NIRSAL/CBN COVID-19 Loan: See 6 Reasons NYIF Loan Were Declined

NYIF Loan: CBN Has Released Only N3bn Out Of N12.5bn

After months of waiting, many Nigerians who applied for the Nigeria Youth Investment Fund (NYIF) loan seem to have lost hopes with regard to the COVID-19 relief loan powered by NIRSAL and the Central Bank of Nigeria (CBN),

NIRSAL/CBN failed to approve many applicants’ loans due to some undeclared reasons.

Bizwatch Nigeria gathered that some applicants who applied for the loan and followed due process of registration have recieved their loans.

Recall that the loan is one of the many federal government initiatives deployed to help small scale business owners, youth below 35 years old, during the COVID-19 pandemic.

NIRSAL Microfinance Loan Application, How To Apply

6 Reasons NIRSAL/CBN COVID-19NYIF Loan Were Declined

  • The applicant did not provide a valid or correct phone number for communications on further steps in the loan application.
  • There is an existing AGSMEIS or COVID-19 Loan.
  • If you are over 35 years old, your loan will not be approved.
  • The applicant has a poor credit rating or currently has a non-performing loan.
  • Submitting an invalid BVN number will amount to automatic disqualifiction.
  • Also provided incomplete or incorrect BVN.

READ ALSO: NIRSAL Covid-19 Loan 2021: BVN Validation, How To Apply, Check Status And Latest News Updates

NIRSAL BVN Validation: How To Verify Your BVN On NIRSAL Portal?

  • First log to this portal
  • 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.

NIRSAL Covid-19 NYIF Loan: 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 (BVN) 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 eligible for the loan, a mail will be sent to you indicating that you have been granted the loan.

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