You will learn in this post how you can apply for the Trader Moni Loan. You will also learn the requirements the interest rate and repayment methods. You will also get to know the pros and cons of this loan. Now let’s go on with them.
The Trader Moni loan is a scheme initiated by the Federal government to help traders with loan at no interest. This is to help boost the economy of the nation and alleviate poverty.
- Applicants must be Nigerians
- Applicants must be up to 18 years of age.
- Applicants must be business owners or traders
- Applicants must belong to a market cooperative union in their location.
- Applicants must have a valid means of identification eg. National ID Number, Voters Card etc
- Applicants must have a BVN
- Applicants must have valid phone number which is duly registered with a service provider.
How to apply
Follow these simple steps to register for the Trader Moni loan:
- Enter the Bank of Industry website at www.boi.ng
- Tap on the “Apply for loan now” button while on the page.
- To register your account, tap the “Register here” button.
- Enter your details duly.
- You will receive a verification link via the email you entered. Click on the verification link to lead you to login.
- When you are logged in, fill the application form, save it and the click on the “Continue” to submit your entry.
- An acknowledgement for the receipt of your application will be sent to your email. At this point you have applied.
Trader Moni is at no interest. You repay the amount you borrowed, except for a 5% administration fee you’ll pay once.
Other Popular Banks That Gives Loans In Nigeria:
- Gtbank Quick Credit Loan
- Palmcredit Loan Nigeria
- Union Bank Loan
- Bank Of Industry Loan
- Quickteller Loan
- Payconnect Loan
- Federal Government Empowerment Loan For Entrepreneur
- Fint Loan
- Quickcheck Loan
- Fcmb Loan
You have a maximum of six (6) months to pay back the Trader Moni loan. Therefore you are required to make a weekly payment of N430. If you choose to pay in three months, then you will have to pay N860 weekly.
Pros & Cons
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Branches & Head Office
Trader Moni is an initiative of the Buhari led administration. It is handled by the Federal Ministry of Finance and disbursed through the Bank of Industry.
You can visit the Bank of Industry closest to you for further enquiry.