Nirsal Microfinance Bank Limited (NIRSAL MFB) has launched two new products named salary advance and SME loan, to make access to look easier for businesses and salary earners.
The Bank said the new products are part of its on-balance sheet mending portfolio, for easy access to credit facilities by micro, small and medium enterprises (MSMEs) that require affordable credit facilities to boost their businesses, and salary earners to cater for immediate/pressing needs.
The Bank explained that SME Loan is for micro-businesses and SMEs engaged in trading activities with daily sales; adding that the loan sum accessible to this set of customers ranges from N50,000 to N250million, subject to a satisfactory turnover that covers the expected facility amount.
“This product is also open to petty traders in organized 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 bank stated.
The Bank further explained that 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 organizations whose salary accounts are domiciled with NMFB can, easily, access this facility.
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“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 explained.
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. It informed that successful applicants of the 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.
“Finally, NMFB encourages individuals and business owners to visit any NIRSAL Microfinance Bank branch closest to them for more information on these products,” the Bank stated.
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