CBN NIRSAL Non-Interest Targeted Facility Loan 2025 Application Form Portal and Requirements
In other to ease the impact of covid 19, the Central Bank of Nigeria through its official microfinance bank(NIRSAL) released several stimulus packages including loans and grants for households, Farmers and Small and medium enterprises(SMEs). While some of these loans are low-interest loans, Non-interest loans are another way to help facilitate the process of recovery both for families and businesses around the country.
Apply Now: Top Grants for Africans
Types of Non-Interest Loans offered by NIRSAL
There are two major loan options covered under the non-interest loan and they are;
- Non-interest TCF and
- Non-interest AGSMEIS
NIRSAL Microfinance Bank Non-interest Targeted Facility(TCF-NI)
The Non-Interest Targeted Credit Facility (TCF) is a stimulus package to support households and Micro, Small, and Medium Enterprises (MSMEs) affected by the COVID-19 pandemic. It is a non-interest term facility targeted at small businesses for the financing of key assets for their businesses.
In this financing opportunity, the limit is N2,500,000.00 for 3 years with 6 6-month moratorium (a grace period before repayment starts).
The Non-interest TCF loan option is further divided into two options and they are;
- Â Household facility non-interest and
- SME facility non-interest
Just as their names imply, one is for households wishing to purchase a household item at a certain amount while the latter is for small and medium enterprises wishing to purchase a piece of equipment for their business at a certain amount and wish to get a loan to serve this purpose.
The maximum amount a household can request using this loan option is 500,000 Naira and this is usually paid directly to a vendor the repayment period of 36 months is applicable here.
Applicants for SME non-interest can apply for a maximum 750, 000 and a repayment period of 36 months including the moratorium period mentioned above.
Read also: Top 10 Nigeria Loans
 Non-interest AGSMEIS
The Non-Interest Agri-Business, Small and Medium Enterprise Investment Scheme (AGSMEIS-NI) is a federal government intervention funding scheme through CBN that is intended to promote agricultural businesses to spur economic development and employment generation in the country.
The non-interest product is an alternative to the existing AGSMEIS program that is based on Islamic principles of financial transactions using products such as Murabaha and ijarah. It is a term financing specifically introduced for the financing of equipment, raw materials, and working capital.
The financing limit is N10,000,000.00 for a tenor of up to 7 years (depending on the nature/gestation period of the project). Applicants may in addition enjoy a moratorium of 6 months for mark-up and 18 months for the principal (a moratorium is a grace period granted to the customer by the Bank to postpone the payment).
Read also: ACCION MICROFINANCE LOAN
Process of Application
The application process for each of these loan options is the same although there are slight differences based on the information and according to individual needs. However, they all follow these phases;
- Generate the Offer Letter and accept it
- Generate the Undertaking to Buy Agreement and accept it
- Input the details of the items to be financed. This must conform with the approved amount as shown on your offer letter.
- You will finally attach invoices for all the items to be financed.
You may also Like;
P-yes RegistrationÂ
Covid-19 Targeted Credit Facility Application
JAIZ BANK PLC-SMEDAN Matching Fund
NG-CARES Grant Application
Best Fully Funded Scholarships
Opay Loan and all you Need to Know
DotPay POS – How to get the POS
Nigeria Loans
Federal Ministry of Youth and Sports Development Work Experience Programme
Dotpay Loan
BOA-SMEDAN Matching Fund
Kwaba Loan Application
12 comments
I have a form but not collet my money
I applied online till now I have not received any thing but those who meet people and feel forms have received their own, some people have collected for se second time,that is Nigeria for us
Why are you requesting for BVN be while bank said that we should not release it to anyone
Your BVN is used to validate your account number and to check that you are not a beneficiary on the portal. Meanwhile is CBN that is requesting it not “updatefly” thanks
Please how do i report an online loan company, whose loan have been paid but still pestering my life over an unpaid loan.
Use Twitter. First, find the company’s handle then tag them and also tag CBN on the tweet and state all details if possible, provide the payment proof.
I applied online till now I have not received any thing
I want to apply but how?
I have just click on the link here but no form to fill. Kindly assist pls
When you click on the link, select from the list of loans and apply for one of the none interest loan options. They are still very active and accepting applications.
I need a money for my business
i need a loan from to increase my business thanks
Comments are closed.