Latest News On Nirsal Microfinance Bank Loans For Today Monday 1st November 2021

Latest News On Nirsal Microfinance Bank Loans For Today Monday 1st November 2021

Welcome to Flippstack, we have covered the latest happenings on the Nirsal Microfinance Bank Loans in this article and due to questions we have been getting from applicants about the Loans, we decided to put up this article to update beneficiaries about the NMFB Loans.

Below are the latest news On Nirsal Microfinance Bank Loans For Today Monday 1st November 2021

1. NMFB Starts Disbursement Of Equipments To Non-Interest Banking Window Beneficiaries

If you are one of the Nirsal Microfinance Bank Non-Interest Banking Window successful beneficiaries, you will be happy to know that NMFB has started the disbursement of equipment.

This was disclosed through their official Instagram account today where they made it clear that their approved vendors have started distribution of the equipment.

They also disclosed photos of the equipment been received by some of the successful beneficiaries which will help them to build and boost their businesses as promised.

2. NMFB Discloses Reason Why Some TCF Applicants Have Not Received Their Loan

The Nirsal Microfinance Bank has sent a new important notice to its TCF loan applicants stating the reason why some of the applicants have not received their loan and also outlined what to do in order to redeem their loan.

Nirsal Microfinance Bank disclosed this on their official Instagram account where they stated that some of the Covid-19 loan applicants have not received their loan because they are tier 1 account holders and have urged them to kindly visit their bank to upgrade their account from tier 1 to tier 3, ensure that the name on your application matches with the name on your account to avoid a mismatch during payment and also desist from posting your account details on the comment section of our social media pages.

3. Nirsal Microfinance Bank Sends New Notice To Non-Interest Banking Window Beneficiaries

The Nirsal Microfinance Bank (NMFB) has sent a new notice to clarify Non-Interest Banking Window Beneficiaries about the 25% mark-up of the loan facility which is meant to be paid back to the bank by the beneficiaries.

The NMFB disclosed the notice on their official Instagram account which they clarified the reason for the 25% mark-up on the NIB Loan and also stated that the loan is strictly for financing equipment/goods at a predetermined mark-up.

They also went further to state that the Non-Interest Banking Window is availed within the principles of the MURABAHA system of the Non-Interest Lending which means the loan is meant strictly for financing equipment/goods, there is no avenue for the release of cash under the Murabaha principle of non-interest lending.

4. Four Important Things All NMFB Non-interest Banking Window Loan Applicants Must Know Ahead of Disbursement

The Nirsal Microfinance Bank has listed out four important things every Targeted Credit Facility (TCF) Non-interest Banking Window Loan Applicants must know ahead of loan disbursement.

According to the statement which reads:

1. All Credit Facilities which the Non-interest Banking Window of the Targeted Credit Facility TCF are for the purchase of Equipment/Goods ONLY.

2.  There is no CASH equipment to the facility.

3. All equipment/goods will be purchased for successful applicants by VENDORS APPOINTED BY NMFB and delivered to the beneficiaries within 48 hours after payment to the vendor.

4. Customers are not expected to pay CASH to any vendor before or after delivery of equipment or goods and vendors are not allowed to provide cash to Applicants.

That’s all for the Latest News On Nirsal Microfinance Bank Loans For Today Monday 1st November 2021, make sure to share this article and always come back from time to time for more updates.