How to Apply for NIRSAL Microfinance Bank On-Balance Sheet Loan: Full Guide & Available Products

If you’re looking for accessible financing solutions for your business or personal needs, NIRSAL Microfinance Bank (NMFB) offers an internal loan scheme known as On-Balance Sheet Lending (OBSL). Unlike intervention funds backed by the Central Bank of Nigeria, OBSL is sourced directly from NMFB’s own deposits, giving the bank more control and flexibility in its lending process.

Whether you’re a salary earner, petty trader, SME owner, or working within the agricultural value chain, NMFB’s OBSL products are designed to support your financial goals.

What Is On-Balance Sheet Lending (OBSL)?

OBSL is an internal credit facility offered directly by NIRSAL Microfinance Bank. It is not tied to any federal intervention scheme, and funding comes from the bank’s customer deposits. This makes the approval and disbursement process more direct, with loans tailored to suit different borrower categories.

Who Can Apply for NMFB OBSL?

You may qualify for this facility if you fall into any of the following categories:

• Salaried individuals with at least six months of employment history
• Petty traders or artisans with small but verifiable businesses
• Small and medium business owners with solid financial records
• Individuals needing household or electronic items
• Farmers, agro-processors, or anyone operating within the agricultural value chain

Available Loan Products Under OBSL

NMFB offers five specialized loan products to meet diverse needs. Here’s a breakdown:

1. NMFB SALAD (Salary Advance Loan)

Aimed at employees with stable monthly incomes, this facility allows you to access up to 33.3% of your net salary as an advance. It’s ideal for emergency needs and must be repaid within 90 days.

2. Petty Cash Now-Now

Perfect for petty traders, kiosk operators, and local artisans. It provides daily operational capital for up to 12 months, enabling micro-entrepreneurs to grow without pressure.

3. Consumer Asset Finance Facility (CAFF)

Need a new fridge, laptop, or generator? This product lets you purchase assets through NMFB’s accredited vendors, with flexible repayment terms up to 24 months.

4. SME Working Capital Loan

For small businesses trading in food, electronics, auto parts, or construction materials. It fills cash flow gaps and supports short-term operational costs over a period of one year.

5. Agricultural Finance Facility (AFF)

Designed for farmers, processors, and agro-traders. If you repay on time, you may enjoy rebates under the Central Bank’s Interest Drawback Program through the ACGSF.

How to Apply for NMFB On-Balance Sheet Loan

Step 1: Begin Online Application

• Go to http://obl.nmfb.com.ng
• Register using your BVN, personal and business details
• Choose your nearest NMFB branch

Step 2: Branch Visit & Documentation

• Head to the selected branch to complete the application
• Submit necessary documents (ID, utility bill, business registration if applicable)

Step 3: Evaluation & Approval

• Your application will be reviewed based on NMFB’s lending criteria
• If approved, you’ll receive a loan offer with clear terms

Step 4: Disbursement & Repayment

• Funds are paid into your NMFB account
• Repayment starts 30 days after disbursement

Security Alert: Beware of Fraudulent Websites

NMFB warns against a scam website: https://nmfbloans.com.ng/index.php. This domain is not affiliated with NMFB. Always apply through the official site: http://obl.nmfb.com.ng.

FAQs: NMFB On-Balance Sheet Loan

Q1: What’s the minimum and maximum amount I can access under OBSL?
A: The minimum loan amount is ₦50,000. The maximum depends on your financial capacity and the specific product you’re applying for.

Q2: Can I apply without a registered business name?
A: Yes, certain products like Petty Cash Now-Now and SALAD are available to individuals and traders without formal business registration, provided your source of income is verifiable.

Q3: How long does it take for my loan to be approved?
A: Approval timelines vary, but once all documentation is submitted and you meet the requirements, you can expect feedback within a few working days.

Q4: Do I need collateral?
A: Collateral requirements depend on the loan product. Microloans like Petty Cash Now-Now often do not require collateral, but higher loans may.

Q5: Can I repay the loan early?
A: Yes, NMFB encourages early repayment. In fact, timely repayment may qualify you for future loans or interest rebates, especially under the agricultural scheme.

Q6: Is my BVN safe during the application process?
A: Yes, NMFB uses secure and verified platforms for BVN validation. Never share your BVN on unofficial or suspicious websites.

Final Thoughts

NIRSAL Microfinance Bank’s OBSL loan is an excellent option for Nigerians seeking flexible and reliable financing. Whether you’re an entrepreneur, a salary earner, or an agriculturist, NMFB has tailored products to support your growth.

Apply today through the official portal: http://obl.nmfb.com.ng and avoid scams by sticking to trusted NMFB channels.