In the face of economic challenges, both businesses and individuals are struggling to make ends meet. Money is scarce, and the economy is facing significant difficulties. As a result, many are seeking bailouts and unfortunately, some unscrupulous loan sharks are taking advantage of the situation, charging exorbitant interest rates. The NIRSAL AGSMMEIS loan exists for this purpose, however, many still find it hard to navigate How To Check NIRSAL AGSMEIS Loan Approval
However, there is a glimmer of hope for the masses as the Central Bank of Nigeria has stepped in with a lifeline – a series of low-interest loans. One of these crucial loans is the Nigerian Incentive-Based Risk Sharing System for Agricultural Lending (NISRAL)’s Agric, Small and Medium Enterprises Scheme (AGSMEIS) loan.
This loan offers a ray of hope for businesses in the agricultural and small and medium enterprises sectors, providing much-needed financial support at affordable interest rates. With the AGSMEIS loan, aspiring entrepreneurs and existing businesses can find the boost they need to overcome financial challenges and pursue their goals with confidence.
How do I check my NIRSAL AGSMEIS loan approval?
To check if one’s NIRSAL AGSMEIS loan has been approved, one had to do the following:
- One must have gone through the training process.
- One must have applied for the loan through the NFMB portal.
- Visit the NMFB portal link sent to your mobile number as an SMS.
- Log into the NIRSAL AGSMEIS portal.
- Select the type of loan as individual/domestic or SME.
- Enter your BVN and verify the prompt to validate your account.
- Your approved amount will show on the window.
- Click confirm and finish the process.
- Claim your funds.
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What is the AGSMEIS loan?
NIRSAL’s Agric, Small and Medium Enterprises Scheme, AGSMEIS loan is an initiative designed to support and promote agricultural businesses and Small and Medium Scale Enterprises.
It was tailored to help sustain economic development and generate employment for Nigerians in the Agricultural sector.
The loan scheme offers loans with zero collateral and up to N10,000,000 (ten million naira) with a 9% yearly interest. It is also expected to be repaid over a 7-year term with an 18-month moratorium ( a scheduled time when you can use the loan without paying).
The loan is designed to carry along all faces of the agricultural sector including supply, storage, processing, logistics and marketing. Another great thing is that even Small and Medium Scale Enterprises in Mining, Petrochemical and Manufacturing can also apply for the loan.
Medium and Small Scale Enterprises in the creative sector, and Information and Communication Technology (ICT) and other enterprises approved by the banker’s Committee can also enjoy this loan.
What are the things that will make me eligible for a NIRSAL AGSMEIS loan?
The following can make an applicant eligible for a NIRSAL AGSMEIS loan:
- The applicant’s business must be registered with the Corporate Affairs Commission (CAC).
- The applicant must be certified by an Entrepreneurship development institute (EDI).
- The applicant must have a Bank Verification Number (BVN).
- They must also provide passport photographs and a guarantor.
- The applicant must have a valid means of Identification like a National Identity Card, Driver’s Licence or International passport.
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How do I apply for a NIRSAL AGSMEIS Loan?
To apply for the NIRSAL AGSMEIS Loan one needs to do the following:
- First, applicants must go through the training process. In the training, applicants would be expected to take courses with the NIRSAL-certified Entrepreneurship Development Institute.
- On completing the one-week mandatory training at the EID, a certificate would be issued moving you up to the next step where you would apply for the loan through the NIRSAL MFB portal: http://nfmb.com.ng .
- On the page click on the AGSMEIS Loan and select Ministry of Agriculture as the Enterpreneur Development Institute to apply.
- Your application will be forwarded to the CBN and applicants will thereafter be called upon for an interview about their business.
- Applicants who meet the criteria would have their applications approved and the loan awarded to them.
- The loans will be transferred to the pre-registered NIRSAL MFB account of the applicant.
- Purchases of equipment and machinery will be exclusively handled by NIRSAL MFB certified vendors while the working capital will be made accessible through the NIRSAL MFB account.
Finally…
Ensure that you follow all the instructions given and live up to the expectations of the loan or you might be courting some unwanted attention from the microfinance bank that you would not want to face. The bank also has ways that they can help you if you do not come up to expectations.
