AGSMEIS: Management advises Applicants as NMFB strikes with massive loan decline

The Applicants of the Agri-Business/Small and Medium Enterprise Investment Scheme (AGSMEIS Loan) have reacted to a recent decision by the Nirsal Microfinance Bank on their Loan application.

The Nirsal Microfinance Bank, Tuesday, declined loan Application of a huge number of applicants stating that their Loan Application did not meet the current Risk Acceptance Criteria of the Bank.

In a text message sent to the applicants, NMFB stated:

"Dear Applicant,

Kindly note that your Loan Application has been declined because your request does not meet our current Risk Acceptance Criteria. 

Thank you."

The Applicants who were dismayed by the sudden decision expressed dissatisfaction, lamenting that they had spent money going through the EDI Training and other processes for accessing the AGSMEIS Loan.

Read Also: How to Access AGSMEIS Loan with ease in 2021 (AGSMEIS EDI Training, AGSMEIS Business Plan, AGSMEIS Loan Interview, AGSMEIS Loan Disbursement, All Secrets revealed)

Information emerging from the Entrepreneurship Development Centers disclosed that "there is a new bank policy that has benchmarked the maximum loan approval to N3,000,000 (Three Million Naira only)."

It reads:

"Dear Esteemed Client,

Please be informed that we are aware of the messages being circulated by the Nirsal Microfinance Bank informing some of you that your Loan Application has been declined because of "Risk Acceptance Criteria".

There is a new bank policy that has benchmarked the maximum loan approval to N3,000,000 (Three Million Naira only). Hence all applications above N3,000,000 may have been disqualified.

This means all former applications should be reviewed downward to N3 million or below to avoid disqualification.

Please do not panic.

Signed: Management."

The affected applicants have been advised to proceed to the new application portal https://agsmeisapp.nmfb.com.ng to act as stated and keep in contact with their Entrepreneurship Development Institutes (EDI) for assistance, as the decision by the Nirsal Microfinance Bank does not entail outright disqualification from the AGSMEIS Loan Scheme but an adherence to the new bank policy.