Saturday, July 31st, 2021

How to Apply For CBN Loan without Guarantor

Nigeria central bank, CBN, is calling on well-meaning Nigerians to take advantage of the COVID-19 (loan) credit target facility of about Fifty Billion Naira (N50bn) to revive their business, which must have suffered from the negative impact of Corona-virus imposed lock-down.

The highlight of the new development on the CBN loan facility is those applying for Household and SME category is that prospective applicants do not longer need any guarantor to process their loan application.

So, follow the steps below and get your business running again. Take your time and read carefully until the end.

GUIDELINES FOR HOUSEHOLD APPLICATION WORTH N3M

  1. PRODUCT NAME:             TARGETED HOUSEHOLD LENDING
  • PRODUCT DESCRIPTION: Targeted household Lending: This offers an avenue for loans         to be processed for households based on verifiable evidence of adverse impact of the COVID-19 on livelihood, as the major consideration for lending.
  • ELIGIBILITY:        Customers   who   have   agreed   to   allow   NIRSAL Bank   (NMFB)   assess Microfinance  their   financial records AND Evidence of opportunity cost or adverse impact as a result of COVID-19 pandemic.

NOTE: YOU CAN LET US WRITE A VERY GOOD LOAN APPLICATION LETTER FOR YOU. SEND US A MAIL AT howfar@ogaceo.com TODAY.

READ OUR LATEST NEWS ON CBN LOAN

  • TERMS & CONDITIONS
  • Flexible and moveable collateral options shall be admitted and registered under the Collateral Registry Bureau.
  • Forfeiture   Undertaking   and   Power   of   Attorney agreement to be signed by customer, giving NMFB rights to take over pledged assets in instance of loan default.
  • Insurance cover on the asset financed or asset availed as flexible collateral, with the NMFB noted as the first loss payee.
  • Loan amount must match loan repayment plan and loan purpose.
  • Domiciliation of proceeds with NIRSAL Microfinance Bank
  • FACILITY TYPE:                                   Term Loan
  • SINGLE OBLIGOR LIMIT:                                N3m
  • LOAN TENOR:                                    Maximum of 36 months
  • MORATORIUM:                                                At least 12 months
  • PRICING:                                             5% per annum till February 28, 2021 and 9% subsequently.
  1. REPAYMENT STRUCTURE:            Installment basis, according to the nature of enterprise

Household Products

Mini Micro Amount (N100, 000 – N500, 000.00)

  1. Loan application letter
  2. Duly completed application form
  3. A valid means of ID (national ID, driver’s license, voter’s card or international passport)
  4. Current utility bill
  5. 2 recent passport-size photographs
  6. BVN

Micro Amount (N500, 000.00 – N1.5m)

Applicant must provide the following;

  1. Loan application letter
  2. Duly completed application form
  3. A valid means of ID (national ID, driver’s license, voter’s card or international passport)
  4. Current utility bill
  5. 2 recent passport-size photographs
  6. BVN
  7. Any describable movable asset with a serial number that can be used for registration on the collateral registry worth at least 70% of the loan amount.

Micro plus Amount (N1.5M – 3M)

Applicant must provide the following;

  1. Loan application letter
  2. Duly completed application form
  3. A valid means of ID (national ID, driver’s license, voter’s card or international passport)
  4. Current utility bill
  5. 2 recent passport-size photographs
  6. BVN
  7. Any describable movable asset with a serial number that can be used for registration on the collateral registry worth at least 70% of the loan amount.
  8. Comprehensive insurance over the asset.

READ OUR LATEST NEWS ON CBN LOAN

GUIDELINES FOR SME APPLICATIONS WORTH N25M

  1. PRODUCT NAME:             CBN N50 BILLION TARGETED CASH-FLOW LENDING
  • PRODUCT DESCRIPTION: This offers an avenue for  loans  to  be  processed  for  customers  based  on established  sufficient  cash  flow  capacity  of  each customer, as the major consideration for lending.
  • TARGET MARKET: The fund is targeted at credit worthy businesses with good track record in their line of business, and who meet the acceptable cash-flow requirements and whose businesses are demonstrably adversely affected by the COVID-19 pandemic.
  • ELIGIBILITY:
  1. The Bank will assess the capacity of the customer through the customer’s business history; via total account statement turnover (with NMFB and other banks), however this would not be the only tool used to determine customer’s eligibility.
  2. (Note: Where a review of the customer’s account statement   raises   fundamental   issues,   the   bank reserves the right to make decisions as considered appropriate).
  3. Customers who have agreed to allow the NMFB Credit unit assess their financial records.
  4. Customer must show that the request is justified by the level of sales proceeds evident in the account statement turnover.  Also, the customer’s books (ledger) should also justify the numbers.
  5. Evidence of opportunity cost or adverse impact as a result of COVID-19 pandemic.

