Traders and salary earners can now access Nirsal Microfinance Bank Limited (NIRSAL MFB) loans following the introduction of two new products, namely, Salary Advance and SME Loan by the bank.
The management of the bank said the new products were part of its On-Balance Sheet Lending portfolio, for easy access to credit facilities by Micro, Small and Medium Enterprises that required affordable credit facilities to boost their businesses, and salary earners to cater for immediate/pressing needs.
Before now NIRSAL MFB’s SME loans were essentially for operators engaged in production, rather than trading.
With the new products, micro businesses and SMEs engaged in trading activities with daily sales can now access the bank’s facilities.
According to the management, “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.
NIRSAL MFB Introduces Salary Advance, Loans For Traders
“The petty trader does not necessarily need to have account history with NMFB or any other bank to access the facility.
“‘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 management said that staff of corporate organizations whose salary accounts were domiciled with NMFB could, easily, access the Salary Advance facility.
It described the interest rate for the products as very competitive with a streamlined documentation process for access to any of the above facilities from the Bank.
NMFB explained that the products were different from the government intervention products administered by the Bank.
It 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.
“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.”