FGN Loan Application For Business and Individuals

There are many FHN loan application currently open for all Nigerians in 2023. We will provide you with loan applications that are open and how to apply below.

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1. Nirsal Microfinance Bank and How to Apply for A FGN Loan

NIRSAL Microfinance Bank is one of the leading financial institutions operating in Nigeria licensed by the CBN to offer loans for different purposes – one of these is the Nirsal covid-19 loan which you can get further information on from covid19.nmfb.com.ng. In addition, you can make the best-informed loan decisions by comparing loan offers from CBN-accredited institutions.

NIRSAL is tasked with the aim of redefining the agribusiness sector and its activities within the country. It does this by measuring, repricing, and then sharing agribusiness credit risks.

NIRSAL Microfinance Bank Loan

The following are loan products offered by NMFB

  • The Agric, Small Medium Enterprise Scheme (AGSMEIS): AGSMEIS loan is a Nirsal agric loan that provides up to N10 million to small and medium-scale enterprises. Businesses eligible for the AGSMEIS are those involved in creative & art industries (fashion, beauty, apparel & textile, arts & entertainment), Industrial & Manufacturing (agriculture & allied Processing, automobiles), Information & Communication Technology (telecommunication and media & publishing) and Hospitality (catering & event management). These loans are charged a single-digit interest of up to 9% per annum interest rate. They also do not require collateral security.
  • Anchor Borrowers’ Program: The Anchor borrowers’ program is an NMFB CBN loan that aims at creating and fostering a link between companies that engage in the processing sector and small-scale farmers who deal in essential Agricultural commodities. You can walk into any Nirsal Microfinance Bank branch to apply.
  • NIRSAL Microfinance Bank Access Target Account: This is a saving scheme that targets micro, small, and medium-scale enterprises, as well as individuals, looking to cultivate a healthy saving culture. It usually runs for a specific period for a particular financial purpose. Through this scheme, NIRSAL Microfinance Bank aids its customers in saving for a variety of specific reasons, such as rent, purchase of goods, purchase of equipment, or even for festivities. There is a predetermined limit put on the account, meaning they only allow a number of limited withdrawals by the account holder based on pre-agreed instructions. The Access Target account has an opening balance of ₦1,000 with a minimum balance of ₦500.

How to Apply for A Nirsal Loan

The following are the required documents and credentials you must have before you can access a Nirsal loan.

  • Your letter of employment
  • Pay slip
  • Your staff ID card
  • 6 months statement of your bank account
  • Other valid means of ID like your National ID, Drivers’ licence, and so on
  • A utility bill
  • 2 passport photographs
  • A guarantor form

To apply for this loan visit: https://nmfb.com.ng

2. Bank of Industry Loan – How to Get a Loan in 5 Steps

Starting a business in Nigeria today requires lots of capital, which most don’t have access to. Bank of industry was created to meet such needs, specializing in providing access to funds for startups, SMEs, and large enterprises.

This article provides information about how you can apply for Bank of Industry Loans in Nigeria, as well as what it requires to do so.

What is a Bank of Industry Loan?

Basically, the Bank of Industry is tasked with providing financial assistance for small to medium-scale businesses in Nigeria through the use of loans. Therefore a BOI Loan is precisely for this purpose.

Who is eligible for a Bank of Industry Loan?

Anyone with a legitimate business can apply for a Bank of Industry Loan. However, more priority is given to businesses engaged in manufacturing and processing. The loan is targeted at sectors such as processing of agricultural materials, information technology, oil and gas, the creative industry and mining of solid minerals. It is important to note that BOI loans are only disbursed to business entities and not individuals.

Also, BOI loans are only meant for the purchase of industrial equipment. They can not be used to buy assets like land or building.

How much is available to collect?

BOI loans start from an amount of N5 million. However, the Bank of Industry can provide smaller loans in Nigeria through its matching funds platform, which it operates through Microfinance banks.

How much interest is charged on BOI loans

The Interest rates for BOI Term Loans is at a maximum of 10% per annum, while that of loans for working capital is at 12-15% per annum.

Do Bank of Industry loans require collateral?

The Bank of Industry needs businesses applying for loans to be held accountable, and so it mandates some assets of the businesses be pledged to secure the loan. Other security options such as bank guarantees, mortgage on landed property, debentures and external guarantors (in the case of loans worth less than N10 million. Third-party collateral is also suitable.

What are the requirements for a Bank of Industry Loan?

