All You Need To Know About New NMFB Loan Offers (Nirsal Microfinance Bank Loan)

The Nirsal Microfinance Bank popularly know for Federal Government Intervention Programmes such as COVID-19 Loan (COVID-19 Targeted Credit Facility Loan, AGSMEIS Loan, Anchor Borowers Programme Loan and NYIF Loan) recently launched new Loan opportunities for business owners and households.

One of the advantages of NMFB loans is that they come with a low-interest rate, making it easier for borrowers to repay the loan. The loan repayment period is usually spread over a period of up to ten years, giving borrowers ample time to repay the loan without any undue pressure. NMFB loans also come with flexible repayment terms, allowing borrowers to repay the loan in installments that are suitable for them.

The NMFB offered 5 Categories of NMFB Loan generally named On-Balance Sheet Lending (OBSL).

The On-Balance Sheet Lending facility is internal loan of NMFB separate from Central Bank of Nigeria intervention funds administered by the Bank. The OBL facilities are funded from depositors’ funds, not from the Federal Government.

Read Also: NMFB debunks N100,000 Household Grant Application News

The NMFB Loan facility (OBSL Facility) can be applied for by the following categories of Business Owners or Household:

1. Small and Medium Enterprises with good financial track record.

2. Petty traders with verifiable businesses

3. Individuals with verifiable sources of monthly income (including paid employment for at least 6 months).

4. Individuals and business owners in need of household equipment, and other consumer assets.

5. Individuals and businesses operating within the agricultural value chain.

If you are one of the above, you can access this facility from the OBSL loan portal or by visiting any of the NMFB branches.

An applicant would need their personal details (name, contact, home address, BVN) and their business details (name, address etc.) to apply. With the minimum being N50,000 and the maximum subject to your financial capacity, this facility is capable of covering your personal or business needs.

Here are the 5 NMFB Loan launched under the OBSL Facility

1. Small and Medium Enterprise Facility (NMFB SME)

The NMFB SME loan is a product designed for the Bank’s customers who are already engaged in trading activities of eligible products including food and beverages, electronics, allied products, computers / phones / accessories, spare parts, building materials. The loan is meant to meet shortfalls in customer’s working capital requirements for a maximum period of 365 days.

2. Petty Cash Now-Now Facility (NMFB Petty Cash Now-Now)

The NMFB Petty Cash Now-Now is a micro loan designed for petty traders, kiosk owners and artisans to run their daily business activities. This loan will afford this category of NMFB customers the capacity to meet their business working capital needs for a maximum period of 365 days.

3. Salary Advance Facility (NMFB SALAD)

The NMFB SALAD allows individuals with verifiable sources of monthly income from paid employment to access advance from their salaries. The accessible amount is subject to the customer’s monthly repayment which must not exceed 33.3% of his/her net monthly salary for a maximum period of 90 days.

4. Consumer Asset Finance Facility (NMFB CAFF)

The NMFB Consumer Asset Finance Facility allows eligible NMFB customers (salaried and business owners) access to purchase physical assets (household items and electronic gadgets) from the Bank’s accredited vendors. The repayment on the loan spans across a maximum period of 24-months subject to the customer’s capacity to make monthly principal and interest repayments.

5. Agricultural Finance Facility (NMFB AFF)

The NMFB Agricultural Finance Facility is targeted at customers who are into identified agricultural activities; crop farming, animal husbandry, fish farming, processing of farm produce, farm machinery hire services, etc. The facility also gives borrowers who repay as at when due the opportunity to benefit from the Interest Drawback Program (IDP) of the CBN Agriculture Credit Guarantee Scheme Fund (ACGSF), where the customer will get a rebate on the interest paid on his/her commercial borrowing from NMFB at a rate determined by the Fund from time to time.

How to Apply for OBSL NMFB Loan

Step 1: Register and Apply online

The process is easy and simple. You can begin the process by opening the application portal https://obl.nmfb.com.ng on your smart phone, tablet or laptop.

Register with your personal information and validate your BVN online.Complete the application form online and select a NIRSAL Microfinance Bank branch closest to you.Visit your selected branch to complete application process.

Step 2: Appraisal and Approval

Your request will be appraised in line with the Risk Acceptance Criteria of the Bank and approved if all requirements are met.

Step 3: Disbursement

Upon acceptance of loan offer which includes terms and conditions of the loan, the approved amount shall be disbursed to the customer’s account in NIRSAL Microfinance Bank

Step 4: Monitoring and Repayment

There shall be close monitoring of the loan to ensure that the customer keeps to the terms and conditions of the loan. Repayment of the loan will start exactly 30 days after disbursement date.

In conclusion, NMFB loan is an excellent opportunity for small and medium scale businesses, and Household to access affordable finance to start, expand their businesses or meet immediate financial needs. With its low-interest rate, flexible repayment terms, and long repayment period, the NMFB loan is an attractive credit facility for businesses in various sectors. If you meet the eligibility criteria and have a viable business plan, you should consider applying for the NMFB loan to take your business to the next level.

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