New NIB Approvals Are Out. Successful applicants for the Non-interest Banking window of TCF & AGSMEIS have started accepting proposals.
The Non-Interest Targeted Credit Facility (TCF) is an aid package for households as well as Micro, Small, and Medium Enterprises (MSMEs) who are affected by the COVID-19 virus. It is a non-interest facility aimed at small-sized companies to finance essential assets that they require for their business.
Click at the following links to determine whether you have been granted approval.
For Household: https://covid19.nmfb.com.ng/HomeLoans
For SME: https://covid19.nmfb.com.ng/SmeLoan
The maximum amount of financing is N2,500,000.00 with a term of three years and a six months of moratorium (a the moratorium refers to a grace period provided to the client by the Bank to delay the payment).
The Non-Interest Agri-Business, Small and Medium Enterprise Investment Scheme (AGSMEIS-NI) is an intervention-funded federal government scheme administered by CBN which is designed to support agricultural businesses in order to encourage economic development and job creation across the nation.
The product that is non-interest offers a different approach to the current AGSMEIS program which is based on Islamic concepts of finance, using products like Murabaha as well as Ijarah. It is a type of financing specifically developed to finance the purchase of the purchase of equipment, raw materials as well as working capital.
The maximum amount of financing is N10,000,000.00 with a tenor of up to 7 consecutive years (depending on the nature/gestation time for the proposed project).
Customers can also enjoy an additional 6 months of moratorium to mark-up their account or 18 month for principle (a the moratorium acts as a grace period provided to the client from the Bank to allow the customer to delay payment).