nigeria (CBN) and NIRSAL Micro Finance Bank, an exciting opportunity has emerged for households, AGSMEIS, and SMEs in the form of non-interest facility loans. Tailored to provide relief in the aftermath of the COVID-19 pandemic, this non-interest package aims to bolster Nigerian businesses and households, offering financial support during challenging times.
Non-Interest Targeted Credit Facility (TCF-NI) for Households and SMEs:
The TCF-NI, or Non-Interest Targeted Credit Facility, stands as a beacon of hope for Nigerian households and businesses adversely affected by the pandemic. This relief fund, with a financing limit of N2,500,000.00, comes with a 3-year tenure and a 6-month moratorium. The moratorium offers a grace period, allowing applicants to postpone payments as they strive to regain financial stability.
Non-Interest Agri-Business, Small and Medium Enterprise Investment Scheme (AGSMEIS-NI) for AGSMEIS:
For the agricultural sector and small to medium enterprises, the AGSMEIS-NI presents a funding scheme designed to promote agricultural businesses in Nigeria. With a financing limit of N10,000,000.00 and a tenor of up to 7 years (depending on the project nature), AGSMEIS-NI incorporates Islamic financial principles, featuring concepts such as Murabaha and Ijarah. Additionally, applicants may enjoy a 6-month moratorium period.
Applying for CBN Non-Interest Loans – A Step-by-Step Guide:
For those eager to apply for a CBN Non-Interest loan, the process is streamlined for convenience. Follow these steps:
- Visit the NIRSAL Microfinance Bank website.
- Click on “Apply for Non-Interest Facility,” offering two options: “NON-INTEREST TCF” and “NON_INTEREST AGSMEIS.” Choose “NON-INTEREST TCF.”
- Under “NON-INTEREST TCF,” select either Household facility or SME facility, based on your profile. Commence the registration process.
- Indicate whether you are a new applicant or returning to a previous application. If new, choose “New Applicant.”
- Input your BVN, which will automatically populate some of your details. Fill in the required fields with your additional information.
Upon successful application, expect a congratulatory message confirming your submission. For SME facility applicants with a registered business through CAC, provide your business’s TIN number and other relevant CAC registration details.
Conclusion:
The CBN Non-Interest loan program serves as a vital stimulus package offered by the federal government to support households, businesses, and agricultural organizations grappling with the aftermath of the pandemic. By following these steps, you can navigate the application process seamlessly and access the financial aid necessary for your recovery. Don’t miss out on this opportunity to revive and strengthen your financial standing. Apply today and take a step toward a more secure and prosperous future.