Are you into the business of agriculture or want to start a small/medium business? If yes, you can get a quick AGSMEIS Loan to establish yourself and spread your payments. Below are the details of AGSMEIS and how you can access their loan in no time.
An Overview of AGSMEIS
The NIRSAL AGSMEIS loan is a funding programme of both the Central Bank of Nigeria (CBN) and the Nigerian Microfinance Bank to give loans to the public at a low-interest rate. Basically, this loan serves as financial assistance during a pandemic.
Basically, the AGSMEIS (Agri-Business/Small and Medium Enterprise Investment Scheme) is an enterprise built to assist the Federal Government’s actions and policy regulations for the growth of agricultural businesses and even small/medium businesses. As a business owner, you can obtain a quick and collateral-free loan from this programme to grow your business.
Read More: How To Get Loans For Federal Government Workers In Nigeria
What are the documents I need to obtain the AGSMEIS loan?
Here is a list of the important documents you need to take out this loan:
1. Duly completed AGSMEIS loan application form.
2. Bank Verification Number (BVN).
3. Certificate of Training from any authorized Entrepreneurship Development Institution (EDI) or proof of membership in standardized private sector
4. Recommendation letter from either your Priest, district chief, village head, or orthodox ruler. This document is for senior civil servants, etc. (for individuals/small businesses only)
5. Proof of your business name registration or organization registration certificate and yearly filing (if applicable) as needed by the standard Company and Affiliate Act (1990).
6. Your Tax Identification Number (TIN) and your current withholding certificate (if it’s applicable).
Note that to qualify for the AGSMEIS loan, you must have completed your training from any NIRSAL-certified Enterprise Development Institute. Thereafter, you can complete the necessary form. Your training institute will send this form to the CBN. Thereafter, CBN will request that your bank verifies your account details and still assess you.
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What businesses are eligible to obtain this loan?
Here is a list of the different businesses that are eligible for this loan:
1. Creative & Art Industries
2. Fashion, Beauty
3. Industrial & Manufacturing
4. Agriculture & Allied Processing
5. Apparel & Textile
6. Arts & Entertainment
7. Information & Communication Technology
8. Automobiles
9. Telecommunication
10. Hospitality
11. Media & Publishing
12. Catering & Event Management
How can I apply for an AGSMEIS loan?
If you are into any of the business fields listed above, you can apply by following these straightforward instructions:
1. First, you have to attend mandatory training with any NIRSAL MFB-authorized Entrepreneurship Development Institute (EDI). Basically, this makes you eligible to take out the loan
2. Next, create a personal account. To do this, simply visit the AGSMEIS official website, www.agsmeisapp.nfmb.com.ng then tap on ‘Apply Now’ and start your registration as an applicant. You have to verify your BVN and choose your NIRSAL MFB-authorized Entrepreneurship Development Institute (EDI).
3. Therefore, you have to wait to get feedback from them. If you qualify for the loan, you will receive the money in your account. However, if you don’t qualify for the loan, wait for the platform to give you feedback
Alternatively, you can go to any of the NMFB-authorized EDIs to guide you on how to go about the process.
What is the interest rate for this loan?
The interest rate for the AGSMEIS loan is presently at five per cent (5%) per year only. Hence, you get to pay back this interest together with your loan amount per annum.
AGSMEIS Loan Approval
Checking if AGSMEIS has approved your loan application is simple. After you apply for the loan, you will receive a text message that provides you with a direct link to the NMFB portal. Do this:
1. Simply follow this link, then select the kind of loan you applied for (personal or housing or SME).
2. Next, verify your account by inputting your BVN. Once you do this, a confirmation amount will show on the next page (if your loan application was approved)
3. Once the platform approves your loan, you will need to provide your bank account information for disbursement.
Below the page, you will see the terms of your loan and the details of the director in charge of your loan payments.
You can also read RexCredit – How to obtain a loan in 3 easy steps
How can I contact AGSMEIS?
You can contact AGSMEIS through any of these ways:
Address: House 1, Plot 103 /104, Monrovia Street, Wuse 2, Abuja
Email Address: info@nfmb.com.ng
Phone Number: +2347041800003
Website: www.agsmeisapp.nfmb.com.ng
Bottom Line
As a small or medium-scale business owner, you can take out an AGSMEIS loan to start or grow your business. If you meet the eligibility requirements, you can simply follow the steps above to apply for AGSMEIS funding and get it in no time.
You can obtain a comprehensive loan, tailored to your specific needs by using this platform. Basically, it allows you to compare loans from different lenders across Africa, ensuring the best option doesn’t slip through
