COVID-19 Non-Interest Loan Not For Only Muslims – NMFB Clarifies

COVID-19 Non-Interest Loan Not For Only Muslims – NMFB Clarifies

The Nirsal Microfinance Bank has come out to clarify that the ongoing COVID-19 Non-Interest Loan for Nigerian affected by the COVID-19 Pandemic is not a religious affair.

This was disclosed in a public announcement on their Instagram account, where the management of the bank noted that the Scheme is for all Nigerians regardless of religious inclination.

You may also want to read Nirsal Microfinance Bank Non-Interest Banking Window – All You Need To Know

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NMFB however noted that an applicant of the Scheme must be adversely affected by the COVID-19 Pandemic, must be aged 18 years and above, must possess a Bank Verification number, and must have been running their own businesses.

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They also went further to clarify the public difference between the Scheme and COVID-19 Targetted Credit Facility Loan Scheme, NMFB Stated that the Non-Interest Banking Window for TCF and AGSMEIS focuses on assets Financing.

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“The COVID-19 Targeted Credit Facility and AGSMEIS are loans that are repayable while the Non-Interest Banking Window recognizes only the sharing of profits from the investment with the beneficiary”, NMFB stated.

NMFB added that existing beneficiaries of the COVID-19 Targeted Credit Facility and AGSMEIS Loan Scheme are ineligible to apply for the Non-Interest Banking Window for TCF and AGSMEIS.

You may also want to read NIRSAL Microfinance Bank Non-Interest Banking Portal Goes Live

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Explaining the Scheme further, the Nirsal Microfinance Bank stated that the Non-Interest Banking Window for TCF and AGSMEIS has a 3 years Tenure and 6 months Moratorium.

To apply for the Programme, interested and qualified applicants should kindly visit www.nmfb.com.ng

COVID-19 Non-Interest Loan Not For Only Muslims – NMFB Clarifies