Presidential Conditional Loan Scheme
Loan: Are you a business owner seeking financial support? The Presidential Conditional Loan Scheme might be the answer you’re looking for.
Here’s a quick guide on how to access the loan and what you need to know:
Application Process
To apply for the loan, visit www.fedgrantandloan.gov.ng. If you meet the eligibility criteria, your bank will handle the disbursement.
Check the website for detailed criteria.
Eligibility and Terms
- Loan Term : 36 months for MSMEs, 12 months for Working Capital, and 60 months for Manufacturers (Asset Financing) with a six-month moratorium.
- Interest Rate : 9% per annum.
What if I Don’t Meet the Criteria?
Unfortunately, if you don’t meet the criteria, your application won’t be considered.
Repayment Details:
- Equal and consecutive monthly repayment of principal and interest for the loan’s tenor.
Moratorium Period
- Manufacturers applying for asset financing enjoy a six-month moratorium period.
Legal Measures for Non-payment
- If you can’t repay the loan, the bank will take legal measures to recover it.
Application Process Details :
- The applicant must have a registered business as a Sole proprietorship, Partnership, or Limited liability company.
- Applicants/promoters must be 18 years and above.
Application Timeline:
- The application process duration varies by bank but typically takes around 2 weeks.
Application Status and Reapplication:
- Check your application status by logging into your profile. If rejected, you may reapply for minor issues, with additional information.
Multiple Applications:
- Applying with different companies is not allowed; multiple applications will be disqualified.
Deadline:
- The deadline for application submission is 31/12/2023.
Explore the opportunities offered by the
Presidential Conditional Loan Scheme and take a step towards securing the financial support your business needs. You may Like FG Releases Application Portal for N50,000 Conditional Grant, Loan
