NIRSAL Microfinance Bank Limited (NIRSAL MFB) recently launched new products, as part of its On-Balance Sheet Lending portfolio, for easy access to credit facilities by micro, small and medium enterprises that require affordable credit facilities to boost their businesses and salary earners to cater for immediate/pressing needs.
The SME Loan is for micro businesses and SMEs engaged in trading activities with daily sales. The loan sum accessible to this set of customers ranges from N50,000 to 250 million, subject to a satisfactory turnover that covers the expected facility amount.
This product is also open to petty traders in organised 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 Salary Advance is for individuals in paid employment whose salaries have been consistent for 3 months, prior to making an application to the bank. The staff of corporate organisations 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.
NMFB has reiterated that these 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.
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.
