Latest News On NMFB Non-interest Banking Window Loan Disbursement For Today Tuesday 19th October 2021

Latest News On NMFB Non-interest Banking Window Loan Disbursement For Today Tuesday 19th October 2021

Welcome to Flippstack, we know many applicants of the NMFB Non-interest banking window loan are eager to get the latest happenings about the loan disbursement and due to too many questions we have been getting from applicants about the Loan, we have compiled all the latest updates, so kindly read until the end.

1. Nirsal Microfinance Bank Clarifies Beneficiaries On 25% mark-up Attached To Non-Interest Banking Window 

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.

2. NMFB Releases FAQs For Applicants Of Non-interest Targeted Credit Facility Loan

The Nirsal Microfinance Bank has released a list of questions and answers for Non-interest Targeted Credit Facility Loan Applicants in order to help them get solutions to their questions.

Since the Launch of the Non-interest Targeted Credit Facility Loan in August, there have been several questions asked about the Loan.

The NIRSAL Microfinance Bank through their official Instagram account released the list of questions and answers which will help applicants get answers to their questions. Click Here to read the full details.

3. How To Check Your NMFB Non-Interest Banking Window Loan Status/Approval

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. Also stating that it was the decision of the Central Bank of Nigeria (CBN) to extend a non-interest window to businesses and households that have been impacted negatively by the Covid-19 pandemic.

If you are one of the Nirsal Microfinance Bank Non-Interest Banking Window Loan applicants and have not gotten any message of approval, you don’t need to panic as approval is still going on and the portal is still open for new applications.

If you received a text message on your approval without a link in the text, kindly wait for another text message that will contain your approval link.

For Some applicants who are receiving a text from NMFB to go back to the Nirsal Microfinance portal to update the cost of items approved to them, If you received such message visit the Nirsal loan portal click on Returning Applicant fill the spaces for BVN, Last Name and Reference Number you used during the registration, click next to reduce the cost of items you fill so that it will equal the 500,000 amount eligible for a household loan.

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.

Latest News On NMFB Non-interest Banking Window Loan Disbursement