NIRSAL MFB has launched new loan products for MSMEs.
Newsonline reports that Nirsal Microfinance Bank Limited (NIRSAL MFB) has announced the launching of new credit facilities for micro, small and medium enterprises (MSMEs). The bank said the new launch is part of its on-balance sheet lending portfolio for easy access to credit facilities by MSMEs that require affordable credit facilities to boost their businesses, and salary earners to cater for immediate/pressing needs.
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“The loan is for micro businesses and SMEs engaged in trading activities with daily sales,” the bank said in a statement that was issued yesterday in Abuja. The loan sum accessible to the MSMEs customers ranges from N50,000 to N250million, subject to a satisfactory turnover that covers the expected facility amount.
The bank said the credit facility 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 account history with NMFB or any other bank to access the facility,” the bank said.
Details of the facility shows that the the bank also have a salary advance loan facility for individuals in paid employment whose salaries have been consistent for 3 months, prior to making an application to the bank. To access the facility, NMFB said “staff of corporate organizations whose salary accounts are domiciled with NMFB can, easily, access this facility.”
The interest rate for these products is very competitive with a streamlined documentation process for access to any of the above facilities from the bank.
According to the bank, the new products are different from the government intervention products administered by the bank. “Consequently, applications for loan facilities within the on-balance sheet lending portfolio will be appraised in line with the risk acceptance criteria of the bank,” it stated.
The Bank, also, stated that a loan product for the agriculture sector, covering farmers and all businesses in the agricultural value chain, would be launched within the year. 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.