Two new loan products have been made available by the Nirsal Microfinance Bank, which claims they will make it easier for traders and wage earners to obtain loans.
The NMFB management claimed that the two new loan programs, SME Loan and Salary Advance, were a part of its On-Balance Sheet Lending portfolio for easy access to credit facilities by Micro, Small and Medium Enterprises (SMEs) that required affordable credit facilities to grow their businesses, and salary earners to meet urgent/urgent needs.
Until recently, the majority of the recipients of SME loans from NIRSAL Microfinance Bank were businesses involved in production rather than selling.
However, thanks to the new products, SMEs and microbusinesses involved in trading with regular sales can now access NMFB Loan facilities.
A petty trader does not necessarily need to have an account history with NMFB or any other bank in order to access the facility, according to the NMB management, who also noted that the loan amount accessible to this group of customers ranges from N50,000 to N250million, subject to a satisfactory turnover that covers the expected facility amount.
The management claimed that employees of business enterprises with salary accounts hosted by NMFB may easily access the Salary Advance function.
“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 an 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 Salary Advance’ is for individuals in paid employment whose salaries have been consistent for 3 months, prior to making an application to the bank.”
“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 went on to clarify that the loan products were distinct from the Bank’s government intervention products.
It consequently said that requests for the loan facilities included in the On-Balance Sheet Lending portfolio would be evaluated in accordance with the Bank’s risk acceptance criteria.
Speaking about the interest rates for the new loan products, NMFB said that they are quite competitive and that there is a simple documentation process for obtaining any of the aforementioned Bank facilities.
It further stated that by the end of 2022, a loan product for the agricultural industry would be introduced, covering farmers and all companies involved in the agricultural value chain.
This information was first published on nyscinfo.com DMCA PROTECTED.
Source: Nyscinfo
Farm