All you need to know about covid -19 loans and its approval.
Did you apply for the ongoing covid-19-loan support programme? Here is the step to check your loan status to see if your loan request has been granted or not.
The central bank of Nigeria, via NIRSAL Microfinance Bank had reopened the portal for micro, small and medium companies and households affected by Corona virus.
The action was for these category of people to access the government loans which is to the tune of 25 millions as stated by CBN .
People have been trying to get more information about this loan, so NIRSAL Microfinance bank have come out with all the details that one need to know about the approval of their COVID-19 NIRSAL loan requests.
This article is here to furnish you with all the information that you would need to know about the covid-19 Nirsal loan, how you can apply, requirements needed, how to check your status and how you can repay the loan.
How to check your loan status
It is pertinent to check your loan status after submitting your application; this steps taken is in the right direction as it will help you determine and know if you are doing the right things or not in your loan application process.
If you are on the right path, then you would be able to receive the covid 19-support loan. So to be able to get access to the official portal to confirm your status, you should have already registered on the platform for the loan.
Remember that you can only login if you have registered and created your profile on the portal.
You should also know that the microfinance loan will only be given to only successful applicants who meet the minimum requirements as outlined by NIRSAL. So to check your loan status, follow the below steps and links
- Step 1; check your mail box to ascertain you have received your successful mail. It is only those that their application was granted that will get this email
- Step 2: if you have not received any email after you had previously applied to confirm you have been granted the loan, then you should visit this link www.agsmeisapp.nmfb.com.ng
- Step 3: maybe you have forgotten the category of the loan you have registered for. The two loans available are individuals/ households or SME. So go ahead to verify your account by submitting your BVN. Now, if you have been approved for any of the loan category, you would see a pop-up window displaying the amount you have been given.
- Step 4: then go ahead to claim the loan. Supply your bank details in the right format
- Step 5: locate the terms and conditions attached to the loan, read and get all the aspects of it. You would 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 to apply for this covid-19 loan is covid19.nmfb.com.ng
Requirements for applying
The requirements to be eligible is that applicants must be MSMEs or households and must have verifiable evidence of livelihood that have been badly affected due to 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 a stimulus package that has been organized by the Apex bank of Nigeria which is the central bank.
This was set up in March of 2020 and it is has reopened its portal yet again for this year 2021. The target credit facility for this year is pegged at #50 billion.
This funding is a support mainly for micro, small and medium enterprises and individuals.
This funding is to help families and businesses that were adversely impacted by the outbreak of the covid-19 pandemic.
It is a repayable loan but one is given up to three years to make the repayment. Individuals or households can access up to #3 million while businesses or enterprises can take up to #25 million