The NIRSAL Microfinance Bank (MFB) has introduced Salary Advance and SME loans, aimed at providing easy access to credit facilities by Traders and Micro, Small and Medium Enterprises (MSMEs) that need affordable credit facilities to boost their businesses.
Small business owners and salary earners can now access the NIRSAL MFB, loans, following the introduction of two new products.
According to the management of the bank, the new products were part of its On-Balance Sheet Lending Portfolio, for easy access to credit facilities by small business owners who need loans to boost their businesses, and salary earners to cater to immediate needs.
In a statement by NIRSAL, the new products is aimed at making credit facilities easy for every genuine business in Nigeria to access.
The SME Loan, which ranges from N50,000 to N250million, is for micro businesses engaged in trading activities with daily sales.
“The loan sum accessible to this set of customers ranges from N50,000 to N250million, subject to a satisfactory turnover that covers the expected facility amount.
“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 loan is for individuals in paid employment whose salaries have been consistent for 3 months, prior to making an application to the Bank. Also, staff of corporate organizations whose salary accounts are domiciled with NMFB can easily access this facility.
NIRSAL also disclosed that the interest rate for loans is low and competitive, with a streamlined documentation process for easy access to any of the above facilities.
“NMFB reiterates that these products are different from the government intervention products administered by the Bank. Consequently, applications for loan facilities within the On-Balance Sheet Lending portfolio will be appraised in line with the Risk Acceptance Criteria of the Bank.”
“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.
“NMFB encourages individuals and business owners to visit any NIRSAL Microfinance Bank branch closest to them for more information on these products.”
Requirements to Apply for A Nirsal Loan For Salary Earners
- Employment letter
- Pay slip
- Staff ID card
- Six months statement of account
- Valid means of ID like National ID, Drivers’ licence, and so on
- A utility bill
- Two passport photographs
- A guarantor form