The Central Bank of Nigeria credit facility that was launched through the NIRSAL Microfinance Bank is one the Federal Government’s initiatives to alleviate the effects of the pandemic on both MSMEs and households.
For those who have applied for the loan, it is important to know your loan status. That is if your loan has been granted, pending or you are not eligible to get the loan.
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?
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.
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.
READ ALSO: NHIS: We Are Working Towards Recovery Of Missing ₦27bn
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 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.
