How To Apply for NIRSAL Non-Interest Loan

The Nigerian Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL) offers non-interest loans to support agricultural and small-scale businesses in Nigeria. These loans aim to stimulate economic growth and empower entrepreneurs. Before applying for a NIRSAL non-interest loan, you must familiarize yourself with the eligibility criteria. Typically, applicants must be Nigerian citizens engaged in agricultural or agribusiness activities, meet certain financial requirements, and have a viable business plan. The NIRSAL non-interest loans fall under two categories which also have sub-categories. Eligible applicants can obtain these loans by visiting the website, and following the steps below:

Steps to Apply For NIRSAL Non-Interest Loan

1. Visit the NIRSAL MFB Credit Application Portal

2. Navigate to and click on the Non-Interest Facility section

3. A pop-up will appear, asking you to select a facility type. The two categories of non-interest loans are Non-Interest Targeted Credit Facility (TCF-NI) and The Non-Interest Agri-Business, Small and Medium Enterprise Investment Scheme (AGSMEIS-NI). Choose a facility type according to your business needs.

Non-Interest Targeted Credit Facility (TCF-NI):

This credit facility aims to assist households and MSMEs which the COVID-19 pandemic took a toll on. The loan has a threshold of ₦2,500,000.00 as well as a loan tenor of three (3) years and a moratorium of six (6) months. The following steps are taken to apply for the TCF-NI loans:

• Click on Non-Interest Targeted Credit Facility (TCF-NI) in the credit application portal
• For household loans, click on Apply For Household Facility (NI)
• You will be required to verify you are a human and then redirected to the application page
• Select New or Returning if you are a new or returning applicant
• A pop-up will appear with a reference number (note it down), then read the information on your screen carefully.
• Click on Continue
• Follow steps 1 through 6, providing all necessary personal information and documents, as well as your Bank Verification Number (BVN).
• After successfully providing all the information needed, wait for a confirmation of your loan application.
• Upon review and approval, your loan will be disbursed into your account.

• For the SME loan, click on SME Facility
• Select New or Returning if you are a new or returning applicant.
• A pop-up will appear with a reference number (note it down), then read the information on your screen carefully.
• Click on Continue
• Follow steps 1 through 7, providing all necessary information and documents relating to your business, as well as your Bank Verification Number (BVN).
• After successfully providing all the information needed, wait for a confirmation of your loan application.
• Upon review and approval, your loan will be disbursed into your account.

Non-Interest Agri-Business, Small and Medium Enterprise Investment Scheme (AGSMEIS-NI):

This loan funded by the federal government through the CBN is a loan to promote agricultural businesses thereby fostering economic development as well as generating employment. The loan has a threshold of ₦10,000,000.00 as well as a loan tenor of seven (7) years and a moratorium of six (6) months for markup and eighteen (18) months for principal. The following steps are taken to apply for the AGSMEIS-NI loans:

• On the credit facility portal, click on Non-Interest AGSMEIS
• Select New or Returning if you are a new or returning applicant
• A pop-up will appear with a reference number (note it down), then read the information on your screen carefully.
• Click on Continue
• Follow steps 1 through 4, providing all necessary information and documents relating to your business, as well as your Bank Verification Number (BVN).
• After successfully providing all the information needed, wait for a confirmation of your loan application.
• Upon review and approval, your loan will be disbursed into your account.