The conditions for accessing the loan include having a bank account with a minimum balance of N2,500 for ATM cards and other services.
Yobe Microfinance Bank says it has initiated a N150 million facility to enable its customers purchase animals for sacrifice during the Eid el-Adha celebration.
Sheriff Almuhajir, the bank’s CEO, stated this in an interview on Thursday in Damaturu.
Eid el-Adha (Feast of Sacrifice) is the second of the two main holidays celebrated in Islam.
It is observed on the 10th day of Dhul Hijja (the 12th month of the Islamic calendar) to commemorate Prophet Ibrahim’s (Abraham) devotion to sacrifice his son as an act of obedience to God’s command.
Muslim faithful across the globe celebrate the day through animal sacrifices such as rams, sheep, cattle and goats.
According to Mr Almuhajir, the facility will be implemented under its Sallah Ram Loans scheme. It would be disbursed into categories A and B, with customers in category A accessing N150,000 and those in category B accessing N75,000.
He said the loan would be repaid through monthly repayments of N6,000 for customers in Category A and N3,300 for those in Category B.
Mr Almuhajir listed the conditions for accessing the loan, which include having a bank account with a minimum balance of N2,500 for ATM cards and other services.
Mr Almuhajir said the applicant must obtain a form from the banking hall for N1,000 and must be a civil servant on the payroll of the state or its local government councils.
The bank chief said other requirements include two passport photographs, an NIN number, a payment slip, and other relevant documents.
Mr Almuhajir said the gesture was to support individuals and families who might not be able to purchase ram for the festivities instantly.
“This loan scheme is designed to support civil servants in Yobe, especially those working with state and local councils during the festive season,” he explained.
(NAN)