Nirsal Microfinance Bank Limited (NIRSAL MFB) has launched new products as part of its On-Balance Sheet Lending portfolio, for easy access to credit facilities for micro, small and medium enterprises(MSMEs).
These products according to NMFB, will help MSMEs who require affordable credit facilities to boost their businesses, and assist salary earners to cater for their immediate or pressing needs.
A statement by the management of NIRSAL MFB, posited that 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 N250million, subject to a satisfactory turnover that covers the expected facility amount, the bank said.
This product, the bank noted 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, adding that he petty trader does not necessarily need to have account history with NMFB or any other bank to access the facility.
For the Salary Advance product, NIRSAL said it “is for individuals in paid employment whose salaries have been consistent for 3 months, prior to making an application to the Bank. Staff of corporate organizations 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”.
The NMFB however reiterated that these products are different from the government intervention products administered by the Bank, noting that 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, added that a loan product for the agriculture sector, covering farmers and all businesses in the agricultural value chain, would be launched within the year.
The Management of the Bank also revealed that “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”.
The NMFB therefore encouraged individuals and business owners to visit any of its branch closest to them for more information on these products.