Trader Moni Loan Scheme Application Guidelines And Requirements

Trader Moni Loan Scheme Application Guidelines And Requirements – The Trader Moni loan scheme is one of the social intervention programmes of the Buhari administration. The aim of this is to empower two million petty traders across the country between now and the end of 2018. This loan program gives loan to traders without COLLATERAL.

So, that means, if you qualify, you can apply for loan and you are given the loan without a collateral. Beneficiaries receive loans ranging from N10,000 to N100,000 per applicant for as long as 6 months. MarketMoni attracts no interest except a one-time 5% administrative fee. So far over 24,000 beneficiaries have accessed MarketMoni. In essence, you will be charged only 5% administrative fee of whatever loan amount you apply for. That’s wonderful.

Trader Moni Loan Scheme Application Guidelines And Requirements

To apply for the microcredit scheme (Trader Moni), simply use the steps below:

1. Visit the website, www.boi.ng
2. Navigate the page and click the “Apply for loan now” button
3. Next, select “Register here”
4. Provide the correct information about yourself. (Name, phone number, email etc)
5. A verification link and tracking code will then be sent to the email you provided
6. Now click on the verification link to log in.
7. Once logged in, complete the application form, save and click on “continue”
8. You will be sent an email confirming that the application has been received
9. Subsequently, you will be informed of the next step, you should take.

In there are issues or difficulties encountered during the process, the applicants are expected to call BOI Customer care on (+234) 0700-CALL-BOI or BOI website, www.boi.ng.

Also See: MarketMoni Loan Application Form & Requirements

Trader Moni Application Requirements

To apply for this loan, you must meet up with these requirements. They include:

1. – You must be a Nigerian citizen and aged 18 or older
2. – A business owner or trader
3. – Be an active member within any market cooperation union within your location
4. – Have a valid means of identification
5. – Must possess a valid BVN
6. – Must have a valid SIM/phone number properly registered under your name with any of the service providers (MTN, 9moblie, Airtel, Glo etc).

How to apply for Trader Moni loan Scheme 2018/2019:

Trader Moni registration is in two forms, namely; physical and online registration. Physical registration can only be done at the  Bank of Industry (BOI) centres. However, checking out the online can application will hasten the process before going to the Bank of Industry to complete the procedure.

The portal gives applicants access to upload their documents and find access to the preferred BOI State office where they can finish the processing.

Also See: How To Apply For Bank of Industry (Boi) Loan – Requirements & Guidelines

Conditions with regards to the application:

To ensure that participation is not open to fraudsters, the Federal Government placed the amount of money to be received on the first application at a flat N10,000. However, if the first money received is paid on time, within the next six months, the applicant will be eligible to receive the next N15,000.

Feaures of The Trader Moni Loan

1. Loans from 10,000 to 100,000
2. 5% administrative fee (No other charges)
3. 6-month loan tenure
4. Two-week grace period
5. Daily Collections