HOW TO CHECK AND APPLY FOR NIRSAL COVID-19 LOAN APPROVAL
The pandemic of Coronavirus Disease (COVID-19) has caused unforseen disruptions in global supply chains. As a result of the drop in global demand, decreased consumer confidence, and production slowdown, these developments have had significant implications for people’ livelihoods and company activity.
Thus, the Central Bank of Nigeria (CBN) established the N50 billion Targeted Credit Facility (TCF) as a stimulus package to aid households and Micro, Small and Medium Enterprises (MSMEs) affected by the COVID-19 pandemic.
NIRSAL Microfinance Bank has responded to several Nigerians who appear to be in the dark about the status of their COVID-19 NIRSAL loan applications. This article is a guide to know your eligibility status and how to apply.
WHO IS ELIGIBLE?
Only individuals who are determined qualified for the Nirsal Microfinance Loan will be given money. First and foremost, keep the following in mind:
• You must have a profile with the platform before you can visit the site to determine if you are still on track to obtain your covid-19-support loan. This implies that you must have applied within the online registration period. If you have not yet made your profile, you will not be able to log in.
Eligible, are Households with verifiable evidence of livelihood adversely impacted by COVID-19
Existing enterprises with verifiable evidence of business activities adversely affected as a result of the COVID-19 pandemic
Enterprises with bankable plans to take advantage of opportunities arising from the COVID-19 pandemic
HOW TO APPLY
Submit an Application
The procedure is simple. You can start with your phone, tablet, or laptop.
Directly apply to NIRSAL Microfinance Bank (NMFB) with clear evidence of the opportunity or negative impact of the COVID-19 epidemic.
Nirsal evaluates your application and submit it to the CBN for final approval. After that, you must validate your account by entering your BVN. If you’re lucky enough to get authorized for the loan, a window will pop up with the amount you’ve been approved for.
CBN examines applications before approving disbursement to NMFB. The next step is for you to apply for your loan. Provide your bank account information and details in the proper format. On the portal, there is a spot for that.
The final stage is to identify the loan’s terms and conditions, then read and comprehend them completely.
Extra tip: How to repay the loan
Despite some applicants’ assumptions that the loan would be non-repayable, the federal government has said that successful candidates must repay the loan.
Please be aware that 5% of the total monies received will be deducted before you are paid. The most important thing here is to avoid defaulting on your payments.
The loan will be paid back in 3 years. Because your BVN is linked to all of your accounts, if you don’t pay, the amount will be debited from your account on a monthly basis.