How To Apply For The ₦1,000,000 Federal Government Loan

To apply for the federal government loan the applicant should follow strictly the steps below:

1) Go through the eligibility criteria below to know if you qualify for the ₦1,000,000 federal government loan

2) If you qualify for the Federal Government Loan click > Here to chat with an approved loan agent 

3) The approved loan agent will provide the applicant with the official federal government loan application link

4) Once the loan applicant receives the official federal government loan application link the loan applicant should register and login to apply for the federal government loan 

5) After application the ₦1,000,000 federal government loan will be disbursed depending on the bank of the loan applicant 

Federal Government Loan Eligibility Criteria is as follows:

1) The loan amount is up to ₦1,000,000

2) Applicants applying for the federal government loan must have an existing business that must be in operation for one (1) year

3) Start-ups must be a registered business

4) Applicants applying for the federal government loan must provide CAC business registration documents

5) Applicants applying for the federal government loan must provide company’s Bank Statement(s) for a period of one (1) year (for existing business)/ Chief Promoter’s (Director or Business owner) Bank Statement(s) for a period of one (1) year (for startups)

6) Applicants applying for the federal government loan must have required monthly turnover and other things as may be requested by the bank

7) Applicants applying for the federal government loan must have a personal guarantee of the promoter

8) Applicants must have an acceptance of BVN Covenant (Global Standing Instruction- GSI), and any other thing that may be required by the bank

9) Monthly equal installment (no moratorium) over a period of 3 years

10) Manufacturers up to ₦1,000,000,000 (Working Capital or Asset Financing)

11) Applicants applying for the federal government loan must have at least six months business/corporate banking relationship

12) Applicants must provide CAC business registration documents

13) Applicants must provide 12 months bank statement for other bank

14) Other documentations that may be required by the bank

Security:

As may be required by the bank

Repayment term:

i) Asset Financing

Six Months moratorium on principal and interest, five years repayment period for asset financing only

ii) Working Capital Financing

Twelve months equal installment of principal and interest