FGN farmer money loan 2021, loan requirements, payment period, and how to apply.
If you a farmer and need interest-free loan to boost your farming business. This article will guide you through on how to apply for FarmerMoni loan of the Federal Government.
What is FarmerMoni
FarmerMoni is a federal government loan initiative under the Government Enterprise and Empowerment Programme (GEEP), aimed at funding farming related businesses across Nigeria.
This government loan initiative is open to farmers in all the 36 states in Nigeria including FCT, and you can easily submit your application online.
FarmerMoni Loan Requirements
Below are the a must have to qualified for FarmerMoni Loan:
- Applicants must be a Nigerian
- Must be eighteen (18) years and above
- Applicants must have a Bank Verification Number (BVN) and a savings account.
- Applicant be a member of any approved corporative group, group must be registered with Cooperate Affairs Commission (CAC).
- Applicants must have a valid means of identification such as National Identity Number (NIN) or voter’s card. See procedure to check your NIN with your mobile phone.
What is the payment period of FarmerMoni
FarmerMoni loan is repayable over a period of six (6) months. The scheme enable beneficiaries to access higher amount up to N300,000. This is a no interest and no collateral loan.
How to apply for FarmerMoni loan
Visit bank of industry (BOI) official website on:
- Click on ‘Register’, and enter your information
- Verification link will be sent to your email address.
- Check your email inbox, and click on the verification link
- Login to complete the application form.
After submitting your application, the loan is paid within 48 hours to a mobile wallet account which can be cashed out.
Divisions of GEEP loan initiative
Below are other federal government loan schemes you can apply under the Government Enterprise and Empowerment Programme (GEEP).