Do you need a loan for your business? Do you know that NIRSAL Microfinance Bank provide financial facilities for businesses domicile in Nigeria?
This means all SMEs operating legally are eligible to access credits in the form of loan from NIRSAL Microfinance Bank (NMFB).
Nirsal MFB in cooperation with the Central bank of Nigeria developed an initiative to assist small and medium-scale sectors, including families who might require financial assistance.
So what exactly is Nirsal.
What is NIRSAL
NIRSAL is an acronym for Nigeria Incentive Based Risk Sharing System for Agricultural Lending. And should not be mistaken with Nirsal Microfinancee Bank (NMFB).
It is a government agency that seeks to facilitate the free flow of affordable finance and investments to the agricultural sector. And is wholly owned by the Central Bank of Nigeria (CBN).
While Nirsal Mirofinance Bank (NMFB) is a subsidiary of the Nigerian Incentive Based risk sharing system (Nirsal) and is licensed by the CBN to offer loan to businesses and individuals in Nigeria.
Who Is Eligible For The Nirsal MFB loan?
This loan is available for those in Agri-business, as a way to assist the agricultural sector and enhance the agricultural output of the country,
As a result, this loan can help in creation of employment in the small and medium size enterprises (SME).
The interest rate for this loan is 9% per annum.
Traders, students, and entrepreneurs who need a maximum amount of 1million naira and below for extant business can apply for a loan through Nirsal.
The interest rate is charged according to loan duration.
Small and medium-scale enterprises can borrow up to 500k for capital, or investment purposes. Loan tenure is usually 24 months.
Individuals And Families
Families with proof of unfavorable livelihood can apply.
Requirements for Nirsal loan
Nirsal loan is open to families, small and medium-size sectors who may need credits to start up or grow their business. To apply for the Nirsal loan, you need to meet a few requirements for approval.
Before you apply for the Nirsal loan, you will need the following document:
- Work identity card.
- Employment letter.
- Payment slip.
- Statement of account which comprises the last six months of transactions.
- Additional identification materials (national ID card, international passport).
- Utility bill.
- Two passport photographs.
- Form filled and signed by your guarantor.
- Disbursement through the customer’s bank account.
How To Apply For Nirsal Loan.
- Fill the Nirsal MFB application form via the application portal, you can use a phone or laptop.
- Forward the application for review.
- Nirsal will assess the application and submit it to CBN for the last approbation.
- CBN then evaluates your loan application before disbursement.
How To Check Nirsal Loan Approval And Status
When a loan application is being made, CBN reviews the application before approval and disbursement.
To check if your loan application was approved, follow the guidelines below:
- A confirmation message is usually sent as an approval of your loan request, kindly access your email app to check for your email message.
- If you can’t see a message, open the Nirsal loan portal via nmfb.com.ng
- Access your account, with your login details, and confirm your BVN.
- If your loan has been approved, you will see a pop-up message with your stipulated amount.
- Find the terms and conditions, including the person in charge of your transaction, and your repayment details.
Here are some questions that people often ask about NIRSAL loan
Is Nirsal Loan Real
Yes, it is real. Nirsal has existed since 2011, and has continued to disburse loans to individuals and businesses since 2013.
It was incorporated by the Central Bank of Nigeria as a USD 500 million public-private initiative to improve the agricultural value chain and the financial agricultural value chain.
Is Nirsal Loan Still On.
Application for the Nirsal loan is still ongoing, and the closing date has not yet been announced
Nirsal microfinance loan application.
Nirsal microfinance loan is a credit support meant to support individuals and SMEs. Prospects can access a maximum amount of 50 million naira for 7 years with a 9% interest. After filling the application form, the prospect shall reimburse the sum of 10,000 naira for a mandatory entrepreneurship class.
Nirsal Microfinance Bank USSD Code
Presently, Nirsal microfinance banks do not own an existing USSD code. To access the homepage kindly navigate to the Nirsal microfinance homepage via your browser.
Nirsal Microfinance Bank Customer Care Number.
For any complaints and guidelines, contact any of the customer care lines below
+234(0)813 988 2220
+234(0)813 988 2221