NIRSAL Microfinance Bank is one of the leading financial institutions operating in Nigeria. It is licensed by the Central Bank of Nigeria (CBN). It provides loans for various purposes – like NIRSAL COVID-19 loans.
It is a subsidiary of the Nigeria Incentive-Based Risk Sharing System (NIRSAL PLC) which is known for specific agricultural credit. It is a non-banking financial institution established in 2013, which facilitates affordable finance and free flow of investment for the agricultural sector.
Nirsal has been entrusted with the task of redefining the agricultural sector and its activities within the country. It measures, reprising, and then divides agricultural risks.
How to Get a Nirsal Microfinance Bank Loan
NIRSAL Microfinance Bank Products
Nirsal provides its customers with a variety of financial and non-financial products and services. These products and services include:
The Agric, Small Medium Enterprise Scheme:
It is a clean loan scheme of the bank which provides loans up to N 10 million to small and medium enterprises. Businesses eligible for ASMES include:
- Creative & art industries (fashion, beauty, apparel & textile, arts & entertainment),
- Industrial & Manufacturing (agriculture & allied Processing, automobiles),
- Information & Communication Technology (telecommunication and media & publishing),
- and Hospitality (catering & event management).
These loans carry a single-digit interest rate of 9% per annum. They do not need collateral protection.
Anchor Borrowers’ Program:
The purpose of the anchor or recipients is to create and promote a link between the companies engaged in the processing sector and the small scale farmers in the business of essential agricultural products.
NIRSAL Microfinance Bank Access Target Account:
It is a savings project that aims to build a healthy savings culture for micro, small and medium enterprises, as well as individuals. It usually lasts for a certain period of time for a specific financial purpose.
Through this scheme, NIRSAL Micro Finance provides protection to its customers for various specific reasons such as rent, purchase of goods, purchase of equipment, or even celebration.
The account has a pre-determined limit, which means that a limited number of withdrawals are allowed based on the account holder’s pre-determined instructions.
The Access Target account has an initial balance of ₦1000 with a minimum of ₦ 500.
How to Apply for Nirsal Loan
Below you should have the necessary documents and certificates first so that you can use a clean loan.
- Your employment letter
- Pay Slip
- Your Staff ID card
- 6 months statement of your bank account
- Other valid IDs such as your national ID, driver’s license, etc.
- A utility bill
- 2 passport photos
- Guarantor form
Nirsal Loan Review
- They have a wide range of loan offers
- Their rates are competitive
- Documents for huge debts
- You need a guarantor to use certain loans.
- Compulsory training for recipients