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How to Apply For NMFB/AGSMEIS Loan in Nigeria

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


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


NMFB Loan
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
AGMEIS Loan

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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Oluwafemi

Part Time Writer

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