Here in this post, we have compiled everything you need to know about Trader Moni Loan Scheme 2019. We have noticed that people find it difficult registering for the scheme. In this article we have made it clear and easy on requirements needed and the process of creating account. Between, the federal government Trader Moni Loan Scheme is designed to help small/micro traders in Nigeria who are in need of loan. The federal government is trying to create an enabling environment for micro/small traders in the country to help boost the economy.
Most Nigerian must have heard about this scheme but may not know what it’s all about. We advise you to read this post till the end as we have information that will benefit you and you can successfully register and get the loan transferred direct into your bank account. This trader moni loan is the advanced stage of social assistance programs which will help the small business owners to be independent and expand their businesses.
HOW TRADER MONI LOAN SCHEME IS STRUCTURED
The scheme is an interest free loan which is introduced to help in boosting the business owners who need more money to add in their business but can’t take bank loans. Initially, the receiver of this soft loan will be given loan of #10,000 and he/she will pay back after that he qualifies for #15,000 and it will continue. Now it is this way;
>Loan tenor = 6 months
> Weekly refund, two week grace
>Administration fee = 2.5%
Loan amount = #10,000
Administration free = #250
Amount to refund =#10,250
Loan amount = #15,000
Administration free = #375
Amount to refund =#15,375
Loan amount = #20,000
Administration free = #1000
Amount to refund =#21,000
Loan amount = #50,000
Administration free = #2500
Amount to refund =#52,500
>Must be up to 18 years
>Applicant must be business owners
>Applicant must be a Nigerian
>The business owner must belong to a cooperative society
>Interested applicant must have BVN
>The trader must have the following: valid means of identification, mobile phone with functional SIM card.
HOW TO APPLY
>Click on “apply” link
>Fill the registration form
>Check if everything is correct and click register button.
>Verify your email /phone number
>Login to portal and complete form and get the money transferred to your bank account.
>Visit trader moni agent in your state
>Agent will capture all details
>After verification, you will be sent a code through SMS
>You need this code to get the loan.
Ask us any question about Trader moni loan scheme we will be glad to hear from you. Use the comment section below.