Do you know that tradermoni isn’t the only collateral-free loan for SMEs? In this guide we’ll show you how to apply for GEEP marketmoni loan.
We’ll also tell the two available different methods through which you can submit your GEEP application for the marketmoni collateral-free loan scheme.
This is also to let you know that the Federal Government has concluded plans to make GEEP loan accessible to the 2016&2017 N-Power beneficiaries who have been exited from the programme.
Types of GEEP loan in Nigeria RIGHT NOW
The following are the collateral-free loan schemes under Government Enterprise and Empowerment Program (GEEP) powered by Federal Government’s Bank of Industry (BOI):
All the above loans are part of FG’s GEEP loan under the Social Intervention Programme (SIP)
Difference between GEEP marketmoni and tradermoni
While tradermoni gives petty traders access to loan up to N50,000, you can access up to N100,000 through GEEP MarketMoni.
The loan, which only attracts a five per cent one-time administrative charge, is repayable within a period of six months, with two weeks grace period.
Objective of GEEP loan scheme is:
“To provide loans to market women and traders, artisans, enterprising youths and small scale farmers and agric workers nationwide”
Role of BOI in GEEP marketmoni loan scheme
BOI is a bank that specifically provides access to funds for startups, Small and Medium Enterprises (SMEs), and large enterprises. Simply put, BOI facilitates the entire process of loan application for SMEs.
The interest-free loans under marketmoni range between N10,000 and N100,000 for SMEs
It kick started more than a year ago, and today (at the time of putting this guide together) BOI has disbursed N15,183,278,000 to 350,000 beneficiaries in 4,632 associations in Nigeria.
GEEP MarketMoni Loan Requirements
There are some criteria that make you qualify for marketmoni, they include:
- You must belong to a registered and accredited market association, cooperative or trade group
- You must have a valid BVN.
- Your market association, cooperative or trade group must nominate you for a loan and must be willing to stand in as your guarantor.
- Your market association, cooperative or trade group must be registered with BOI
- You must have a business location which will be verified by MarketMoni agents.
GEEP marketmoni loan application methods
There are two available methods to submit application for GEEP marketmoni loan scheme. They are:
- Application through BOI
- Application via marketmoni dedication portal.
So, let’s take them one after the other.
GEEP marketmoni loan application through Bank of Industry (BOI)
Step 1: Head straight to BOI-GEEP official portal at http://www.boi.ng/marketreg/
Step 2: Fill the GEEP application form. To fill the application form ensure you get the following information ready:
- Name of your group?
- Type of your group?
- Type of work/trade does your group engage in?
- How long has your group been in existence?
- Number of members in your group
- Level of your association you represent
- In what State is your group?
- In what LGA is your group?
- Your group’s official address, including street name (or market name), LGA, and state
- RC number of your group
- State registration number of your group
- Official contact phone number of your group
- Name of the the leader of your group
- Phone number of your group leader
Step 3: Click submit and wait for BOI to verify your membership of the group you belong.
How to apply for GEEP marketmoni loan through the scheme’s dedicated portal
Step 1: Enter the http://apply.marketmoni.com.ng/ to any browser of your choice. Mozilla firefox, Chrome etc.
Step 2: Download the MOU Template (one per co-operative). You can find this on the portal.
Step 3: Download the Excel Sheet (one per co-operative) to provide your members’ details. It’s also found on the portal.
Step 4: Fill the MOU template and Excel sheet carefully with the right information.
Step 5:Come back to http://apply.marketmoni.com.ng/ and submit your MOU and Excel sheet.
MarketMoni Loan Repayment Schedule
If your application has been granted, it’s good to start planning on how to pay back. The repayment has been planned by BOI to reduce the burden on you when six months elapsed.
As earlier stated, you will only pay a one-time five per cent administrative charge which is also spread over 6 months.
You can NEVER get that kind of advantage in other commercial banks. Hardly can any Nigerian bank grant you loan without collateral and “killing interest conditions.”
Below is the repayment schedule of marketmoni loan scheme:
- Loan amount : ₦10,000
Administrative Fee : ₦500
Amount To Pay Back : ₦10,500.00
Weekly Repayment : ₦1437.50
- Loan amount : ₦20,000
Administrative Fee : ₦1,000
Amount To Pay Back : ₦21,000
Weekly Repayment : ₦875
- Loan amount : ₦50,000
Administrative Fee : ₦2,500
Amount To Pay Back : ₦52,500
Weekly Repayment : ₦2,187.50
- Loan amount : ₦100,000
Administrative Fee : ₦5,000
Amount To Pay Back : ₦105,000
Weekly Repayment : ₦4375
The essence of marketmoni is to support SMEs in growing their businesses while at the same time paying back with so much ease without collateral, the largest of such loan scheme in the history of Nigeria devoid of political affiliation.
And we hope that our guide, “GEEP MarketMoni Loan Application Process & Requirements” will help you today in submitting your own application.
Last Updated on January 5, 2021 by InfomediaNG