NMFB to unveil portal for new loan facility to all farmers, see application criteria


The Nirsal Microfinance Bank (NMFB) has disclosed it’s readiness to open portal specially for a new type of loan designed to help both Smallholder Farmers and large scale farmers achieve their goal.

Management of the bank explained further that the loan is mainly for those who are in the agribusiness value chain. And it’s also for both individuals and Businesses especially the Micro, Small and Medium Enterprise (MSME) in the country.

This however is part of the institutions efforts in mitigating the effects of the COVID-19 pandemic on the Nigerian economy.

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It added that the petty traders doesn’t need guaranteed to have a record history with the bank or some other financial institution to get the credit facility.

Likewise, the Salary Advance facility is intended for people in paid businesses whose pay rates have been predictable for a long time, before making an application to the bank.

“The financing cost for these items is exceptionally cutthroat with a smoothed out documentation process for admittance to any of the above offers from the bank.”

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Although, Nirsal warned strictly that those who have taken loans from the bank in the past and are yet to repay will not be attended to even if they meet all other criteria for facility. Those who took COVID-19 loans (Targeted Credit Facility (TCF), Non-interest Credit Facility and Agric Small and Medium Enterprise Investment Scheme (AGSMEIS) must repay to be able to benefit from other Facilities.

Criteria for applicants

For other financial institutions, getting a facility has requirements which are:

1. Must be a Nigerian and must be resident in Nigeria.

2. Must be 18years and above. This is what the constitution says.

3. Must have a Bank Verification Number (BVN).

4. Must not be blacklisted by Credit Bureau.

The bank also pointed out that successful applicants of the product will also enjoy the benefits of the Federal Government Agricultural Credit Guarantee Scheme Fund (ACGSF) as well as the Interest Drawback Programme for farmers and businesses in the agricultural value chain.

The bank recently launched new and exciting products as part of its On-Balance Sheet Lending portfolio for easy access to credit facilities by Micro, Small and Medium Enterprises (MSMEs) that require affordable credit facilities to boost their businesses, and salary earners to cater to immediate needs.

 


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