NIRSAL Non-Interest Loan Targeted Credit Facilities (500k/750k) Opens

Fact about NIRSAL Non-Interest Loan Targeted Credit Facilities (500k/750k)

  • The aim is 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.
  • The financing limit is N2, 500,000.00 for a tenure of 3 years with 6 months moratorium (a moratorium is a grace period granted to the customer by the bank to postpone the payment).

See NYIF/COVID-19 TCF (N500k) Loan: Nirsal MFB Is Sending Approval Link

The description of the NIRSAL Non-Interest Loan Targeted Credit Facilities (500k/750k)

Product Name:

Non-Interest Targeted Credit Facility (TCF-NI)

Facility Type:

Term Credit Facility

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Maximum Facility Amount:

Household: N500,000.00

Profit margin:

9% per annum

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Maximum Payment Period:

36 months

Global Standing Instructions:

Should you default, payments will be recovered from your account. Note that you must accept this as part of the offer letter.

Application Process:

The process of the application will take place in three distinct phases:

Phase 1:

Application for Financing

Apply for the TCF-NI facility by providing relevant personal information and the business to be financed.

Phase 2:

Acceptance of Offer and other Agreements

You will be notified when your application is approved and required to do the following:

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 be confirmed with the approved amount as shown in your offer letter.

You will finally attach invoices for all the items to be financed.

Phase 3:

Take delivery and Execution of Murabahah Agreement Upon fulfillment of Phase 2, wait for the disbursement of funds to the proposed vendor.

The funds will be used to purchase equipment and raw materials from the vendor. Either NMFB or you as its agent will then be assigned to take delivery of the assets.

After taking delivery, you will be required to execute the Murabaha agreement in the final stage of the contract.

The main aim of this Non-Interest Facilities to Households is to assist all Households in the process of building a business or expanding an existing business and maintaining their lifestyle.

Steps to Apply NIRSAL Non-Interest Loan Targeted Credit Facilities (500k/750k)

Step 1:

Choose if you’re a Returning Applicant or a New Applicant (Application Status).

Step 2:

Validate your BVN Details.

Step 3:

Fill in your BIO-DATA INFORMATION

Step 4:

Enter your Financial Information

Select the purpose of the facility application select only one

To purchase equipment or assets for home use

To purchase equipment or asset to expand business

Step 5:

DECLARATION

Step 6:

Submit

Note: Make sure that the unit cost of all the items you are using does not exceed the Financing Amount you are applying for.

Your Financing Tenor in Months is 36 Months and the Financing Moratorium in Months is 12 Months.

Non-Interest SMEs Targeted Credit Facility (TCF)

Our Non-Interest Facilities SMEs will assist you in the process of building a business or expanding an existing business and maintaining your lifestyle.

Description

Product Name:

Non-Interest Targeted Credit Facility (TCF-NI)

Facility Type:

Term Credit Facility

Maximum Facility Amount:

 SME: N750,000.00

Profit margin: 9%

Maximum Payment Period: 36 months

Global Standing Instructions: In case you default, payments will be recovered from your account. Note that you must accept this as part of the offer letter.

Application Process: The process of the application will take place in three distinct phases:

Phase 1: Application for Financing

Apply for the TCF-NI facility by providing relevant personal information and the business to be financed.

Phase 2: Acceptance of Offer and other Agreements

You will be notified when your application is approved and required to do the following:

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 be confirmed with the approved amount as shown in your offer letter.

You will finally attach invoices for all the items to be financed.

Phase 3:

Take delivery and Execution of Murabahah Agreement Upon fulfillment of Phase 2, wait for the disbursement of funds to the proposed vendor.

The funds will be used to purchase equipment and raw materials from the vendor. Either NMFB or you as its agent will then be assigned to take delivery of the assets.

After taking delivery, you will be required to execute the Murabaha agreement in the final stage of the contract.

Steps to Apply for NIRSAL Loan SMEs Targeted Credit Facility

Step 1:

Choose if you’re a Returning Applicant or a New Applicant (Application Status).

Step 2:

Validate your BVN Details.

Step 3:

Fill in your APPLICANT DETAILS

Step 4:

Enter your PROMOTER INFORMATION

Step 5:

Enter your BUSINESS/DIRECTOR INFORMATION

Is Promoter same as Director

YES/NO (If yes fill in Business information otherwise filling director Information)

Select the purpose of the facility application Select only one

To purchase equipment or assets for home use

To purchase equipment or asset to expand business

Step 6: DECLARATION

Step 6: Submit

Start Registration Here

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