Want to know bow to Access NIRSAL AGSMEIS Loan or how to chech CBN Agsmeis status & approval? In this guide, I’ll show you.
The CBN’s Agric, Small and Medium Enterprise Scheme (AGSMEIS) aims to provide agribusinesses and Small and Medium Enterprises with the tools they need to prosper at a reasonable rate.
It is being carried out through the NIRSAL Microfinance Bank.
Currently, the fund has distributed around N25 billion to Small and Medium Enterprises under this initiative, which requires all Deposit Money Banks (DMBs) to set aside a sall percentage of their yearly Profits After Tax (PAT) to support the scheme.
In today’s article, I would be letting you in on all you need to know about accessing the Nirsal Agsmeis loan and steps you need to take in order to successfully apply for it.
Is the Nirsal Agsmeis loan accessible for everybody? The answer is No. This loan is meant to help:
- Business that relate to agriculture and agricultural produce.
- Education and Health Businesses
- ICT and Services (Hospitality, Restaurants, Catering, Services, etc),
- Mining and Creative Industries
Agsmeis loan Requirements
Let’s first take a look at the documents that will be required to submit. The next section discusses that.
Here are some documents to have handy when applying for the Nirsal Agsmeis loan:
- Properly filled Nirsal Agsmeis Loan application form.
- Your Bank Verification Number would be needed in the process.
- A certificate of training would be required. This certificate should be recognized by any Entrepreneurship Development Institution (EDI) or any certified training center in Nigeria.
- Recommendation letter from a highly reputable member of the society. This letter could be from your LGA chairman, Pastor, High Level Civil Servant or any one reputation at that.
- Certificate of recognition from Corporate Affairs Commission (CAC).
- Your Tax Identification Number (TIN) for your business is important.Also, you would be needing Tax Clearance Certificate (TCC) to get approval.
- You need to also have a good standing with your bank because the Central Bank of Nigeria would ask bank to provide records of you in order to be sure of who they are dealing with.
Now that we have a knowledge of the documents we need, let’s take a look at the steps involved.
How To Access Nirsal Agsmeis Loan
In this section, we are going to be considering the documents required in order to apply for this Nirsal or Agsmeis Loan and also the steps to go by it.
Step 1. Applicants Are Trained
All applicants for the Nirsal Agsmeis loan must complete training at an Entrepreneurship Development Institute (EDI) with centers all across the nation that has been certified by CBN.
Step 2. Apply For Loan With Relevant Documents
The Entrepreneurship Development Institute (EDI) will assist you in applying for a loan by assisting you in gathering the relevant paperwork.
Step 3: Disbursement Of Funds
Those qualified would be given a form to fill and would need to authenticate the form by submiting it to EDC.
Beneficiaries will then receive payment from the loan fund into their accounts. Candidates who are not qualified are not contacted.
Step 4. Get Support For Your Business
The Entrepreneurship Development Institute (EDI) will help you put the company plan you created into action and also offer paid business support services.
Step 5: Manage Your Business
Beneficiaries are expected to manage the business by keeping accurate records, keeping an eye on sales, and monitoring expenses in order to maximize profit and pay back the loan. You sell your goods and services to repay loans and make money.
Here are some frequently asked questions and answers about Nirsal or Agsmeis loan that you should know:
how to track or check agsmeis loan application status or approval
Everyone who have submitted an application and gotten approval will receive notification inform of an SMS in their registered phone numbers. The sms will contain a direct link to the Nmfb Agsmeis registration portal.
So to do the approval status checking of your AGSMEIS loan, you will have to go follow the link in the text message and select the type of loan which should be personal/housing or the SME loan.
Now you will also need to enter your bank verification number (BVN) in order to verify your Nirsal loan account.
The next screen will display the loan amount for you. Click OK to confirm and the loan application process will be completed successfully.
The next step is to enter your bank account details. Before proceeding at this point, you can read the terms and conditions of the loan which displays at the bottom of the page.
how to pay back agsmeis loan
To make repayment for your agsmeis loan quickly go to any nearest NMFB bank branch to you and ask for your lon repayment schedule. Once given you can begin paying back your Nirsal loan.
When is Agsmeis loan disbursement taken place?
According to the federal government, Nirsal Agsmeis loan disbursement will take effect between June 8thto July 28th, 2022.
The Nirsal Agsmeis loan is helpful for business owners especially for start-up entrepreneurs.
The Nirsal Agsmeis loan is an easy, quick and accessible way to support your business especially in this time of global inflation.
This article has been able to touch and give an indepth view of how to access the Nirsal Agsmeis loan, eligibility and requirements needed.
Do you have any question?
Use the comment box below. Thank you.