CBN NIRSAL Non-Interest Targeted Facility Loan – Apply Now To Get N500k Loan

CBN NIRSAL Non-Interest Targeted Facility Loan – Apply Now To Get N500k Loan

The Central Bank of Nigeria(CBN) through the Nigeria Incentive-Based Risk Sharing System for Agricultural Lending(NIRSAL) launched the Non-Interest Targeted Facility Loan during the Covid-19 era as a means to curb the economic effect of the pandemic on both Agro businesses and other Small and Medium scale businesses in Nigeria.

In the wake of the post-COVID-19 economy, the CBN NIRSAL Non-Interest Targeted Facility Loan is still open to MSMEs who are still struggling with the impact of the pandemic and the current economic realities of Nigeria today.

Types of Loans Offered By NIRSAL

There are various types of loan options on the CBN Nirsal loan platform and each option is tailored to meet the needs of various Nigerian-owned businesses and households. Some of the available options are;

Non-interest AGSMEIS and
Non-interest TCF

Brief Information On Non-interest AGSMEIS

The AGSMEIS-NI which is short for (Non-Interest Agri-Business, Small and Medium Enterprise Investment Scheme) is an FG intervention funding scheme through CBN designed for the promotion of agricultural businesses to spur economic development and employment generation in the country through the agriculture sector.

The non-interest loan which offers up to N10m is an alternative to the existing AGSMEIS program that is based on Islamic principles of financial transactions using products such as Murabaha and Ijarah. This loan is primarily designed for financing equipment purchases, raw materials, and working capital.

Non-interest TCF

The Non-Interest Targeted Credit Facility (TCF) is subdivided into 2 categories; Household facility non-interest and SME facility non-interest is meant for both households who are looking for loans to meet personal needs and businesses who are seeking capital to grow their business or even pay shop rents.

How many loans Can I Apply to Get

As already explained above, the loan options vary and so does the available amount or maximum amount you can apply for. If you are looking for a loan for household use, the maximum amount you can apply for is N500,000 while for those applying for an SME loan, you can apply for a maximum of N750,000.

Household – N250k to N500k
SME – N250k to N750k

Loan Repayment

The repayment period of this loan is 36 months for households and SMEs while manufacturers have a repayment period of 7 years. Each of these periods has a moratorium or grace period before the payment commences.

How to Apply for The CBN NIRSAL Loan

If you wish to apply for any of these loan options, mentioned above, visit the NIRSAL loan website. https://nibloans.nmfb.com.ng. You must make plans to repay your loan before you start your application because the CBN has permitted NIRSAL to charge any connected account to your BVN if you fail to make payment.