Nirsal Microfinance Bank Non-Interest Banking Window – All You Need To Know

Nirsal Microfinance Bank Non-Interest Banking Window

In today’s Nirsal Microfinance Bank Loan news, we walk you through all you need to know about the Nirsal Microfinance Bank Non-Interest Banking Window for TCF and AGSMEIS.

The Nirsal Microfinance Bank confirmed the launching of a non-interest banking portal for businesses and households that have been impacted negatively by the Covid-19 pandemic last month on their social media handle.

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

Following the launch, we have been receiving several questions about the new non-interest banking window, so we have decided to make this article to answer some of those questions.

All You Need To Know About The Nirsal Microfinance Bank Non-Interest Banking Window

The NMFB Non-interest Banking Window for TCF & AGSMEIS is a non-interest facility targeted at small businesses for the financing of key assets for their businesses.

Who Can Apply

All Nigerians aged 18 years and above are allowed to apply so long as they meet the following requirements

1. Have Bank verification numbers (BVN)
2. Run their own businesses
3. Were adversely affected by the Covid-19 Pandemic

Is the Scheme designed for All Nigerians?

Yes, It is open to all Nigerians, irrespective of religion.

What Is The Difference Between Non-Interest Window for TCF & AGSMEIS and Covid-19 Targeted Credit Facility

The AGSMEIS and the Covid-19 Targeted Credit Facility are loans that are repayable while the Non-Interest Banking Window for TCF & AGSMEIS recognizes only the sharing of profit from the investment with the beneficiary. It is also important to note that the Non-Interest Banking window for TCF & AGSMEIS focuses on asset-financing.

You may also want to  read NMFB Sends New Directive To TCF And AGSMEIS Loan Applicants

Can Applicants Access Both The Covid-19 Targeted Credit Facility and Non-Interest Banking Window for TCF & AGSMEIS

Ans: No, you either go for Covid-19 Targeted Credit Facility or Non-Interest Banking Window for TCF & AGSMEIS

What is the Repayable Plan

3 years tenure with a moratorium of six months.

We hope the above Q&A will help you get all your answers. If you still have any questions don’t hesitate to ask through our comment section.