CBN loan Application Form 2021, 5% Interest Per Annum Without Collateral

CBN Loan Application Form 2021 – Are you aware that application for 10 million CBN AGSMEIS is available online today? Learn how to apply.

Read this article, to get information on the way your application for this loan is possible on CBN.

CBN Loan Application Form 2021: Using CBN AGSMEIS loan, you can get up to 10 million at the rate of 5% from agriculture, although, as regarded to AGSMEIS it is an initiative from the central bank of Nigeria. Moreover, this is done without collateral.

What is Agriculture Small and Medium Enterprise Scheme (AGSMEIS)?

AGSMEIS is a creativity of the bankers committee, in order to support or complement the federal government efforts, on promoting Agricultural business\small and medium enterprise as a motto for economic development and generation of employment.

It was initiated by the bankers committee, which was approved at its 331st meeting that was held on 9th February 2017. Although, the scheme requirements for all banks in Nigeria are to place aside 5% of their profit after annual payments of tax.

Further, the initiative was made to support the federal government’s policy measures to promoting Agricultural businesses, small and medium enterprises (SMEs).

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CBN AGSMEI: Loan Criteria

  1. Applicants must be trained by an Entrepreneur Development Institute (EDI).
  2. Applicants will apply for loans through an EDI
  3. Applications are then sent to CBN for authenticating.
  4. Applicants will then be contacted for an interview concerning his or her specialization
  5. Qualified applicants will be called and given the loan
  6. Finally, clearly fill the new forms with all required details, sign, and get them verified by EDC.

Visions of AGSMEIS

The visions of CBN AGSMEIS are listed below:

  • To develop an agriculture value chain and ensuring sustainable agriculture practices.
  • Boosting the managing capacity of agribusiness, and also
  • Ensuring small and medium enterprises have access to finance.
  • Finally, generation of needed employment opportunities in Nigeria

Visions of CBN AGSMEIS Loan Application Form 2021.

CBN loan Application Form 2021: Their Activities

CBN Loan Application Form: The activities carried out by CBN AGSMEIS are:

  • They carry out businesses across the agricultural value chain consisting of storage, inputs supply, processing, production, logistics and also, marketing.
  • MSMES in the agricultural service area together with the ICT and the industry’s creativity aspect. Other activities can be done by the bankers’ committee frequently.

People In Charge of Writing Introduction Letter for CBN AGSMEIS Loan

  • Your pastor/chief imam
  • Local Government Area Chairman
  • CDA Chairman
  • A village Head
  • Managing Director of Blue Chip Companies
  • Senior Civil Servant from level 14 and Above
  • Finally, a friend of yours can write the guarantee letter

Note: Applicants who submitted the previous year and were sent a link to provide more details before the last requirements were released, will not need a re-submission.

Requirements needed for the approval of CBN Loan Application and payment of funds

The following consists of the requirements needed during the application of CBN Loan Application Form 2021and final payment of funds by an applicant.

  • Registered business with CAC
  • Tax payment evidence
  • Your BVN
  • A letter of introduction
  • A letter of guarantee
  • An EDI certificate
  • A photo (passport) of you and a guarantor
  • A valid ID card

Application for CBN Loan Application Form 2021 without Insurance

  1. Undergo Training: Attending one-week training is compulsory at a CBN certified EDI, also, by checking the lists of CBN EDC in Nigeria.
  2. Applying for a Loan: Entrepreneurship development institute (EDI) assists you to get all requisite documents required on securing the loan. Moreover, know that the current application form can be gotten from the CBN EDC that trained you.
  3. Receiving of funds: payment of loans is done in the account of the recipients. However, candidates that did not qualify are given feedback.
  4. Getting Business Supporting Service: the EDI assists you on the implementation of a business plan and also,  aid in the provision of support services on commercial terms.
  5. Making of sales: products and services will be sold in order to pay back loan and also, profit.
  6. Repayment of loan: Running of business, Recordkeeping, monitoring of sales and expenses are also considered to maximize your profit and deposit the loan back.

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