CBN Loan Application Form 2022 without Collateral and Low Interest Rate

CBN Loan Application Form 2022 – Are you aware that you can apply for a N10 million CBN AGSMEIS 5% loan right now? Now, read this post to learn how to apply for a loan from the CBN.

Also, The Agric Small and Medium Enterprise Scheme (AGSMEIS) is a Nigerian government project. The application for the CBN AGSMEIS Loan 2021 is now open – apply here!

Furthermore, The CBN AGSMEIS Loan allows you to borrow up to N10 million from the Agric, Small and Medium Enterprise Scheme (AGSMEIS), a CBN initiative, at a rate of 5% per year and with no collateral.

What is the Agribusiness Small and Medium Enterprise Initiative (AGSMEI)?

The Bankers’ Committee launched the AGSMEIS to support and complement the Federal Government’s efforts to promote agribusinesses/Small and Medium Enterprises as a vehicle for long-term economic growth and job creation.

The Bankers’ Committee adopted AGSMEIS as a voluntary initiative at its 331st meeting on February 9, 2017. The scheme mandates that all Nigerian banks set aside 5% of their annual earnings after tax (PAT).

The goal of the initiative is to support the Federal Government’s efforts and policy initiatives to promote agricultural businesses and small and medium enterprises (SMEs) as vehicles for long-term economic growth and job creation.

Also Read: CBN Launches 500 thousand Naira Grant for Graduates – Apply Now

Eligibility Criteria for CBN AGSMEIS Loans

  • Applicants must have received training from an Entrepreneur Development Institute (EDI)
  • Interested applicants will submit an EDI application for a loan.
  • Following that, the applications are sent to CBN for processing.
  • Furthermore, they will contact Applicants for a business-related interview.
  • Those that meet the criteria will be given the loan.
  • Finally, Fill out the new form completely with all the relevant information, sign it, and get it authenticated by EDC –

However, it is important to note that the maximum loan amount is ten million naira; then the interest rate is 5% per annum; the term is seven years, and the moratorium period is eighteen months.

The AGSMEIS’s objectives

The CBN’s AGSMEIS Scheme has the following goals:

  1. To expand the agricultural value chain and ensure that farming methods are sustainable.
  2. Increasing the managerial capability of agribusiness/SMEs as pipelines of expanding businesses with the potential to grow into large corporations.
  3. To guarantee that SMEs have access to capital.
  4. To create jobs in Nigeria, which are much needed.

CBN AGSMEIS Loan Form 2022 has the following goals.

  • Agriculture-related companies
  • Education,
  • Health,
  • Professions (Hospitality, Restaurants, Catering, Services, etc.),
  • ICT,
  • Manufacturing/Production,
  • Mining,
  • Industry of the Arts (Fashion, Design, Crafts, Entertainment, etc.).

See Also: KiaKia Loan App: How to Apply, Interest Rates, Repayment, and Benefits

Loan Activities of the CBN AGSMEIS

The Central Bank of Nigeria’s AGSMEIS Loan covers the following activities:

  • Input supply, production, storage, processing, logistics, and marketing are all covered by businesses across the agricultural value chain. Manufacturing, mining, and petrochemicals are examples of MSMEs in the real sector.
  • Information and communication technology (ICT) and the creative industries are examples of MSMEs in the service sector. Other actions as the Bankers’ Committee may determine from time to time.
Who Can Write a CBN AGSMEIS Loan Letter of Introduction?
  • Your Pastor or Imam-in-Charge
  • Chairman of the LGA
  • Chairman of the CDA
  • Head of the Village
  • Level 14 and beyond Senior Civil Servants
  • CEOs of Fortune 500 Companies
  • The guaranty letter can be written by a friend or spouse.

Again, it is an Important Note: Applicants who submitted last year and were offered a link to provide additional information before the latest requirements were released do not need to re-submit.

Also, Read Wells Fargo PPP Loan | Paycheck Protection Program Loan Forgiveness Application Review.

Application Approval and Funds Disbursement Requirements for CBN Loans

The requirements listed below must be met either during the application process or before the final approval of the CBN Loan Application Form 2022 and the distribution of funds to an applicant.

  • Company registration under CAC.
  • Proof of tax payments
  • BVN
  • Introduction Letter
  • Also a Guarantor’s Letter
  • An EDI certification
  • Then Photographs of you and your guarantor in your passport
  • Finally, a valid photo ID

How to Apply for CBN Loan Application Form 2022 Without Collateral

To apply for a CBN Loan Application Form 2022, follow the procedures below.

  1. Get Training: Go to a CBN-approved Entrepreneurship Development Institute for a one-week mandatory course (EDI).
  2. Apply for a Loan: The Entrepreneurship Development Institute (EDI) will walk you through the process of gathering all the necessary documentation to secure the loan. You can obtain the most recent application form from the CBN EDC your training center.
  3. Receive Funds: Loans are deposited into beneficiaries’ accounts. Unqualified candidates are provided comments.
  4. Obtain Business Support Services: The Entrepreneurship Development Institute can help you put your business plan into action and provide commercial business support services.
  5. Make Sales: To repay the money and make a profit, sell items and services.
  6. Repay the Loan: Run your business, keep accurate records, and closely monitor sales and expenses to maximize profit and repay the loan.

In conclusion, We hope you found this post useful; please share it with your friends and family. Best Regards!

One Comment on “CBN Loan Application Form 2022 without Collateral and Low Interest Rate”

  1. With much honour and respect to those who are controlling this section, my regards to this honourable bank the proud of my country Nigeria. I would like to start processing the caoling in my company but I don’t have capital to start, now I am proud CBN can help me to establish the company.THANKS SHILANG MINING NIG.LTD.

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