NOTE: YOU CAN LET US WRITE A VERY GOOD LOAN APPLICATION LETTER FOR YOU, SEND US A MAIL AT howfar@ogaceo.com TODAY.

  • TERMS & CONDITIONS
  • Flexible and moveable collateral options shall be admitted and registered under the Collateral Registry Bureau.
  • Forfeiture   Undertaking   and   Power   of   Attorney agreement to be signed by customer, giving NMFB rights to take over pledged assets in instance of loan default.
  • Insurance cover on the asset financed or asset availed as flexible collateral, with the NMFB noted as the first loss payee.
  • Customer must have a verifiable supplier/s who he/she must have had a business relationship with for a minimum of 6 months.
  • Loan amount must match loan repayment and 5% per annum till February 28, 2021 and 9% subsequently loan purpose.
  • Domiciliation of proceed with NIRSAL MFB
  • FACILITY TYPE:                                   Term Loan
  • SINGLE OBLIGOR LIMIT:                                N25m
  • LOAN TENOR:                                    Maximum of 36 months
  • MORATORIUM:                                                At least 12 months
  1. PRICING:                                             5% per annum till February 28, 2021 and 9% subsequently.
  1. REPAYMENT STRUCTURE:            Installment basis, according to the nature of enterprise
  1. SME Products

READ OUR LATEST NEWS ON CBN LOAN

Mini SME: N3 – N10m

Applicant must provide the following;

  1. Loan application letter
  2. Duly completed application form
  3. A valid means of ID (national ID, driver’s license, voter’s card or international passport)
  4. Current utility bill
  5. 2 recent passport-size photographs
  6. BVN
  7. Any describable movable asset with a serial number that can be used for registration on the collateral registry worth 70% of the loan amount.
  8. Comprehensive insurance over the asset with NMFB as first loss Payee.
  9. Personal Guarantee of Business Promoter
  10. Irrevocable domiciliation of proceeds
  11. CLICK ON THIS LINK TO START YOUR APPLICATION

SME: N10 – 15m

Applicant must provide the following;

  1. Loan application letter
  2. Duly completed application form
  3. A valid means of ID (national ID, driver’s license, voter’s card or international passport)
  4. Current utility bill
  5. 2 recent passport-size photographs
  6. BVN
  7. Any describable movable asset with a serial number that can be used for registration on the collateral registry        worth    70%        of            the         loan       amount.
  8. (Comprehensive insurance over the asset with NMFB as first loss) Or;
  9. Simple  Deposit  of  title  documents  in  perfectible state, Search will be conducted at customers cost
  10. (Ground rent will be up to date and all perfection letters to be executed)
  11. Irrevocable domiciliation of proceeds.
  12. Personal Guarantee of Business Promoter
  13. CLICK ON THIS LINK TO START YOUR APPLICATION

SME PLUS N12M – N25M

Applicant must provide the following;

  1. Loan application letter
  2. Duly completed application form
  3. A valid means of ID (national ID, driver’s license, voter’s card or international passport)
  4. Current utility bill
  5. 2 recent passport-size photographs
  6. BVN
  7. Simple Deposit of title documents worth 70% of the loan amount in perfectible state
  8. Search will be conducted at customers cost
  9. (Ground rent must be up to date and all perfection letters to be executed)
  10. Personal Guarantee of Business Promoter
  11. Irrevocable domiciliation of proceeds.
  12. CLICK ON THIS LINK TO START YOUR APPLICATION

OgaCEO wishes all our readers who are going to take golden use of this CBN Loan lifetime opportunity all the best in their application process. Please feel free to talk to us if you need help at any stage via howfar@ogaceo.com.

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