Apply for Household Loan Application Form in Nigeria 2024/2025. Get Non Interest TCF Credit Application Form here, sponsored by Central Bank of Nigeria. See link to apply online and eligibility.
In this post eficiencyview.com will be focusing on National Cash Transfer Programme | NASSCO and NMFB Non-Interest Targeted Credit Facility [Household] though Banks offer Household Loan in Nigeria like First Bank, GTB, Access Bank etc.
Household Loan 2024/2025
Our Non-Interest Facilities to Households will assist you in the process of building businesses or expanding an existing business, and maintaining your lifestyle.
National Cash Transfer Programme for Household | NASSCO
The National Cash Transfer Programme also known as Household Uplifting Programme (HUP) is one of the social safety nets programmes anchored by the Federal Government of Nigeria. The programme commenced in September, 2016. It was conceived as part of the Federal Government of Nigeria’s (FGN) larger growth and social inclusion strategies aimed at addressing key social concerns in the country. Apply for CBN Targeted Credit Facility
It is a component of National Social Safety Nets Project (NASSP) which is supported by the World Bank, to provide financial support to targeted poor and vulnerable Nigerian households. Read more.
The programme is designed to deliver timely and accessible cash transfers to beneficiary households and sets to support development objectives and priorities, to achieve specific outcomes as outlined below:
- Improve household consumption.
- Increase in utilization of health and nutrition services.
- Improve school enrolment and attendance.
- Improve environmental sanitation and management.
- Encourage household financial and asset acquisition.
- Engage beneficiaries in sustainable livelihood.
The programme has 3 components which are as follows:
- Base Cash Transfer
- Top-Up based on State selected conditions and
- Livelihood support
NMFB Non-Interest Targeted Credit Facility [Household]
- Product Name: Non-Interest Targeted Credit Facility (TCF-NI)
- Facility Type: Term Credit Facility
- Maximum Facility Amount: Household: N500,000.00
- Profit margin: 9% per annum
- Maximum Payment Period: 36 months
Global Standing Instruction: In case you default, payments will be recovered from your accounts. Note that you must accept this as part of the offer letter.
- Application Process: The process of the application will take place in three distinct phases:
- Phase 1: Application for Financing
- Apply for the TCF-NI facility by providing relevant personal information and the business to be finance.
- Phase 2: Acceptance of Offer and other Agreements
You will be notified when your application is approved and required to do the following:
- Generate the Offer Letter and accept it
- Generate the Undertaking to Buy Agreement and accept it
- Input the details of the items to be financed. This must conform with the approved amount as shown on your offer letter.
- You will finally attach invoices for all the items to be financed.
Phase 3: Taking delivery and Execution of Murabahah Agreement
Upon fulfillment of Phase 2, wait for the disbursement of funds to the proposed vendor. The funds will be used to purchase equipment and raw materials from the vendor. Either NMFB or you as its agent will then be assigned to take delivery of the assets. After taking delivery, you will be required to execute the murabahah agreement on the final stage of the contract.
Eligible activities under the Scheme include:
- Agricultural value chain activities
- Hospitality (accommodation and food services)
iii. Health (pharmaceuticals and medical supplies)
- Airline service providers
- Manufacturing/value addition
vii. Any other income generating activities as may be prescribed by the CBN
Conditional Cash Transfer Payment/Disbursement begins
Conditional Cash Transfer Payment begins to 15 Million Households as Federal Government Launched Program, good news to vulnerable Poor Nigerians as Federal Government Launched Conditional Cash Transfer – Read more here