CBN Non-Interest Loan 2024 – How To Apply

CBN Non-Interest Loan is now accessible for eligible applicants. The Central Bank of Nigeria in partnership with NIRSAL Micro Finance Bank has approved and opened a non-interest facility loan. Basically, this loan is available for households, AGSMEIS, and also for SMEs just like the SMEDAN loan facility. So, if you are interested and fit into any of these categories, the details below will walk you through the process of applying for a CBN Non-interest loan.

CBN Non-Interest Loan

The loan is a stimulus package provided by Nigeria’s federal government to households, businesses, and agricultural organizations. Essentially, these fundings are intended to help households and businesses impacted by the pandemic.  Bulk of this CBN loan will be applied for without collaterals. Keep reading to learn the simple steps on how to apply for the CBN Non-interest loan.

Categories of CBN Non-Interest Loan

Basically, the package is of two categories;

1. Household / SMEs – Non-Interest Targeted Credit Facility (NI-TCF)
2. AGSMEIS – CBN Non-Interest Loan

Household / SMEs – Non-Interest Targeted Credit Facility (NI-TCF)

This category is a stimulus program intended to help Nigerian households and businesses (Micro, Small, and Medium Enterprises) affected by the COVID-19 pandemic. Essentially, this relief fund is a non-interest package designed to finance enterprises’ significant assets until they are stable. This loan will also assist those that are currently struggling to make ends meet.

TCF has a funding ceiling of N2,500,000.00 with a three-year term and a six-month moratorium. The moratorium is the grace period granted by the bank to the customer, allowing them to postpone payments.

AGSMEIS – CBN Non-Interest Loan

This is a federal government funding scheme. The federal government provides this financing through the CBN, which promotes agricultural businesses in Nigeria. This will aid economic development and create work for the unemployed. The loan proceeds must be invested in lucrative agricultural business ideas.

AGSMEIS- CBN Non-Interest Loan has a funding limit of N10,000,000.00 and a term of 7 years (depending on the nature of the project). As an applicant, you may be granted a moratorium of 6 months.

How To Apply For The Facility

To apply for a CBN Non-interest loan for households and SMEs, follow these steps:

1. Visit the NIRSAL microfinance credit application portal
2. Then, press the “Apply for Non-Interest Facility” button. When you tap it, you will be given two options. “NON INTEREST TCF” and “NON INTEREST AGSMEIS” Navigate to the “NON-INTEREST TCF” tab.
3. When you select the NON-INTEREST TCF tab, you will be presented with two options: household facility and SME facility. Choose the most relevant choice for you. After that, you can begin the registration process properly.
4. You will be asked if you are a new applicant or if you are returning to a previous application. Select “New Applicant” if this is your first time applying.
5. Following that, enter your BVN. This will generate part of your information automatically. Fill in the blank fields with your other information.

If your application is accepted, you should receive a note congratulating you on your success. If you have a registered business with CAC, you can use the SME facility. You only need your company’s TIN number and other CAC registration details.

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