The NIRSAL Microfinance Bank Covid-19 loan is still ongoing, below are all the necessary information you need to have easy access to the loan.
The programme is a Central Bank of Nigeria initiative run through the NIRSAL Microfinance Bank.
NIRSAL BVN Validation: How To Verify Your BVN On NIRSAL Portal?
- First log to this portal https://www.nmfb.com.ng/
- You now have to Locate the Covid-19 support, it’s located just at the top right extreme of your computer screen.
- You now have to click on support
- Scroll down the list on the new window and click on the link that reads “Click Here to Provide Other Bank Account”
- Select the type of credit facility you applied for (i.e. Household or SME)
- Finally you will need to Input your BVN before clicking on the ‘validate’ icon. That’s all.
How To Check Your BVN Using USSD Code
Just Dial *565*0# on your phone, you should have full access to your Bank Verification Number regardless of Bank or the network
Here are simple steps to follow to check your NIRSAL microfinance bank loan status
To know your NIRSAL loan status, you must follow the guidelines below. If you are now eligible to get the loan, a mail will be sent to you indicating you have been granted the loan.
Who Is Eligible fOR NIRSAL Covid-19 Loan?
Eligible applicants for the Nirsal-CBN loan scheme include households – households must be able to prove that they have been negatively impacted by the pandemic;
Businesses are also eligible for the loan, but they must have proof that they also have been affected by the pandemic negatively.
READ ALSO: NIN Number: Simple Steps On How to Download and Print Improved NIN Slip (e-ID Card)
How Much Can You Access?
Households can access up to N3 million, while MSMEs can get up to N25 million – the loan will be given to MSMEs based on their activity, industry size, and financial strength.
What is the Interest Rate of the Loan?
The interest rate of the loan is 9 percent per annum.
Length of Loan
After obtaining the loan, you have a maximum period of one year, and the term of the loan has a maximum tenor of not more than 3 years.
How To apply for the NIRSAL Covid-19 Loan
You can apply here.
Or
MSMEs can apply through this link, and households can apply through this link.
Other Requirements
- BVN
- Business registration (for businesses only)
- Business plan
Check the website for more information.
After submitting your information on the NIRSAL platform, your application will be reviewed and forwarded to the CBN upon determination of a satisfactory application.
Following CBN approval, NIRSAL will be given the approval to disburse the loan.
Deadline of the Scheme?
The scheme is valid until December 31, 2021.
