CEM REPORT | Nirsal Microfinance Bank (NMFB) Limited has introduced two new products which will provide N50,000 to N250million in loans to salary earners and Micro, Small and Medium Enterprises (MSMEs).
The bank via a statement explained that the new products were part of its On-Balance Sheet Lending portfolio, for easy access to credit facilities by MSMEs that required affordable credit facilities to boost their businesses, and salary earners to cater for immediate/pressing needs.
The statement added that the interest rate for the products is very competitive, with a streamlined documentation process for access to any of the above facilities from the bank.
“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 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.
“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, before making an application to the bank.”
The bank added that staff of corporate organizations whose salary accounts were domiciled with NMFB could easily access the salary advance facility.
NMFB further explained that the products were different from the government intervention products administered by the bank.
Furthermore, the bank explained that applications for loan facilities within the On-Balance Sheet Lending portfolio would be appraised in line with the risk acceptance criteria of 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.”