Simple Method To Apply For Nirsal Non-Interest Loan

If you have not forgotten, in recent years, this Nigerian government has released its budget through NIRSAL bank through the provision of Non-interest tcf, which provides loans from 500,000 upwards. People have already received this grant, and some are still receiving loans from NIRSAL.

The global pandemic has led to unprecedented disruptions to global supply chains, sharp drop in global crude oil prices, turmoil in global stock and financial markets, massive cancellation of sporting and entertainment events, lockdown of large swaths movements of persons in many countries, and intercontinental travel bans/restrictions across critical air routes across the world.
These outcomes have had severe consequences on households’ livelihoods and business activities, resulting from a drop in global demand, declined consumer confidence, and a slowdown in production.

NIRSAL MFB – Credit Application Portal. Household TCF, SME TCF, Commercial Loan, Non-Interest TCF (Household, SME, and AGSMEIS) In this respect, the Central Bank of Nigeria (CBN) introduced the N50 billion Targeted Credit Facility (TCF) as a stimulus package to support households and micro, small and medium enterprises (MSMEs)

In this respect, the Central Bank of Nigeria (CBN) introduced the N50 billion Targeted Credit Facility (TCF) as a stimulus package to support households and micro, small and medium enterprises (MSMEs) affected by the recent pandemic.

Eligible activities under the Scheme include:

  1. Agricultural value chain activities
  2. Hospitality (accommodation and food services)
  3. Health (pharmaceuticals and medical supplies)
  4. Airline service providers
  5. Manufacturing/value addition
  6. Trading
  7. Any other income-generating activities as may be prescribed by the CBN.


The Scheme shall be financed by the Micro, Small, and Medium Enterprises Development Fund (MSMEDF).

Participating Financial Institution

The eligible participating financial institution for the Scheme is NIRSAL Microfinance Bank (NMFB).

Collateral Requirement
The collateral to be pledged by beneficiaries under the program shall be as may be acceptable by NIRSAL MFB but may include any one or more of the following:
i. Moveable asset(s) duly registered on the National Collateral Registry (NCR).
ii. Simple deposit of title documents, in perfectible state
iii. Deed of Debenture (for stocks), in perfectible state
iv. Irrevocable domiciliation of proceeds
v. Two (2) acceptable Guarantor
vi. Personal Guarantee of the promoter of the business
vii. Life Insurance of the Key-Man, with NMFB noted as the First Loss Payee
viii. Comprehensive Insurance over the asset

i. Eligible households or MSMEs shall submit applications directly to NIRSAL Microfinance Bank (NMFB);
ii. The application must, among others, contain a BVN number, business registration (where applicable), and business plan with clear evidence of the opportunity or adverse impact as a result of the recent pandemic.
iii. NMFB shall appraise and conduct due diligence applications.
iv. Upon satisfactory appraisal of the application, NMFB shall forward the applications to the CBN for final approval
v. CBN reviews applications and gives final approval for disbursement to NMFB.

Loan Limit

SMEs: The loan amount shall be determined based on the activity, cash flow, and industry/segment size of the beneficiary, subject to a maximum of N25 million for SMEs.

Households: Can access a maximum of N3 million 7.3 Working capital shall be 25% of the average of the previous three years’ annual turnover. (where the enterprise is not up to 3 years in operation, 25% of the last year’s turnover will suffice).

How to Apply for Non-Interest Loan

The NIRSAL non-interest loan page is currently open for those who have not applied and those who have not yet applied for a loan.
To complete the loan, join one of the three that match the loan you are applying for below:

1. Non-Interest Targeted Credit Facility [Household]
Click here to apply
2. Non-Interest Targeted Credit Facility [SME]
Click here to apply
3. Agric-Business/Small and Medium Enterprises Investment Scheme (AGSMEIS)
Click here to apply

Finally, the beneficiaries shall make repayment on an installment basis to the NMFB according to the nature of the enterprise and the repayment schedule/work plan provided at the application stage. That’s all, fill in all the required information and apply.

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