Any business applying for a bank of Industry Loan must possess the following;

(For Micro-credit Loans)

  • Application Letter
  • Certificate of Registration (photocopy)
  • Copy of Cooperative’s constitution and Bye-laws
  • Business Plan
  • Business owner’s passport photographs (4 copies)
  • Current Tax Clearance Certificate
  • Copy of means of Identification
  • Business’ bank Statement for one year
  • Record of sales for six months and operating expenses.
  • Lastly, evidence of Collateral

(For Small and Medium-scale Enterprise/Large scale Entrepreneur)

  • Formal Letter of Application
  • Copies of Certificate of Incorporation, Certified True Copy of Memorandum and Articles of Association.
  • Photocopies of the Certified True Copy of Forms C02 and C07.
  • Business Plan.
  • Statutory Certificate of Occupancy or Deed of Assignment
  • Photocopy of Title Documents  to the Collateral
  • Approved Building Plan
  • The estimate of Cost to be incurred on Factory Building.
  • Valuation Reports on Factory Building(s) (for existing projects) and property offered as Collateral Security.
  • Plant and machinery quotations
  • The Audited Accounts of the business in the last three years
  • Tax Clearance Certificate for the Company and two Directors for the previous three years.
  • Passport photographs of each of the two Directors and the Company Secretary (4 copies)
  • Lastly, evidence of Appointment

How do you apply for a Bank of Industry Loan?

You can apply for BOI Loans in two ways. For Physical application, business owners are to visit any of the BOI branch offices situated in 24 states in 6 geopolitical zones in the country or the headquarters in Lagos.

Applications for BOI loans can also be made online, through the Bank of Industry Website or through the application link www.boi.ng/apply.

How long does it take for your application to get approved

Processing of BOI loans can take 30 to 40 working days to obtain approval. Afterwards, it takes 15 days for the credit to be disbursed.

You can apply at: https://www.boi.ng/

3. How to Apply for a Personal Loan

A personal loan is money that you borrow for just about any purpose, including debt consolidation, an unexpected medical bill, a new appliance, a vacation, or even a student loan. You pay the money back—including interest—in monthly installments over time, usually two to five years, Most personal loans are unsecured, meaning that they are not backed by collateral.

The interest you pay is expressed as an annual percentage rate (APR). The average interest rate on a personal loan is 11.21% as of November 2022, but it can range from 6% to 36% depending on your creditworthiness, including an examination of your income, debts, and credit score.

How to Qualify for a Personal Loan

There are many steps to take to qualify for a personal loan, with the first being to make sure that it’s right for you. For example, if you want to borrow money to remodel your house or buy a car, a home equity loan or an auto loan may come with a lower interest rate. Unlike unsecured personal loans based solely on your creditworthiness, these loans are secured by the home you want to fix up or the car you want to buy.3

Although paying for a family vacation or consolidating debt fits into the personal loan category, you also may want to check into a 0% introductory APR credit card. But if you go that route, be sure that you can pay off the balance before the 0% rate expires.

Things to Consider Before Applying for a Personal Loan

Before you either start shopping around for loans or begin to work out how much you would like to borrow, there are a number of important considerations you should make:

  • First, make sure you understand how loan providers express the cost of a loan, so you can make sure that you have the ability to pay it back. There are a number of online calculators that can help you to work out your actual monthly payments; make sure you consult them when you are shopping for loans.
  • Though personal loans are typically a fairly cheap way to borrow, you shouldn’t overlook other sources of cash. For example, you can borrow against the equity in your house or put an expense on a credit card if you are sure that you can pay it back quickly.

What Documents Are Required For a Personal Loan Application?

Each loan provider is different and may ask for different documents as you apply for a loan. On the loan application itself, you’ll be asked for your Social Security number, address, and your income. You will also normally need at least three documents to apply for a loan:

  • Proof of identity, such as a driver’s license, passport, or state-issued ID card.
  • Proof of your income. You may need to provide pay stubs, tax returns, W-2s and 1099s, bank statements, or your employer’s contact information. If you are self-employed, the loan provider may ask for bank statements, 1099s, or tax returns.
  • Proof of address. You can use a utility bill or your rental agreement for this. If you don’t have either, you might be able to use a mortgage statement, voter registration card, property tax receipt, or bank or credit card statement.

In addition to this basic information, your loan provider might ask you to provide the details for either a co-signee or the purpose of the loan.



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