How to Apply For NMFB/AGSMEIS Loan in Nigeria

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Loan in Nigeria, grants in Nigeria, quick loans in nigeria

The Central Bank of Nigeria is giving non-interest which is also collateral-free. Individuals can get up to N3,000,000 to small business owners in a scheme under AGSMEIS which is known as Agric-Business/Small and Medium Enterprises Investment Scheme.

Also read: How to get Grants And Loans in Nigeria in 2022

What Businesses/Sectors Are Eligible For the NMFB Loan

  • I.C.T
  • Telecommunications
  • Media
  • Creative Industry
  • Agriculture & Agro-allied Processing
  • Art & Entertainment
  • Automobile Services
  • Fashion and Dressmaking
  • Catering & Event Management
  • Courier & Delivery Services
  • Apparels and Textiles
  • Cottage Industry
  • Publishing
  • Hospitality
  • Health Services
  • Kerbs and Electric Pole making
  • Welding and fabrication
  • Animal Husbandry
  • Cosmetics, Beauty, and Makeup Artistry
  • POP and Tiling
  • Carpentry
  • Masonry
  • Electrical and Electronics

Also read: Top Business Auto Loans in 2022

Modalities – loan in Nigeria

The scheme Financing would be for start-ups, business expansion, or revival of weak companies. The terms of the NMFB loans are stated below;

  • Loan amount: Up to N3,000,000
  • Interest: 5% per annum for regular and 0% for non-interest AGSMEIS
  • Moratorium: Maximum of 18 months for principal and 6 months on interest.
  • Tenor: Up to 7 years (depending on nature/gestation period of the project)

To get the AGMEIS loan, the below conditions must be met:

  • Interested Applicants will apply for the loan through the CBN-accredited EDI,
  • Interested Applicants must undergo training by a CBN-certified Entrepreneurship Development Institution (EDI),
  • Fill the form with all the details required, sign, and get them authenticated by the EDI,
  • Your application will then be sent to CBN through NIRSAL MFB by the EDI, for processing.
  • Those who qualified will be contacted and given the loan.

Also read: List of All Nigeria Banks Transfer Codes in 2022

Requirements For NMFB/AGSMEIS Loan Application

  • BVN
  • A Business Plan provided by the EDI
  • Details of two (2) Guarantors
  • Valid ID card
  • Certificate issued by a CBN-certified EDI

How to Apply For

Follow the steps below to begin your application;

  • Open the AGSMEIS loan application website Click here to Apply
  • Choose if you are a new or returning applicant then click next
Loan in Nigeria
Loan in Nigeria
  • Enter your BVN and click validate BVN
  • Once validated, check if your details are correct, click next,
  • Then, fill out the form after and click submit,
  • You should receive an activation email or SMS once your application has been successfully submitted.
  • Follow the link in the e-mail or SMS sent to you to finalize your application,

Also read: MTN Digital Bank – How to Open a MoMo PSB Account

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