Welcome to 2019 CBN Loan application guide. We are going to help you with updated information on how to apply/assess credit facilities from the central bank of Nigeria (CBN).
They have made a lot of promises to empower Nigerian youths, unemployed, SMEs and those who need loan or grants.
A few days ago, they approved 75 billion naira for agricultural lending in the 36 states of the federation. They also have some intervention funds loan scheme that you can apply and get some cash to run your business.
CBN Loan 2019 is for everybody and there is an adjustment for collateral and other terms and conditions bidding the loan.
Can I get a CBN Loan Without Collateral?
A lot of people have been asking if they can get the 2019 cbn empowerment loan without having collateral. We know that collateral is one of the obstacles that hinder us from accessing loans from financial institutions in Nigeria.
They are still some institution that can give you a loan without asking for collateral although they have their own terms and conditions of service.
According to Vanguardngr, The President of Nigeria has directed the Ministry of Agriculture and the Central Bank of Nigeria (CBN) to bypass the complex issue of collateral which he described as “a terrible colonial legacy,” so that farmers will get easy access to capital.
Although the president gave a directive, we are not certain if his directive is implemented already or not. We encourage those seeking for cbn loan without collateral to keep an eye on this page for further update on the matter.
Things to consider when taking a loan:
An individual or company should consider:
- The purpose of the loan
- The loan amount required
- The ability to pay principal and interest over the repayment period
- The financial institution to approach
- The collateral (guarantee) for the loan
- The Terms and Conditions of the loan
Requirements for CBN Loan 2019
To be considered eligible for loans, the borrower must:
- Have a bank account
- Be mentally fit
- Be of legal age
- Be credible
- Have a good credit rating
- Meet Know Your Customer (KYC) requirement
- Be able to repay
How to Apply for CBN Loan 2019/2020
Download the CBN Application form from their portal, read about their terms and conditions before submitting the application form.
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