NIB COVID-19 TCF/AGSMEIS Loan: Nirsal MFB commences a new application

Announcing the portal reopening today, the NMFB management noted that the beneficiaries to emerge in the new NIB COVID-19 Loan application can now choose Vendors by themselves on the improved NIB COVID-19 Loan Portal depending on their prefered locations.

The NMFB management had earlier in a statement clarified that the NIB COVID-19 Loan Scheme is for all Nigerians regardless of religious inclination. That is, NIB COVID-19 Loan is not meant for only Muslims.

NMFB however noted that an applicant of the Scheme must be adversely affected by the COVID-19 Pandemic, must be aged 18 years and above, must possess a Bank Verification number, and must have been running their own businesses.

Differentiating the Scheme from COVID-19 Targeted Credit Facility Loan Scheme, NMFB stated that the Non-Interest Banking Window for TCF and AGSMEIS focuses mainly on asset Financing other than direct cash disbursement to the beneficiaries.

“The COVID-19 Targeted Credit Facility and AGSMEIS are loans that are repayable while the Non-Interest Banking Window recognises only the sharing of profits from the investment with the beneficiary”, NMFB stated.

NMFB added that existing beneficiaries of the COVID-19 Targeted Credit Facility and AGSMEIS Loan Scheme are ineligible to apply for the NIB COVID-19 TCF/AGSMEIS.

Explaining the Scheme further, the Nirsal Microfinance Bank noted that the Non-Interest Banking Window for TCF and AGSMEIS has a 3 years Tenure and 6 months Moratorium.

Interested applicants can apply for the NIB COVID-19 loan scheme through the improved portal  https://nibloans.nmfb.com.ng/noninterestlendingtcfhousehold.

Originally published by myinfoclock