AGSMEIS Loan Interview Questions & Answers 2024

Last updated on February 19th, 2024 at 05:32 pm

AGSMEIS loan questions that can be asked for anyone applying to get a loan from Nirsal Microfinance Bank are listed below. This is an opportunity for those who have completed the application and are waiting for a final review. After uploading your business plan, you will still need to answer interview questions organized by the staff members at Nirsal Microfinance Bank.

The AGSMEIS assessment test questions are easy to answer. Do not expect these questions to be asked in the same order. Also, the question might vary but listed below are the most commonly asked AGSMEIS loan questions from applicants.

Looking for loans to start your business? The Nirsal Microfinance Bank offers loans with competitive interest rates, so don’t worry if other banks reject your idea outright!

In a recent update, the NIRSAL Micro Finance Bank (NIRSAL MFB) was reported by Vanguard to have disbursed loans worth over N503.273 billion to over 881 thousand Nigerians and businesses, which means the opportunity is there for you to be part of this loan. All you need do is prepare with the commonly asked questions listed below:

Frequently Asked Interview Questions on AGSMEIS Loan Application 2023

What’s your name?
Where is your business venture located?
How much did you apply for in your loan application?
What are you going to do differently when your loan is approved
Do you have an existing loan?
How do you sustain existing customers, and how do you get new ones?
What are the common challenges in your business, and how do you solve them?
Why do you think you need this money?
How much do you make daily as a profit?
When did you start the business?
Is your business a sole proprietorship, or do you have a partner(s)?
Do you have workers?
How many workers do your workers have?
What is the equipment needed to run your business?
How much is your working capital?
How much is your business worth now?
Name your current assets, and how much did you buy them?
If this business doesn’t thrive well as projected, how would you cope with repaying the loan?
How do you intend to pay back the loan?
How will this money contribute to your business?
Who are your competitors?
What are the unique characteristics that distinguish you from your competitors?
What is your total revenue in a day or month?

How to Access Up to N10m Agri-Business Small and Medium Enterprises Investment Scheme (AGSMEIS

The Bankers’ Committee has introduced a new scheme to promote Agri-businesses and Small & Medium Enterprises in Nigeria. The initiative, called AGSMEIS, requires all DMBs ( Deposit Money Banks) to set aside 5% of their annual profit after tax.

The Agri-Business Small and Medium Enterprises Investment Scheme (AGSMEIS) is divided into three categories;

Developmental Component – to be utilized to administer the program by CBN
Indirect Component – to be disbursed either as equity through fund managers
Direct Component – to be disbursed as debt to customers through DMBs

1. The Developmental Component – constitutes 5% of the fund in which CBN will apply the fund for capacity building, technical assistance to MSMEs, and cover operational costs of managing the scheme.

2. The Indirect Component – constitutes 45% of the fund, which is to be applied as equity and managed by Fund Managers.

3. The Direct Component – constitutes 50% of the fund and is disbursed as loans to eligible MSMEs through Participating Financial Institutions (PFIs)

Application Process

Anyone applying for the AGSMEIS is expected to be trained and certified by any CBN-approved Entrepreneurial Development Centres (Lagos Business School, House of Tara, Fate Foundation, Thrive Agric, etc.) to access the loan.

To take part in this loan opportunity, applicants are advised to visit any branch of their banks or use the contact centre for inquiries.

Apply through your bank
Get trained by any of the institutes mentioned above.
Submit a business plan to your bank, and your bank will forward it to CBN for approval, and your bank will disburse the fund.
CBN approves the beneficiary of the AGSMEIS loans.