How To Apply For NIRSAL Microfinance Bank Loan
NIRSAL Microfinance Bank (NMFB) is dedicated to providing financial support to individuals and small to medium enterprises (SMEs) in Nigeria.
As a leading microfinance institution, their mission is to drive economic development and generate employment by offering accessible loans, expert guidance, and continuous support to entrepreneurs and businesses of all sizes.
This article will guide you through the NIRSAL loan application process, discuss the different types of loans available, and outline the requirements.
NIRSAL Microfinance Bank
NIRSAL Microfinance Bank, a national microfinance institution, is committed to promoting economic development and job creation in Nigeria.
Through funding from the Central Bank of Nigeria, NMFB provides financial support to individuals and SMEs.
The bank is primarily owned by the Bankers Committee (75%), with NIRSAL holding a 15% stake and NIPOST owning the remaining 10%.
NMFB offers various loan types to help individuals start businesses, sustain lifestyles, and grow existing enterprises. Below, we’ll explore the different loan options available through the NIRSAL loan portal.
Types of NIRSAL Loans
NIRSAL Microfinance Bank offers three main types of loans, each designed to meet specific needs:
1. NMFB Amazon Loan
The Amazon Loan is specifically designed for women and women-owned businesses. It seeks to make it easier for women to obtain loans by removing barriers like steep interest rates and the need for collateral.
This loan is targeted at self-employed individuals, small-scale business owners, craftsmen, traders, and farmers engaged in subsistence farming and trading.
Additionally, it can be used to purchase consumer goods like refrigerators, computers, and generators.
Features of the NMFB Amazon Loan:
- Discounted interest rates
- Maximum loan amount of N1,000,000
- Cross guarantees from group members to secure the loan
How to Apply for NMFB Amazon Loan:
To apply, visit the NIRSAL Microfinance Bank website or go to the nearest NMFB branch.
2. On-Balance Sheet Lending (OBSL)
The OBSL facility is an internal loan managed by NMFB, using funds from NMFB depositors rather than CBN intervention funds.
It is available to individuals and SMEs who can demonstrate a reliable source of income, such as salaried workers with at least six months of employment, agricultural value chain participants, small to medium-sized businesses with solid financial histories, and individuals needing consumer goods.
Requirements for the OBSL:
- Minimum loan amount: N50,000
- Maximum loan amount: Based on financial capacity
- Personal details: Name, contact information, home address, BVN, financial information (payslip)
- Business details: Business name, address, and proof of business
Types of OBSL Loans:
- Salary Advance Loan (NFMB SALAD): For individuals with a confirmed monthly income. The monthly repayment cannot exceed 33.3% of net earnings for a maximum of 90 days.
- Petty Cash Now-Now Loan: Supports craftsmen, kiosk operators, and small traders. Repayment is due within 365 days.
- Consumer Asset Finance Loan (NMFB CAFF): Assists clients in purchasing tangible assets from approved vendors. You can repay the loan over a period of up to 24 months.
- Small and Medium Enterprise Loan (NMFB SME): Covers gaps in working capital for customers involved in trading suitable products, with a maximum repayment period of 365 days.
- Agricultural Finance Loan (NMFB AFF): Targets customers engaged in agricultural operations. Offers the Interest Drawback Program (IDP) for timely repayments.
How to Apply for the OBSL:
- Sign up and submit an online application: Register online here, provide personal details, and verify your BVN.
- Choose the nearest NMFB branch and fill out the application: Submit personal or business details as required.
- Evaluation and approval: Your application will be reviewed based on the bank’s Risk Acceptance Criteria.
- Disbursement: Upon approval, the loan amount will be credited to your NMFB account.
- Monitoring and repayment: Bank officials will monitor the loan, and repayment starts 30 days after disbursement.
3. Non-interest AGSMEIS
The Non-interest Agri-business Small Medium Investment Scheme (AGSMEIS-NI) supports agricultural businesses and SMEs, promoting sustainable economic development and job creation.
SMEs can borrow up to ₦3,000,000 with a maximum repayment period of 36 months at a 5% annual interest rate.
AGSMEIS Loan Application Process:
- Attend a mandatory training: Organized by a NIRSAL MFB certified Entrepreneurship Development Institute (EDI).
- Create an account: Sign up on the NMFB website by entering your personal and business details, then choose a certified EDI.
- Feedback from NIRSAL: Approved candidates receive feedback and business support services.
- Full business setup: Start selling products and services to repay the loan and make a profit.
- Repayment: Ensure you keep track of your business activities, maintain accurate records, and make timely loan repayments.
NIRSAL Loan Repayment Portal
Access the NIRSAL MFB loan repayment portal via their official website to view your repayment schedule. To access the portal:
- Click on ‘Help Center’ from the homepage.
- Click on ‘Loan Repayment Portal.’
- Enter your BVN or account number, complete the recaptcha, and click ‘Submit.’
NIRSAL Microfinance Bank Branch Network
NIRSAL Microfinance Bank has a network of 115 branches across all 36 states in Nigeria. For inquiries or complaints, you can:
- Visit any NMFB branch. Find a branch here.
- Visit the NMFB headquarters at House 1, Plots 103/104, Monrovia Street, Wuse 2, Abuja.
- Email: info@nmfb.com.ng
- Call: +2349010026900, +2349010026905, +2349010026907, +2347044538853, +2347181536141
- If you have any questions or need to file a complaint about your loan, you can use their complaint form.
Conclusion
NIRSAL Microfinance Bank is committed to fostering economic development in Nigeria. Through their tailored loan solutions and dedicated support, NMFB empowers individuals and SMEs to achieve their dreams, create employment opportunities, and contribute to the nation’s growth.
FAQs
1. What kinds of loans are available from NIRSAL Microfinance Bank?
NIRSAL Microfinance Bank offers three main types of loans: the Amazon Loan for women, the On-Balance Sheet Lending Facility for individuals and SMEs, and the Non-interest AGSMEIS for agricultural businesses and SMEs.
2. What is the process for applying for a NIRSAL loan?
To apply for a NIRSAL loan, visit the NMFB website or go to the nearest NMFB branch. Follow the specific application process for the loan type you are interested in.
3. What is the maximum loan amount for the NFMB Amazon Loan?
The maximum loan amount for the NFMB Amazon Loan is N1,000,000.
4. How long is the repayment period for the Non-interest AGSMEIS loan?
The repayment period for the Non-interest AGSMEIS loan is up to 36 months.
5. Can I apply for more than one NIRSAL loan at a time?
No, you can only apply for one NIRSAL loan at a time.
By following these guidelines, you can successfully apply for and benefit from the various loan products offered by NIRSAL Microfinance Bank.
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