CBN Non-Interest Loan 2023 Application Process

CBN Non-Interest Loan 2023 Application Process
CBN Non-Interest Loan 2023 Application Process

CBN Non-Interest Loan 2023 Application Process The Central Bank of Nigeria (CBN) in collaboration with NIRSAL Micro Finance Bank has approved and opened an interest free loan. Basically, this loan is available to households, AGSMEIS and SMEs. So, if you are interested and fall into any of these categories, the information below will guide you on how to apply for a CBN interest free loan.

Households/SMEs – NON-INTEREST CREDIT FACILITY (TCF-NI)

TCF, short for Non-Interest Targeted Credit Facility, is an interest package to assist Nigerian households and businesses (micro, small and medium enterprises) that have been adversely affected by the COVID-19 pandemic. Basically, this bailout fund is a non-interest-bearing package aimed at financing the companies’ major assets until they are fixed. Also for households that are still struggling to survive, this loan will help them.

The funding limit for the TCF is N2,500,000.00 with a period of 3 years and a moratorium of 6 months. Moratorium is the grace period given by the bank to the customer that allows him to postpone payments.

CBN household

AGSMEIS – INVESTMENT PLAN FOR AGRICULTURE, SMALL MEDIUM BUSINESSES (AGSMEIS-NI)
AGSMEIS-NI, short for Non-Interest Agri-Business, Small and Medium Enterprise Investment Scheme, is a Federal Government funding scheme. The Federal Government provides this funding through the CBN and focuses on promoting agribusiness in Nigeria. This will help stimulate economic growth and create jobs for the unemployed.

An alternative to AGSMEIS is its interest-free product. Basically, this product is based on the Islamic principle of financial transactions and offers features like Murabaha and Ijarah. This product is specially designed for business development and financing of raw materials, equipment and working capital.

AGSMEIS-N has a funding limit of N10,000,000.00 with a duration of 7 years (depending on the nature of the project). As an applicant, you can get an additional period of 6 months as a moratorium.

See also  Ongoing Recruitment in a Reputable Domestic Gas Local Distribution Company (LDC)

How To Apply For CBN Non-Interest Loan

If you want to apply for a CBN Non-interest loan for households and SMEs, here’s what to do:

  1. First, start by going to the NIRSAL microfinance website (See Link Below)

  2. Then press “Apply for interest-free facility”. When you tap on it, it will give you two options. These options are “NON_INTEREST TCF” and “NON_INTEREST AGSMEIS”. Click on the “NOT INTERESTED TCF” tab.

  3. When you tab NOT INTERESTED TCF, you will see two options: Home Installations and Media. Choose the option that suits you best. Then you can start recording properly.

  4. You will be asked whether you are simply a new applicant or whether you are returning to your previous application. If you are applying for the first time, select ‘New applicant’.

  5. Then continue to enter your BVN. This will automatically generate some of your items. Fill in the blanks as needed with the rest of your information.

If your application is approved, you should receive a congratulatory message about your successful application. If you have a business registered with CAC, you can choose the SME facility. You just need your company’s TIN number and other information related to CAC registration.

Apply Here

CBN Non-Interest Loan 2023 Application Process
CBN Non-Interest Loan 2023 Application Process

CBN Non-Interest Loan 2023 Application Process

You May Also Like