The CBN non-interest loan is now available to qualified applicants. The Central Bank of Nigeria has approved and opened a non-interest loan facility in collaboration with NIRSAL Micro Finance Bank. Similar to the SMEDAN loan facility, this loan is available to households, AGSMEIS, and SMEs. So, if you are interested and fit into any of these categories, the information below will walk you through the application process for a CBN no-interest loan.
CBN Non-Interest Loan
The loan is part of Nigeria’s federal government’s stimulus package for households, businesses, and agricultural organizations. These funds are primarily intended to assist households and businesses affected by the pandemic. The majority of this CBN loan will be applied for with no collateral. Continue reading to learn the simple steps for applying for a CBN non-interest loan.
Categories of CBN Non-Interest Loan
The package is divided into two categories;
- Household / SMEs – Non-Interest Targeted Credit Facility (NI-TCF)
- AGSMEIS – CBN Non-Interest Loan
Household / SMEs – Non-Interest Targeted Credit Facility (NI-TCF)
This is a stimulus program aimed at assisting Nigerian households and businesses (Micro, Small, and Medium Enterprises) that are affected by the COVID-19 pandemic. This relief fund is essentially a non-interest package designed to finance significant assets of businesses until they are stable. This loan will also help those who are struggling to make ends meet.
TCF has a funding cap of N2,500,000.00 and a three-year term with a six-month moratorium. The moratorium is a grace period granted to the customer by the bank that allows them to delay payments.
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AGSMEIS – CBN Non-Interest Loan
This is a federal government-funded program. The federal government provides this funding through the Central Bank of Nigeria (CBN), which promotes agricultural businesses in Nigeria. This will help economic development and employ the unemployed. The loan proceeds must be used to fund profitable agricultural business ventures.
The AGSMEIS-CBN Non-Interest Loan has a funding limit of N10,000,000.00 and a term of 7 years (depending on the project’s nature). As an applicant, you may be given a 6-month moratorium.
How To Apply For The Facility
Follow these steps to apply for a CBN non-interest loan for families and SMEs:
- Visit the NIRSAL microfinance credit application portal (https://nibloans.nmfb.com.ng/nmfbloanapplicationportal)
- Then click on the “Apply for Non-Interest Facility” button. When you tap it, you will be presented with two options. “NON INTEREST AGSMEIS” and “NON INTEREST TCF” Select the “NON-INTEREST TCF” tab.
- When you click on the NON-INTEREST TCF tab, you will be given two options: household facility and SME facility. Choose the option that is most relevant to you. After that, you can properly begin the registration process.
- You will be asked whether you are a first-time applicant or returning to a previous application. If this is your first time applying, check the “New Applicant” box.
- After that, enter your BVN. This will generate a portion of your data automatically. Fill in the blanks with your additional information.
If your application is approved, you should receive a letter congratulating you on your accomplishment. You can use the SME facility if you have a CAC-registered business.
All you need is your company’s TIN and other CAC registration information.
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