Are you aware of the BOI Trader Moni scheme 2019/2020? We have many readers who are aware but they do not know about ongoing Bank of Industry Trader Moni Loan Scheme 2019/2020.
Here on this page you will find all the necessary information about this Loan Scheme so that you can apply successfully for the Trader Moni Program 2019/2020.
Bank of Industry has set a target of 2 million Trader Moni beneficiaries across the country from now and the end of the year.
What is Trader Moni Scheme?
One of the obstacles faced by small traders is limited capital. In order to overcome these problems, business capital loans are usually an alternative to increase production levels.
Trader Moni is a loan scheme which is launched by Bank of Industry. It is specially designed for small traders across the country. BOI is offering collateral free loans to help small traders. Collateral free loans mean that you can collect loans without submitting any property.
The very strategic role of Small Traders in national economic development makes the government and various other parties like Bank of Industry Trader pay more attention to their existence and development.
However, the lack of business portfolio and the lack of collateral assets that are owned is usually an obstacle for pilot businesses to meet bank requirements.
But now through Trader Moni Loan Scheme there is an opportunity for pilot businesses to obtain business capital without collateral.
Who is Eligible to Collect Loans?
This is special loan scheme designed for petty traders.
It is a mobile driven scheme launched in partnership with the Bank of Industry (BIO) in order to enlarge government’s financial inclusion agenda down to grassroots, the bottom of ladder, considering the contribution of petty traders to economist development.
Loan interested candidates have to go to any mobile agent and need to supply required details. The mobile agent will captured and feed your details and sent to Bank’s system. It is special application form designed for Trader Moni Program. Within 48 hours of supplying details the traders gets cash notification or credit alert in his/her mobile wallet account.
How much Loan can I get from the Trader Moni?
The minimum amount of loan is N10,000 and maximum is N50,000. How much loan can it get depends on the traders ability to pay back the loan within the 6 months grace period.
The Executive Director of Bank of Industry, Toyin Adeniji explained that a starter can access N10,000 and pay back N10,250 to qualify for N15000.
Once a trader who pay bank N15,375 will be automatically qualified for N20,000 and when trader pay back N21,000 will be qualified for N50,000. This means new trader can apply for minimum amount and if he pay back will be qualified for next slab.
How do I get loan money?
There are two main ways to get the loan money.
According to the first method money will be transferred directly to the beneficiary traders’ bank account. And according to the second method, the money will be transferred in the mobile agent’s account and you will be able to collect cash from it.
Vice President Yemi Osinbajo on Tuesday said the federal government will expand its current Market Moni/Trader Moni interest free loan scheme to cover more rural dwellers.
Osinbajo however appealed to beneficiaries of the loan programme to ensure that they pay back the loan facility in order to pave the way for other persons to equally benefit from the programme.
“We want to assure you that we are going to do more as President Muhammadu Buhari has directed us to expand the scheme so that those who have not benefited from the trader money and market will also benefit,” he said.
“It is very important to pay back the money so that the scheme will work effectively.”
Executive Director of the Bank of Industry, Micro Enterprise, Toyin Adeniji, said three thousand beneficiaries were enrolled onto the scheme in the past three days.
How to Apply for Bank of Industry Trader Moni Loan Scheme 2019/2020 @ www.boi.ng
All interested traders can apply online for BOI Trader Moni Loan 2018/2019. Below are easy steps and by following these you can easily apply.
- The very first step is to visit Bank of Industry Portal i.e. www.boi.ng
- Once website loaded successfully navigate it carefully
- Click on “Apply for Loan” link
- There will be three options (1. Business Loan Application, 2. NCI Fund Portal and 3. KAD-STEP Loan)
- Click on “Register Here” link
- Read Eight(08) important points before you commence your application on this platform
- Heading of these points are (1.Mandate, 2. Entities that BOI Finances, 3. Items that BOI can Finance, 4.Mode of disbursement. 5. Amount that can be financed by BOI, 6.Collaterial requirement, 7. Startup Business and 8. List of Documents support your application.)
- Select loan amount and nature of business
- Fill Trader Loan Application Form 2019/2020 correctly
- Recheck all details and click on “Register” link
- After this a mail will be sent to your registered email address confirming receipt of the application form.
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