Didn’t Get the Nirsal CBN Covid-19 Loan? Here is why you miss it and what to do
Did you applied for the Nirsal Covid 19 Loan and after all you went through in getting the loan, you couldn’t still get it or rather the selection team didn’t find you qualify to make it to the list of beneficiaries list.
You might have asked your self where did you go wrong? what really happened that made you missed this golden opportunity to walk away with funds to help better your life.
In our quest to unravel why you didn’t secure a spot in the list of beneficiaries you should understand that not everyone that applied for Nirsal Microfinance Bank (NMFB) CBN Covid-19 Loan will get the loan,
more also you still have the chance to still apply again when the portal is activated or opened for fresh application.
Let’s look into the common causes why you didn’t get the CBN Covid-19 Loan:
- It could be that you already enjoyed one or more of federal Government social investment scheme. With the introduction of Bank Verification Number, the Government now keeps track to those who benefited from past social programmes.
- It could be that a larger number of people applied from your state or zone. Each zone has a percentage assigned to them, so let’s say if they want 200 people per state and about 400 people qualified expect a stiff competition because they will pick the first 200 people with high profile.
- Check if your account could receive large amount money. If you are making use of an account that can’t handle large amount, money credited won’t reflect.
- Another area to check is your account details. Check if they correspond with your bank verification number, check if it correspond with the names on your profile account. Everything must appear the same for payment to be processed.
Even though you didn’t get the loan right now, don’t panic still try your best and apply when there is an announcement that new application is going on.
You don’t have to stress your self on this as we will be the first to inform you about any ongoing registration.
Here is How to Apply for the 2021 NMFB CBN Covid19 Loan
Before applying make sure you meet all the requirements of the Nirsal Microfinance Bank (NMFB) CBN Covid-19 Loan.
- STEP 1: right format to Submit an Application
Any device can serve but its best you make use of laptop or PC.
The NIRSAL COVID-19 loan portal is
The above portal is the official channel to forward your application to through the online registration form available on the portal.
- STEP 2: once you apply, your application will be moved to the Approval stage
The first body to get your evaluated is the NIRSAL MFB as they review your application and check if its meets their requirements. If yes you deserve to be given the loan, your names will be sent to CBN for further review.
- STEP 3: Disbursement
If CBN manages to approve your loan request, then you have no worries because CBN has the final say here.
Loan Amount: if you are under Households there are chances that you can access up to N3 million while SMEs can access a maximum of N25 million subject to a number of factors.
NMFB CBN covid19 loan scheme is something to be happy about. It does not come with much interest rate, you are given various options to pay the loan at your convenient within the stipulated period of years allowed.