NMFB Clarify Non Interest Loan NIB Tenure To Beneficiaries

The management of Nirsal Microfinance bank has given a new update to clarify issues concerning the Non Interest Loan NIB Tenure to Beneficiaries. You may want to also read Why NMFB Should Review Decision On TCF Loan Equipment Provision To Applicants

According to NMFB, In order to clarify the widespread misrepresentations of some aspects of the recently launched Non-interest banking product of NIRSAL Microfinance bank, NMFB wish to inform the general public that, the 25% is the total mark-up for the 3 year tenure of the facility. This is payable to NIRSAL Microfinance Bank over the life of the loan.

The Non-interest Banking window of the TCF is availed within the principle of the MURABAHA system of Non-Interest Lending. This means that the loan is strictly for the financing of equipment/goods ot a predetermined mark-up.

There is no avenue for the release of cash under the Murabaha principle of non-interest lending.

NMFB has advised Applicants that they must endeavor to use ONLY valid Phone numbers while applying for any of the intervention loan schemes disbursed by NIRSAL Microfinance Bank. This has become important in order to serve you better.

Please note, the Non-interest Banking Window is available to ALL Nigerians.

You may want to also read Fraudsters Conducting Fake Recruitment Using Our Name - NMFB, Nirsal Microfinance bank warned.