NMFB Commercial Loan Application Form Portal 2023 nmfbloans.nmfb.com.ng|Apply now|thing you should know
If you are interested in the loan then you can now access the online registration form via https://nmfbloans.nmfb.com.ng and apply.
This article will center on how registered businesses could access the Commercial Lending and COVID-19 Targeted Credit Facility at https://nmfbloans.nmfb.com.ng/nmfbloanapplicationportal.
The Commercial Lending and COVID-19 Targeted Credit Facility is a
stimulus package for Micro, Small and Medium Enterprises (MSMEs) and small household unit to help them stay afloat during this pandemic era.
With this scheme on board, beneficiaries will be able to cushion the effect of Covid-19. This is the main reason the loan is called CBT covid-19-support loan.
Who IS Eligible ?
What is the eligibility criteria for Micro, Small and Medium Enterprises Development Fund (MSMEDF)? What documents, financial records should they present before they will be considered eligible for NMFB Commercial Loan Application
COLLATERAL REQUIRED TO ACCESS THIS FACILITY:
Note that this is a Loan that comes with interest and not a free grant. Therefore there is need to have your collateral ready.
Let’s look at the list of collateral one should posses before applying :
- You should have a Moveable asset(s) that is duly registered on the National Collateral Registry (NCR);
- Another area you should be concerned about is a Deposit of title documents, in perfectible state;
- Deed of Debenture (for stocks) in perfectible state;
- Irrevocable domiciliation of proceeds;
- Two (2) acceptable Guarantors;
- Personal Guarantee of the promoter of the business;
- Life Insurance of the Key-Man, with NMFB noted as the First Loss Payee; and
- Comprehensive Insurance over the asset.
The purpose of asking for these collateral is to ensure that loan or money collected or given out could be accounted for by the Government.
With out asking for collateral for a loan that runs into millions of naira, might put the whole funds at risk.
More on NMFB Commercial Loan Application Form
All applications are to be handled by the NIRSAL Microfinance Bank (NMFB), they process all loan request because they have been approved by the Federal Government to act as the participating financial institution to facilitate the disbursement of the loan Through https://nmfbloans.nmfb.com.ng/nmfbloanapplicationportal.
Before applying, please take your time and go through the terms and conditions. Also go through the interest rate you will be asked to pay, although the interest rate is not on a high side
How much can business unit (MSMEs) ask for?
The maximum amount for each MSMEs is pegged at 25 million naira. There are lot of huddles to scale through before such a huge amount will be granted.
NIRSAL Microfinance Bank (NMFB) will surely take a good look at your business cash flow, also the size of your business will also determine what is approved for you. And finally the business activities.
On the other hand let’s take a look at the house hold unit. While MSMEs could access 25 million naira, households could access just 3 million naira
How you can Apply for NMFB Commercial Loan/TCF Loan Registration Form 2022
Here is how you can apply for NMFB Commercial Loan Application Form. We have made the whole process simpler by given a clear explanation about the whole process :
- SECTION 1: log on to NIRSAL MFB Loan Portal here : https://nmfbloans.nmfb.com.ng/nmfbloanapplicationportal when the link opens you are to fill in your details and that of your business.
- SECTION 2: CHOOSE YOUR APPLICATION STATUS
- SECTION 3: YOU CAN SELECT A LOAN PRODUCT TO PROCEED Loan Products
- SECTION 4:THEN ENTER YOUR PERSONAL INFORMATION
- SECTION 5: SUBMIT YOUR APPLICATION
RECOMMENDATIONS AND CONCLUSION
The Federal Government has really tried and made some commendable effort towards helping businesses and households to cushion the effect of Covid-19 pandemic.
Though the eligibility criteria is not clear enough but from a simple point of view each business unit might be ask to show their book of account on the pre pandemic era and when the pandemic really affected business activities.
We believe that if a noticeable difference is seen and other criteria being meet one could qualify for the loan.
While businesses will have to present their financial records, household on the other hand will have to present their statements of accounts. Then the problem of identifying household that are vulnerable who don’t maintain bank accounts becomes difficult.