All you need to know about covid -19 loans and its approval.
Did you apply for the ongoing covid-19-loan support programme? We have just written a simple steps that will help you seamlessly check your status of your covid -19 loans application.
The federal Government through the central bank of Nigeria has asked NIRSAL Microfinance Bank to open the application portal for the micro, small and medium companies so that households affected by the economic impact of the Corona virus can apply.
We were told that 120 million dollars was made available for household comprising of low income individuals to access.
When the availability of the loan was first announced, a lot of Nigerians applied but were unable to know the status of their loan application.
We are here to let you know that NIRSAL Microfinance bank has brought out modality to check your status of COVID-19 NIRSAL loan requests.
We put down this article to show you the step by step guide to check your COVID-19 NIRSAL loan requests and also information about the disbursement of the loan.
How to check your loan status
After you must have applied and submitted the application of your loan request, it does not just end there, you have to check if your loan request went through ; you need to check if it has been approved or not.
As a registered member of the platform you should be able to gain access and confirm your loan status
Note that only those that applied and whose loan application request were granted will get their bank account credited.
Only applicant who applied during the online application can login and check their status.
You should also be aware that the loan will be available to eligible applicants who possess all relevant requirements needed to access the loan.
Hence to quickly check your loan status, follow the below steps and links
Step 1; first thing to do is to check your mail box to ascertain or confirm if you have received your successful mail. Please have it in mind that It is only those that got information that their application which they applied was granted that will get this email
Step 2: didn’t get any email even after applying and your application granted ? Here is this important link you ought to visit : www.agsmeisapp.nmfb.com.ng
Step 3: can you still remember the category of loan you applied for? We know that some applicants after applying don’t remember the category they applied for, well the two categories of loan we have are individuals/ households or SME.
So go ahead to verify your account by submitting your BVN. Now, there is every possibility that you will see a pop up window, this should show the amount you will be given.
Step 4: it’s now time you claim your loan without looking back. Just Supply your bank details correctly in the right format
Step 5: there is term and conditions for the loan which you will see on the site, just read and understand every aspect of it. You should be able to know the details about the director in -charge of your payment and steps you need to take for repayment.
Information on the loan repayment
The fact remains that this covid-19 loan isn’t free, it isn’t a non-repayable loan. The federal government rule on the loan is that it is a repayable loan.
So there’s a repayment by the beneficiaries of this loan. Before the loan money is released to any applicant a 5% of the total funds will be deducted.
So all successful applicants are expected to make their repayment when due without defaulting
The funds received will be repaid in three years. So since each account is linked to the applicant BVN any delay or non-payment will lead to a deduction in the account of the applicant.
How to apply
The right link or official link that have been made available to apply for this covid-19 loan is covid19.nmfb.com.ng
Requirements for applying
The requirements is simple and straightforward, all eligible applicants must be either MSMEs or households and they should have a means of livelihood that can be verifiable and an evidence that they have been affected by impact of corona virus pandemic
Secondly, companies or firms that have bankable plans that want to take advantage of this opportunity that came up because of covid-19 pandemic can also apply.
The covid-19 NIRSAL Microfinance Bank loan is describe by expert as just a stimulus package, though it is powered by the Apex bank of Nigeria which is the central bank.
The programme was first set up in March of 2020 although the portal registration of new applicants was shut down it has reopened again for new applicants to continue applying. The target credit facility is massive for this year and it is pegged at #50 billion.
micro, small and medium enterprises and individuals have been at the receiving end of the effect of the pandemic on the economy, the funding will be a big relief for them.
micro, small and medium enterprises Being the engine room of the economy, it’s important they are adequately protected against challenges that could threaten their existence.
Remember that this is no free loan but rather It is a repayable loan but beneficiaries still have enough time to get themselves together for repayment purposes.
Three years is enough for beneficiaries to start repayment. Remember that Individuals or households can access up to #3 million while businesses or enterprises can take up to #25 million