Trader Moni Loan was given to small scale business men/women to help boost their business. As the name implies TraderMoni is a loan and all loan must be paid. In the case of Trader Moni, when you successfully repay your loan, you will be qualified to get a higher amount. This is to encourage all those who collected loan to pay back the loan and increase/expand their business.
How To Repay Trader Moni Loan
Please note that It is important for all Trader Moni Loan beneficiaries repay their Trader Moni loan before the end of six (6) months, it is advisable to pay a little amount every week to enable you payback the money you collected with the little interest, so you will be able to collect more money.
You must pay back the loan, to avoid embarrassment, failure to do so would lead to closure of all your bank accounts and extra charges. You can easily be contacted through your BVN so failure to pay is not an option.
Trader Moni Loan Payment Pattern Update
Loan beneficiaries can get their trader moni loan easily, remember how to apply and collect the trader moni loan here today.
The trader who collects N10,000 is required to be payback N430 every week for 6 months (or sooner) to expand their business. Traders who payback will AUTOMATICALLY be entitled to another LOAN of N15,000, and then N20,000, and then N50,000.
Therefore, traders who pay diligently can get a loan up to N50,000 to expand their business, and this is automatic. The initiative will go a long way to help micro business become viable businesses while strengthening the economy which is the goal of the present Government of Nigeria.
Trader Moni Payment Structure and How to Collect Higher Amount
The first stage, you collect ₦10,000. When you pay back ₦10,250 before or within 6 months, you will be able to collect ₦15,000.
When you collect ₦15,000, you are expected to pay back ₦15,375 before or within 6 months, you will be able to collect ₦20,000 loan.
When you collect ₦20,000, you are expected to pay back ₦21,000 before or within 6 months, you will be able to collect ₦50,000 loan.
When you collect ₦50,000, you are expected to payback ₦52,500 before or within 6 months, you will be able to collect ₦100,000 loan which you are also expected to pay.
Approved Banks To Repay Trader Moni Loan
When you are ready to pay back your Trader Moni loan, you must visit only approved banks by the Federal Government. We have listed the approved banks below, visit the bank near you to repay the loan.
- Eco Bank
- Fidelity bank
- GT Bank
- Heritage Bank
- Jaiz bank
- Stanbic Bank
- Sterling Bank
- Union bank
- Wema bank
How to collect another Trader Moni loan- Collect Higher Amount
After payment of the loan you collected, you can apply to collect a higher amount. Simply follow the steps below
To request for another tradermoni loan;
- Contact the Trader Moni agents in your area for assistance
- If there are no available agents, you can use the online method to apply for the loan
Would you like to be a Trader Moni Agent in your State? See how to become a trader moni agent below
How to become an Approved Trader Moni Agent/Enumerator in your State- Click Here
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