Nirsal Microfinance Bank is a CBN licensed institution offering loans for multiple purposes in Nigeria.
Agriculture – The Agri-Business/Small and Medium Enterprise Investment Scheme is an initiative to support the Federal Government’s efforts and policy measures for the promotion of agricultural businesses and small/medium enterprises (SMEs) as vehicles for sustainable economic development and employment generation. The interest rate is nine percent (9%) per annum.
Micro loans – This is for entrepreneurs, traders and students to access up to N1m for existing businesses. The interest rate charged by Nirsal on loans is a minimum with the total dependent on the tenor of the loan. Micro lending is the provision of financial services for people who don’t have access to traditional financial services such as banks. The loans are aimed at individuals who were previously considered “unbankable” by larger banking institutions. These are borrowers who are possibly dealing in small amounts of money each day, living in hard-to-access areas, without credit histories or who don’t meet “traditional requirements” within the banking sector.
SME loans – They provide a loan of over N500k to help consolidate or invest in your business, that is repayable in up to 24 months. The loan is for use as working capital or for the purchase of fixed assets.
Asset Financing – Asset Finance gives you the opportunity to own that asset you had always longed for. Be it a generator, mobile phone, laptops, washing machine, household furniture etc.
That being said, there are a lot of pros and cons of the Nirsal Loan in Nigeria which will be briefly discussed below;
Pros of Nirsal Microfinance Bank Loan
Large loans available
Cons of Nirsal Microfinance Bank Loan
Extensive paperwork to access larger loans
Guarantor required for some loans
Recipients must attend a compulsory training
Just before you apply for this Nirsal Microfinance Bank loan, there are many things you need to have in mind as the requirements for the Loan which include;
Requirements for Nirsal Microfinance Bank loan
Letter of employment
Staff identity card
6 months statement of account
Other forms of identification (National Identity card, international passport, etc)
2 passport photographs
6 months other bank account statement.
Letter of confirmation of appointment/employment.
Direct debit will be placed on customer’s account.
Execution of dud cheque indemnity form.
Now you know what is required of you while applying for the Nirsal Microfinance Bank loan, we believe this will give you some heads on while applying for Nirsal Microfinance Bank loan.