oxiide22:
when did you applied this loan?

tikkykay:

Less than a month ago. When you get approved...you will get a sms containing the link that has your offer letter

GhettoBwoy:
Someone that helped facilitate my nirsal loan said I would pay him 100k when the 450k drops in my account he said that's the payment for helping me out fascilitating the nirsal covid19 loan

IDK123:
yeah someone did help me process it tho but i didn't think they'd also be able to accept the offer......guess it all makes sense now

SuppoOmoo:
FYI...

Six (6) Important things to know about NMFB Non-Interest Loan

Following the commencement of the COVID-19 Non-Interest Loan approval by the Nirsal Microfinance Bank (NMFB), many applicants have yearned for a better understanding of the NMFB Non-Interest Banking Window.
Here are six (6) Important things to know about the Non-Interest Banking Window for TCF and AGSMEIS

1. The COVID-19 Non-Interest Banking Window for TCF and AGSMEIS is not the same as the popular COVID-19 Targeted Credit Facility Loan or the AGSMEIS Loan.

The major difference is that while there is a direct cash disbursement for the COVID-19 Targeted Credit Facility Loan or AGSMEIS Loan as the case may be, the Non-Interest Banking Window for TCF and AGSMEIS is for direct cash disbursement.

What this means is that in accessing the Non-Interest Loan, an applicant needs to input the details of the items he/she wants to be financed, which must be within the range of amount applied for.

The applicant will also verify the exact price from a vendor which the applicant will also attach to the application in the next stage. The vendor actually receives the direct fund. This will be explained in No 2. Just follow me.

2. There are three 3 Stages in accessing the Non-Interest Loan.

Phase 1: Application for Financing

In this stage, an applicant provides relevant personal information and the business to be finance.

Phase 2: Acceptance of Offer and other Agreements

A successful applicant will be notified when his/her application is approved. The approval has commenced already but that's not all.

The applicant will be required to do the following:

• Generate the Offer Letter and accept it

• Generate the Undertaking to Buy Agreement and accept it. (Read this agreement very well).

• Input the details of the items to be financed. This must conform with the approved amount as shown on your offer letter.

• You will finally attach invoices for all the items to be financed.

Phase 3: Upon fulfillment of Phase 2, the beneficiary would wait for the disbursement of funds to the proposed vendor. The funds will be used to purchase equipment and raw materials from the vendor. Either NMFB or the beneficiary as its agent will then be assigned to take delivery of the assets.

After taking delivery, the beneficiary will be required to execute the agreement on the final stage of the contract.

3. COVID-19 Targeted Credit Facility Loan and AGSMEIS Loan Scheme are loans that must be repaid with Interest rate of 5-9% per annum. The Non-Interest Banking Window recognises only the sharing of profits from the investment with the beneficiary.

That is, the profit accrued from the business will be shared with the Lender - which is the Nirsal Microfinance Bank. However, no interest is attached to the Loan and the Loan will not be repaid by the beneficiary in part or lump sum. That's why the Non-Interest Banking Window for TCF and AGSMEIS focuses on assets financing than direct loan disbursement to beneficiaries.

4. When a beneficiary goes contrary to the Agreements/Terms and Conditions, payments will be recovered from the beneficiary's accounts. Note that an applicant must accept this as part of the offer letter. The technology to be applied in effecting this operates within the beneficiary's BVN which is linked to his/her bank accounts.

5. A beneficiary of one CBN Intervention Programme is ineligible to access other CBN Intervention Programmes. That's why an applicant's identity is always tied to his/her BVN.

Hence, one who benefited from the COVID-19 Targeted Credit Facility Loan or the AGSMEIS Loan can not benefit from the COVID-19 Non-Interest Banking Window for TCF and AGSMEIS, vice versa.

6. Even though Approval has commenced for the Non-Interest Banking Window for TCF and AGSMEIS, the application is on going.

Interested applicants can apply by visiting www.nmfb.com.ng or http://nibloans.nmfb.com.ng.

glamour4000:
Please how do I get to update the cost of items. I just got a text regarding that but don't know how to go about it.

OssyMalik:
Dear Applicant,
Your NIB application has been approved, kindly proceed to our portal using the link sent to you earlier to accept your offer. Call 09010026900 for further enquiries.







No link was sent to me o! How do i go about it?

OssyMalik:
Dear Applicant,
Your NIB application has been approved, kindly proceed to our portal using the link sent to you earlier to accept your offer. Call 09010026900 for further enquiries.







No link was sent to me o! How do i go about it?

abdulbaba200:
Hello, for those that receive approval for Non-interest loan, please when did you apply? Cos I applied on the 30th of August but yet to receive approval, though the cost of items I requested for is more than a million naira against the maximum of 500k stated

Nkemella:
This non interest loan is so confusing .
I don't really understand it.
They suppose disburse the money directly to the beneficiary I stead of using vendors.

ABDamola:
Has any SME applicant received approval for this non interest?

olamoses75:
abi o, those vendors con dey act like demigods. My dad and sister was assigned to the same vendor, I tried chatting him on WhatsApp but the dude just said "ok" and didn't say anything again

Bigdadson:
Please can anyone share the link he accepted the non interest loan here, maybe it can help those that received approval today but without link.

Omotoshondos:
Anyone been able to accept the non interest loan? Please share link if you have. Thanks

Mayor21:


No way o except you have your reference number

Omotoshondos:
I have the reference number.

How do one proceed with the reference number.

Thanks

ABDamola:
Pls how can one retrieve reference code?
I don't have it again

Mayor21:


No way o except you have your reference number