Different Types Of Loans With NIRSAL Microfinance Bank, Requirements And All You Must Know

NIRSAL Microfinance owned by MUHAMMED SALIHU EYA, established in the year 2019.   It is undeniably one of the leading financial institutions operating in Nigeria at the moment. NIRSAL has served and is still serving as a top microfinance institution in the country.

NIRSAL Microfinance is licensed by CBN as one of the leading financial institutions operating in Nigeria for loan acquisition. Established in 2019, NIRSAL has served as a top microfinance institution for the short period it has been established in the country. NIRSAL Microfinance bank operates with the motive of providing unbeatable financial services to its customers all over the country and beyond.

What Are The Products Made Available To NIRSAL Microfinance Bank Customers?

The NIRSAL microfinance bank offer’s a wide range of services to its customers. Here are the types of loans;

• Agriculture – The Agricultural Business/ Small and Medium Enterprise Investment Scheme is for the promotion of agricultural businesses and small/medium enterprises (SMEs) in Nigeria . It’s an initiative to support the Federal Government’s efforts and policy measures. Primarily for sustainable economic development and provision of employment. It’s interest rate is nine percent (9%) per annum.

• Micro loans – This loan is for entrepreneurs, traders and students. A loan of up to N1m can be accessed for existing businesses. Micro lending is the provision of financial services to people who traditional financial services such as banks aren’t accessible to. The loans are aimed at providing financial aid to individuals who were originally considered unbankable by larger banking institutions. They deal with people who make small amounts of money each day, living without credit histories or with individuals who do not meet the “traditional requirements” within the banking sector.  It’s interest rate is charged by minimum with the total dependent on the tenor of the loan.

• SME loans – They provide financial aid for businesses that are in need of working capitals, or willing to purchase fixed assets.  They provide loans of over N500k to help consolidate or invest in your business. Note, it must be repayable in up to 24 months.

READ ALSO- Edfin Microfinance Bank: How To Open An Account, Get Loans And Repayment Plans

• Asset Financing – Asset Finance gives you the opportunity to own the asset you have always longed for in a flash of time. Assets like generators, laptops, mobile phone, washing machine, furniture etc. It’s as simple as that. Get an asset finance loan to access your unlimited wants.

Requirements For Getting A Loan

• Letter of employment
• Staff identity card
• Pay slip
• 6 months statement of account
• Identification cards (National Identity card, international passport, etc)
• Utility bill
• 2 passport photographs
• A Guarantor form.
• 6 months other bank account statement ( if you own another account)
• A Letter of confirmation of appointment/employment.

Other Information

Direct debit will be placed on customer’s account.

Execution of dud cheques indemnity form.

For More Information Contact NIRSAL Microfinance Bank

How to contact them.

You can reach out to NIRSAL microfinance bank through the following,

• Walk-ins (their offices)
• Call lines  ( weekdays from 7 am to 7 pm)
• Via Email (info@nmfb.com.ng)
• Via social media handles.