Link to Apply for Presidential Conditional Loan

December 8, 2023 NYSC Job/Career 0

IYALOJA/GEEP Loan Scheme

Loan: Are you a business owner seeking financial support? The Presidential Conditional Loan Scheme might be the answer you’re looking for. Here’s a quick guide on how to access the loan and what you need to know:

Application Process

To apply for the loan, visit www.fedgrantandloan.gov.ng. If you meet the eligibility criteria, your bank will handle the disbursement. Check the website for detailed criteria.

Eligibility and Terms

  • Loan Term: 36 months for MSMEs, 12 months for Working Capital, and 60 months for Manufacturers (Asset Financing) with a six-month moratorium.
  • Interest Rate: 9% per annum.

What if I Don’t Meet the Criteria?

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Unfortunately, if you don’t meet the criteria, your application won’t be considered.

Repayment Details:

  • Equal and consecutive monthly repayment of principal and interest for the loan’s tenor.

Moratorium Period

  • Manufacturers applying for asset financing enjoy a six-month moratorium period.

Legal Measures for Non-payment

If you can’t repay the loan, the bank will take legal measures to recover it.

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 application process duration varies by bank but typically takes around 2 weeks.

Application Status and Reapplication:

  • Check your application status by logging into your profile. If rejected, you may reapply for minor issues, with additional information.

Multiple Applications:

  • Applying with different companies is not allowed; multiple applications will be disqualified.

Deadline:

  • The deadline for application submission is 31/12/2023.

Explore the opportunities offered by the Presidential Conditional Loan Scheme and take a step towards securing the financial support your business needs.

You may like to check: Link to Apply for PCGS [Presidential Conditional Grant Scheme].

Thanks for reading! You can join FG Empowerment Group on Telegram to interact with various other applicants. Have questions? If ‘yes’, go to the comment section.