Nirsal Microfinance Loan AGSMEIS & NYIF login portal|application forms
The Nirsal Microfinance Loan is targeted at Nigerians who need loans to grow and expand their business at a very little interest rate. The Nirsal Microfinance Bank has come with two programmes to make loans available to Nigerians.
These loan programmes include;
Let me tell you more about these loan programmes.
AGSMEIS Loan 2023/2024
The Agri-Business/Small and Medium Enterprise Investment Scheme is an initiative developed by the Federal Government and the Central Bank of Nigeria.
It helps to support and promote agricultural Businesses and small/medium enterprises (SMEs) and vehicles for sustainable Economic development and employment generation.
Who is eligible for AGSMEIS
Not just anyone is eligible to apply for the AGSMEIS loan programme. There are specified categories of people who can do so. They include;
- Creative and Art Industries: Fashion, beauty, Apparel & textile, Arts and Entertainment.
- Industrial and Manufacturing: Agriculture and Allied Processing, Automobiles.
- Information and Communication Technology: Telecommunication, Media and Publishing.
- Hospitality: Catering and Event Management.
How to apply for the AGSMEIS Loan
Application for the AGSMEIS loan is not straightforward. You have to go through some procedures.
- You will have to undergo a training under the Certified Entrepreneurship Development Institute (EDI) to guide you through the loan application process and ensure that all your documents are complete.
- Next, you will visit the application portal here. https://nirsalmfb.caderp.com/Account/Register and complete your registration and submit your Application.
Frequently Asked Questions
What is the AGSMEIS interest rate?
Remember I said earlier that one of the purposes of this programme is to make loans accessible to everyone, by reducing the payback interest rate.
The interest rate for this particular loan programme is is just 9% per annum.
Do I need collateral to apply for this Loan?
No, you do not need any collateral to apply for this loan. However, you might be told to bring a guarantor to stand for you. But, you will not be asked to stake a collateral.
How long does it take to receive the funds?
After the applicant registration and Application, the funds will be sent to his or her account within 6 to 8 weeks.
Has the disbursement of the loans started?
Yes, the Nirsal Microfinance bank has started the disbursement of the loan and has paid out over 25 billion naira and counting.
Nigerian Youth Investment Fund (NYIF)
This product is designed to financially empower Nigerian youths to generate at least 500,000 jobs in the country between 2020 and 2023.
Eligible Businesses Nigerian Youth Investment Fund
Not all businesses are eligible to partake in the NYIF loan programme. The following businesses are the only ones which are acceptable for the programme.
- Agriculture and Related Value chain
- Green Economy and renewable energy sector
- Logistics and Supply chain
- Healthcare value chain
- Creative Sector
- Trading and services
Requirements Nigerian Youth Investment Fund
To apply for the NYIF loan, you can do so as either a Formal Business Enterprise or an Informal Business Enterprise. Let us check it out.
Formal Business Enterprises
- The business must be a duly registered formal business, with Corporate Affairs Commission (CAC). If your business does not fall under this category, you can just apply via the Informal Business Enterprises channel.
- Applicant(s) must provide business plan summary or completed questionnaire. The questionnaire will be handed over to the applicant after submission of application interest.
- The business must provide evidence of Training Certificate from approved FMYSD EDIs. This training will be conducted before you can apply for the NYIF Loan Programme. Therefore, it is a must you partake in it.
- Valid Bank Verification Number (BVN) of Directors and Tax Identification Number (TIN).
Informal Business Enterprises
- Applicant must be a Nigerian youth within the ages of 18 to 35. Applicants who do not fall under this age bracket, are not eligible to apply at all.
- The applicant must have an operational business/Enterprise domiciled in Nigeria (Registered businesses are optional). This means that it is not compulsory for your business to be registered.
- Applicant must not hve been convicted of any financial crime in the last 10 years. If you are guilty of this, please stay away from the application.
- You must provide your Bank Verification Number (BVN) at point of request.
- Applicant must provide evidence of Local Government Indigene Certificate.
What is the Nigerian Youth Investment Fund Interest Rate?
When it is time to pay back your loan, you will be given the opportunity to pay 5% as interest every year, till you complete the loan repayment.