Application for CBN Non-interest Loan

The Central Bank of Nigeria, in conjunction with NIRSAL, launched the no-interest financing program. For those who meet the requirements, this loan offers a unique chance to obtain money without the limitations of typical interest-based loans.

AGSMEIS (Agriculture Gradual and Small Business Enterprise Scheme), MSMEs (Micro, Small and Medium Enterprises), and Nigerian households are all intended to benefit from and be empowered by it.

Here is a step-by-step guide on how to apply for the CBN non-interest loan

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

For Nigerian individuals and businesses, particularly the Micro, Small and Medium Enterprises (MSME) who have been severely impacted by the COVID-19 pandemic, the TCF, or Non-Interest Targeted Credit Facility, offers a ray of hope.

Apply: Federal Govt Interest-free loan
These grants are intended to support households that are still having financial difficulties and to give businesses the much-needed financing they need to get back on their feet.

Considering TCF? Great! The loan has a 3-year payback term with a principle amount of 2.5 million NGN. A 6-month payment suspension also gives you some much-needed breathing room.

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Agribusiness, Small and Medium Enterprise Investment Scheme (AGSMEIS-NI), which is non-interest bearing
The Non-Interest Agri-Business, Small and Medium Enterprise Investment Scheme, also known as AGSMEIS-NI, was established by the Federal Government of Nigeria as a financial initiative to promote the agricultural sector.

The program’s goal is to provide small and medium-sized agricultural firms with financial support, which will ultimately lead to economic growth and the creation of jobs. The central bank, CBN, is in charge of overseeing the administration of the funding scheme and is crucial in awarding funds to qualifying businesses.

AGSMEIS-NI is a key project that could improve Nigeria’s agriculture industry. The initiative aims to advance food security, boost productivity, and improve farmer lives by providing financial assistance to small and medium-sized agricultural businesses.

The program is open to qualified candidates from every region of the nation, including women and young people. Because of the program’s non-interest lending structure, businesses that are not qualified for conventional bank loans can access it more easily.

In addition to the well-known AGSMEIS grant scheme, businesses can get funding through a number of other avenues. One possibility is the availability of non-floral goods that adhere to Islamic financial transaction standards.

These solutions offer a specialized set of characteristics, such as Murabaha and Ijarah, each developed to meet the specific financial and expansion requirements of businesses.

These non-floral goods demonstrate that, from acquiring raw materials and equipment to having access to operating capital, there are many financial options that are in keeping with Islamic principles and support the expansion and profitability of businesses.

AGSMEIS-N has a N10,000,000.00 financial cap and a 7-year term.

Tenor (according to the project’s specific requirements). As a candidate, you are entitled to an additional moratorium of six months.

How To Apply For An Interest-Free Loan From CBN
Following are the steps to apply for a CBN Non-Interest Loan for Households and SMEs:

Visit the NIRSAL microfinance website to get started.

Click “Apply for Non-Interest Facility” after that. You will have two choices after tapping it. “NON-INTEREST TCF” and “NON_INTEREST AGSMEIS” are these possibilities.

The “NON-INTEREST TCF” tab can be selected.
There are two choices when you select the NON-INTEREST TCF tab: the household facility and SME facility. Select the choice that best suits your needs. After that, you can fully begin the registration process.

You will be questioned regardless of whether you are updating an old application or are a fresh candidate.
If you are a new applicant, select “New Applicant”.

After that, proceed to enter your BVN. This will result in the automatic generation of some of your data. Complete the necessary fields with your other information.

If it is, you should receive a notification congratulating you on submitting a successful application. If your firm is one that is registered with CAC, you can select the SME facility. You only need your company’s TIN number and the information from your CAC registration.