CBN NIRSAL Non-Interest Targeted Facility Loan – Get N500k NIRSAL Loan
Originally launched to curb the impact of COVID-19, CBN NIRSAL Non-Interest has been a lifesaver for some Nigerian businesses and households. The Central Bank of Nigeria’s official microfinance bank(NIRSAL) has in the past 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 for both families and businesses around the country.
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Facts About CBN NIRSAL Non-Interest Loan
The loan is of 2 different categories and can be accessed by both individuals and businesses depending on the amount needed. The two parts of the loan are;
- Non-interest TCF and
- Non-interest AGSMEIS
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Non-interest Targeted Facility(TCF-NI)
The CBN Non-Interest Targeted Credit Facility (TCF) is a stimulus package support oan for households and Micro, Small, and Medium Enterprises (MSMEs) affected by the COVID-19 pandemic. It is a non-interest loan facility targeted at small businesses for the financing of key assets for their businesses. In this loan option, Nigerians can apply for up to N2,500,000 for 3 years with 6-month moratorium.
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Non-interest AGSMEIS
The Non-Interest Agri-Business, Small and Medium Enterprise Investment Scheme (AGSMEIS-NI) is an FG intervention funding scheme through CBN that promotes agricultural businesses to spur economic development and employment generation in the country. Under this loan option, businesses in the Agriculture industry can apply for a loan of up to 10,000,000(Ten Million Naira) provided they can repay the loan within the time frame. The loan has a repayment period of 7 years (depending on the nature/gestation period of the project).
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How to Apply for FG CBN NIRSAL Non-Interest Targeted Facility Loan
To apply for the Non-Interest loan, you are to visit the NIRSAL loan portal at https://nibloans.nmfb.com.ng/nmfbloanapplicationportal, click on the loan option, and then select the loan that suits you from the popup window. The application is still on now.
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