NON-INTEREST TCF CREDIT APPLICATION [HOUSEHOLDS]- Is your household impacted by the covid-10 pandemic?
CBN’s Non-Interest Facilities to Households will assist you in the process of building a businesses or expanding an existing business, and maintaining your lifestyle.
NIRSAL Microfinance Bank’s portal for Household Category is now live for applicants who are eligible under this scheme to apply.
Facility Type: Term Credit Facility
Maximum Facility Amount: Household: N500,000.00
Profit margin: 9%
Maximum Payment Period: 36 months
Global Standing Instruction: In case you default, payments will be recovered from your accounts. Note that you must accept this as part of the offer letter.
Application Process: The process of the application will take place in three distinct phases:
Phase 1: Application for Financing
Apply for the TCF-NI facility by providing relevant personal information and the business to be finance.
Phase 2: Acceptance of Offer and other Agreements
You will be notified when your application is approved and required to do the following:
• Generate the Offer Letter and accept it
• Generate the Undertaking to Buy Agreement and accept it
• Input the details of the items to be financed. This must conform with the approved amount as shown on your offer letter.
• You will finally attach invoices for all the items to be financed.
Phase 3: Taking delivery and Execution of Murabahah Agreement
Upon fulfillment of Phase 2, wait for the disbursement of funds to the proposed vendor.
The funds will be used to purchase equipment and raw materials from the vendor. Either NMFB or you as its agent will then be assigned to take delivery of the assets.
After taking delivery, you will be required to execute the murabahah agreement on the final stage of the contract.
You can apply for the HOUSEHOLD CATEGORY USING THIS LINK: