NIRSAL MFB Introduces New Loans For Traders And Salary Earners : The NIRSAL Microfinance Bank (MFB) has introduced Salary Advance and SME loans in order to provide Traders and Micro, Small and Medium Enterprises (MSMEs) with easy access to credit facilities in order to grow their businesses.
Following the introduction of two new products, small business owners and employed individuals can now apply for NIRSAL MFB loans.
According to the bank’s management, the new products were part of its On-Balance-Sheet Lending Portfolio, allowing small business owners who need loans to boost their businesses and salary earners to meet immediate needs easy access to credit facilities.
According to NIRSAL, the new products are designed to make credit available to all legitimate businesses in Nigeria.
The SME Loan, which ranges from N50,000 to N250 million, is intended for micro businesses that engage in daily sales.
This product is also open to petty traders in organized markets who have existing businesses and require credit facilities ranging from N50,000 to N300,000 to augment their business capital.
“The petty trader does not necessarily need to have account history with NMFB or any other bank to access the facility.
“The Salary Advance’ is for individuals in paid employment whose salaries have been consistent for 3 months, prior to making an application to the bank.”
The bank said staff of corporate organizations whose salary accounts were domiciled with NMFB, could easily access the salary advance facility.
It described the interest rate for the products as very competitive, with a streamlined documentation process for access to any of the above facilities from the bank.
NMFB explained that the products were different from the government intervention products administered by the bank.
Consequently, it said applications for loan facilities within the On-Balance Sheet Lending portfolio would be appraised in line with the risk acceptance criteria of the bank.
It added that a loan product for the agriculture sector, covering farmers and all businesses in the agricultural value chain, would be launched within the year.
“Successful applicants of this product will also enjoy the benefits of the Federal Government Agricultural Credit Guarantee Scheme Fund, ACGSF, as well as the interest drawback programme for farmers and businesses in the agricultural value chain.”
Click here to access the NIRSAL Bank Portal (nmfbloans.nmfb.com.ng) For New Loan Application 2022
