How to Apply for AGSMEIS Loan in 3 Simple Steps
If you are into the Agriculture business or want to start a small/medium business, you can get a quick Agri-Business Small and Medium Enterprise Investment (AGSMEIS) Loan to establish yourself and spread your payments. Below are the details of AGSMEIS and how you can access their loan in no time.
About AGSMEIS Loan
The Agribusiness/Small and Medium Enterprises Investment Plan is an initiative to support the efforts and policies of the Federal Government to promote agribusiness and small and medium enterprises (SMEs) as a guideline for sustainable growth and job creation.
Please note that AGSMEIS loan applications are still ongoing. And we are here to show you how to apply for a loan. With AGSMEIS you can get loan of up to 10 million N10 million with only a 5% interest rate without a deposit.
You may also want to read NMFB AGSMEIS SME Loan Online Assessment Test Questions & Answers
AGSMEIS Loan Required Documents
- Duly completed application form.
- Bank Verification Number (BVN).
- Certificate of Training from a recognized Entrepreneurship Development Institution (EDI) or evidence of membership in an organized private sector
- Recommendation letter from one of the following: Priest, the village head, district chief, orthodox ruler. Senior civil servants, etc. (for individuals/small enterprises only)
- Evidence of business name registration or company registration certificate and annual filing (if applicable) as required by the Company and Affiliate Act (1990).
- Tax Identification Number (TIN) and current withholding certificate TCC), if applicable.
- To qualify for access to this fund You must have received training from the Enterprise Development Institute, after which you will need to fill out a form. They will send your form to the CBN.
- CBN will ask your bank to verify your account details. CBN will then perform its own assessment.
Eligible Business To Obtain the AGSMEIS Loan
Creative & Art Industries
- Fashion, Beauty
- Apparel & Textile
- Arts & Entertainment
Industrial & Manufacturing
- Agriculture & Allied Processing
- Automobiles
- Information & Communication Technology
Telecommunication
- Media & Publishing
- Hospitality
- Catering & Event Management
How to Apply for AGSMEIS Loan in 3 Simple Steps
If you are into any of the business fields listed above, you can apply by following these straightforward instructions:
1. First, you have to attend mandatory training with any NIRSAL MFB-authorized Entrepreneurship Development Institute (EDI). Basically, this makes you eligible to take out the loan
2. Next, create a personal account. To do this, simply visit the AGSMEIS official website, www.agsmeisapp.nfmb.com.ng then tap on ‘Apply Now’ and start your registration as an applicant. You have to verify your BVN and choose your NIRSAL MFB-authorized Entrepreneurship Development Institute (EDI).
3. Therefore, you have to wait to get feedback from them. If you qualify for the loan, you will receive the money in your account. However, if you don’t qualify for the loan, wait for the platform to give you feedback
Alternatively, you can go to any of the NMFB-authorized EDIs to guide you on how to go about the process.
You may also want to read How To Easily Repay Your Nirsal Microfinance Bank (NMFB) AGSMEIS Loan
Features of AGSMEIS Loan
- Interest Rate: 5%
- Tenor: 7 years
- Moratorium: Maximum of 18 months on Principal and 6 months on Interest
AGSMEIS Loan Approval
Checking if AGSMEIS has approved your loan application is simple. After you apply for the loan, you will receive a text message that provides you with a direct link to the NMFB portal. Do this:
1. Simply follow this link, then select the kind of loan you applied for (personal or housing or SME).
2. Next, verify your account by inputting your BVN. Once you do this, a confirmation amount will show on the next page (if your loan application was approved)
3. Once the platform approves your loan, you will need to provide your bank account information for disbursement.