Business

Presidential Conditional Loan Scheme [Apply]

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

Budicious

Full Stack Developer, Backend And Frontend. And Also Final Year Computer Science Student at Abubakar Tatari Ali Polytechnic Bauchi.

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