Misconception about NIRSAL Targeted Credit Facility Loan

The management of the Nirsal Micro Finance Bank has given a new update regarding the misconception about the credit facilities under the Non-interest Banking Window of the Targeted Credit Facility (TCF). According to them, the loan is not cash. They are for the purchase of equipment and goods. Read details below.

Misconception about Nirsal Targeted Credit Facility Loan. NMFB wrote:

Dear Applicant, This is to inform you that ALL credit facilities under the Non-interest Banking Window of the Targeted Credit Facility (TCF) are for the purchase of EQUIPMENT/GOODS ONLY.

There is NO CASH component to the facilities. All equipment/goods will be purchased for successful applicants by VENDORS APPOINTED BY NMFB and delivered to the beneficiaries within 48 hours after payment to the vendors. Customers are not expected to pay any vendor cash before or after the delivery of equipment/goods.

Thank you for choosing NIRSAL Microfinance Bank.

What you should know about the NMFB’s Non-interest Banking Targeted Credit Facility (TCF) & AGSMEIS loan

1. NMFB’s Non-interest Banking TCF & AGSMEIS is a non-interest short-term facility targeted to small businesses for the financing of key assets for their businesses.

2. Who can apply? Nigerians from the age of 18 years whose businesses were affected by the Covid-19 Pandemic

3. Is the scheme designed for only Muslims? No! it is open to all Nigerians, irrespective of their religion. Non-interest Banking TCF & AGSMEIS is an alternative form of banking based on a principle of non-interest, sharing of risk and rewards, etc.

4. What is the difference between Non-interest TCF & AGSMEIS and the COVID-19 Targeted Credit Facility? The Covid-19 Targeted Facility Credit is a loan that will be repayable with interest, while the non-interest Banking TCF & AGSMEIS, the bank shares the profits from the investment with the beneficiary. It’s also important to note that non-interest banking TCF & AGSMEIS focuses on asset financing. Money is not a commodity, although it is used as a medium of exchange or store of value.

5. Can one apply for both Covid-19 TCF and TCF & AGSMEIS non Interest? No

6. What is the repayment plan? Not more than three (3) years, with at least six (6) months moratorium

To access the targeted credit facility household loan application form, AGSMEIS or SME form, visit : www.nmfb.com.ng