Connect with us

Business & Loans

CBN Adds Extra 50bn For NIRSAL Loan – See How To Apply

Published

on

CBN Adds Extra 50bn For NIRSAL Loan - See How To Apply

CBN Adds Extra 50bn For NIRSAL Loan – See How To Apply

The FG and Central Bank of Nigeria has currently announce the addition of extra NGN 50 billion (USD 120 million) to its Targeted Credit Facility, a stimulus program for micro-, small and medium-sized enterprises (MSMEs) as well as households affected by the pandemic.

Also Read: Nirsal Microfinance Bank Loan – How to Apply

[quads id=1]

Advertisement

The information reaching us is that the funding will be disbursed through NIRSAL Microfinance Bank, which is minority-owned by CBN’s Nigerian Incentive-based Risk Sharing System for Agricultural Lending (NIRSAL). Each retail loan will carry an annual interest rate of 9 percent, with a term of up to one year. The maximum loan size is NGN 25 million (USD 61,000) for MSMEs and NGN 3 million (USD 7,300) for households. The government previously allocated NGN 2.3 trillion (USD 6 billion) to pandemic relief efforts, including microfinance and other programs.

[quads id=1]

NIRSAL Microfinance Bank was launched in 2019 and has lent NGN 309 billion (USD 811 million) to 540,000 household and business customers as of 2021. Its products include a savings account that requires NGN 1,000 (USD 2.60) to open and a loan program for agriculture that charges 5 percent per year and offers loan sizes up to NGN 10 million (USD 26,000).

[quads id=1]

Advertisement

Also Read: Apply For Massive AB Microfinance Bank Graduate Trainee & Job Recruitment

The necessary records and qualifications you should have before you can get to a Nirsal Loan.

To apply for the loan, visit any NIRSAK Office close to you, preferably where your business is located with a copy of the following;

  • Your letter of business
  • Your compensation slip
  • Your staff ID card

[quads id=1]

  • A half year proclamation of your ledger
  • Other legitimate methods for ID like your National ID, Drivers’ permit, etc
  • A service bill
  • 2 visa photos
  • An underwriter structure

CBN Adds Extra 50bn For NIRSAL

Advertisement
7 Comments

7 Comments

  1. Pingback: NYIF Loan Status Checker App - See How to Access the App - FlippStack

  2. osunsanya oluwasegun

    April 23, 2021 at 12:51 pm

    [email protected]
    please am interested in getting the loan

  3. Junaid muhammad abubakar

    April 30, 2021 at 8:25 am

    Please i am businessman,

  4. Junaid muhammad abubakar

    April 30, 2021 at 8:39 am

    I want capital to start business

  5. Fregene Alex

    May 18, 2021 at 2:41 pm

    i want the money 4 business, pls help me

  6. Garba Lawan

    June 18, 2021 at 11:02 am

    Garba

  7. Pingback: NYIF Loan Status Checker App - See How to Access the App

Leave a Reply

Your email address will not be published. Required fields are marked *

Trending

Do You Want Latest Update?

X