What is a non-interest targeted credit facility?
The Non-Interest Targeted Credit facility or the (TCF) is nothing but a stimulus package introduced and provided by the Central Bank of Nigeria to support individual households and MSMEs. The three main objectives of this facility are as follows:
- Cushion the adverse impact of COVID 19.
- Support the disruptions of economic activities of households and MSMEs.
- Improve the productive capacity of the people in the receiving end of the facility.
How to apply for a non-interest loan in Nigeria?
To apply for a Non-interest targeted loan Facility in Nigeria you need to follow these steps:
- The loan will need to be applied through the portal of the NIRSAL Microfinance Bank.
- For this, you will need to visit their official website by clicking on the link.
- Go to the left NMFB Loan Products option on the left column of the website.
- After this search for the “Non-Interest TCF Loan” and click on the “Apply” button.
The major requirements for the Non-interest loan in Nigeria are as follows:
- The parties must provide evidence that they are households or MSMEs with respective citizenships in Nigeria.
- The enterprises will have to provide bankable plans of the opportunities that they will utilize on receiving the loan.
- There are collateral requirements of movable properties, a simple deposit of title documents’, deed of debentures, irrevocable domicile of proceeds, two acceptable guarantors, and life insurances with NMFB or comprehensive interest on the asset.
How to check non-interest TCF application status?
To check the application status of the non-interest loan TCF in Nigeria you will need to follow these steps:
- Open the official portal of the NIRSAL Microfinance Bank by clicking on the above link.
- After this go to the NMFB Loan Products section and find the Non-Interest TCF Loan that you have applied for.
- Click on the loan page and then select the option “Returning Applicant”.
- After this enter your BVN, Last Name, and Reference Number and select the option of “I’m not a robot”.
- Then click next to open the loan portal to check the “Application Status”.
Is a zero-interest loan is still available in Nigeria?
Yes, the zero-interest loan is still available in Nigeria and can still e applied through the NIRSAL website.
How long does the non-interest loan application Process take?
Once the person on the receiving end of the loan has applied for the same and has provided the required documents, the loan gets approved quickly in about 30 days.