Direct Link to Apply for Presidential Conditional Loan
Discover how to access the Presidential Conditional Loan Scheme for your business. Explore the application process, eligibility criteria, and repayment details. Don’t miss the opportunity; apply before the deadline!
Are you a business owner in need of financial support? The Presidential Conditional Loan Scheme is here to assist. Learn how to access this valuable resource with our quick guide below:
Application Process
Applying for the loan is straightforward. Visit www.fedgrantandloan.gov.ng to begin the process. If you meet the eligibility criteria, your bank will manage the disbursement. For detailed criteria, check the website.
Eligibility and Terms
- Loan Term: MSMEs qualify for a 36-month term, Working Capital for 12 months, and Manufacturers (Asset Financing) for 60 months with a six-month moratorium.
- Interest Rate: Enjoy a competitive 9% per annum.
What if I Don’t Meet the Criteria?
Unfortunately, if you fail to meet the criteria, your application won’t be considered.
Repayment Details
Repay the loan through equal and consecutive monthly payments of principal and interest throughout the tenor.
Moratorium Period
Manufacturers applying for asset financing benefit from a six-month moratorium period.
Legal Measures for Non-payment
In the event of non-repayment, the bank will initiate legal measures to recover the loan.
Application Process Details
- The applicant must have a registered business as a Sole proprietorship, Partnership, or Limited liability company.
- Applicants/promoters must be 18 years and above.
Application Timeline
The duration of the application process varies by bank but typically takes around 2 weeks.
Application Status and Reapplication
Check your application status by logging into your profile. If rejected, consider reapplying for minor issues with additional information.
Multiple Applications
Avoid applying with different companies, as multiple applications will be disqualified.
Deadline
Submit your application before the deadline on 31/12/2023.
Explore the opportunities provided by the Presidential Conditional Loan Scheme and take a crucial step toward securing the financial support your business needs. Don’t miss out – apply today!