Nirsal Microfinance Bank Limited (NIRSAL MFB) has announced the launching of new credit facilities for micro, small and medium enterprises (MSMEs). The bank said the new launch is part of its on-balance sheet lending portfolio for easy access to credit facilities by MSMEs that require affordable credit facilities to boost their businesses, and salary earners to cater for immediate/pressing needs.
โThe loan is for micro businesses and SMEs engaged in trading activities with daily sales,โ the bank said in a statement that was issued yesterday in Abuja. The loan sum accessible to the MSMEs customers ranges from N50,000 to N250million, subject to a satisfactory turnover that covers the expected facility amount.
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The bank said the credit facility is also open to petty traders in organized markets who have existing businesses and require credit facilities ranging from N50,000 to N300,000 to augment their business capital.
โThe petty trader does not necessarily need to have account historyย with NIRSAL MFB or any other bank to access the facility,โ the bank said.
Details of the facility shows that the the bank also have a salary advance loan facility for individuals in paid employment whose salaries have been consistent for 3 months, prior to making an application to the bank. To access the facility, NIRSAL MFB said โstaff of corporate organizations whose salary accounts are domiciled with NIRSAL MFB can, easily, access this facility.โ
The interest rate for these products is very competitive with a streamlined documentation process for access to any of the above facilities from the bank.