How To Check NIRSAL Loan Status
NIRSAL microfinance bank is a bank that has been the talk of the town of late. The financial institution is recognised as a trusted entity that offers
banking services such as offering Multiple purpose loans to qualify and interested customers that signify interest on various type of loan as listed on NIRSAL microfinance bank platform.
NIRSAL microfinance bank are widely known for their loans to agricultural businesses, small and medium enterprises,
and also micro loans to entrepreneur. They also extend this loan to traders in all sectors of the economy thus helping them grow their existing business.
Nirsal Microfinance bank is proudly Licensed by the CBN and in conjunction with the federal government of Nigeria,
NIRSAL microfinance bank (Nigeria Incentive-Based Risk Sharing System for Agricultural Lending) under the umbrella:
NIRSAL NMFB COVID-19 Loan and Support Fund:. Are you in search of loan as the Covid-19 pandemic effect hit the economy harder? Nirsal Microfinance bank is giving out loans for SMEs and Individuals/Households through their fifty billion naira
founded scheme aimed at helping small businesses, small households unit bounce back to live hence reducing the impacts resulting from the COVID-19 pandemic.
The finances of the scheme are handled by the Federal Government’s Micro, Small and Medium Enterprises Development Fund (MSMEDF).
The Goals And Objectives Of The Scheme
- The scheme was initiated to support households and MSMEs whose economic activities have been dealt a blow by the emergence of the COVID-19 pandemic.
- To alleviate the adverse effects of the virus outbreak on Individuals and MSMEs (Micro and small medium enterprises).
- To stir small and medium enterprises business owners into expanding their productive capacity.
Those Eligible To Apply for The Scheme
You might ask who is eligible for this loan? Well from our findings we have identified Households or individuals as the main beneficiaries but they only need to be verified as being adversely affected by COVID-19.
Others who are considered eligible to secure this loan are existing enterprises (with verifiable evidence of business activities adversely impacted as a result of COVID-19).
Not done yet, there are still larger plans to help enterprises with bankable plans to bounce back to pre covid-19- pandemic era.
Requirements For The LOAN
Before any one can access this loan, they must first show genuine interest by submitting their application only through the approved and official portal.
Businesses, individuals must be ready to submit their BVN number for proper profiling, more also they must be ready to indicate with prove id their business are registered with the corporate affairs commission.
Lastly there is a need to provide your business plan to the bank which should state how your business is being run.
The LOAN Limit Under The Scheme
The cap limit on the loan for individuals is three million naira. And the credit range for SMEs is twenty-five million naira. And this is determined on the basis of the activity, cash flow and the industry/segment size of the beneficiary.
how To Check LOAN status Approval ?
Have you applied for the Covid-19 NIRSAL microfinance bank loan and you are eager to check your status about your application if it has been approved or not? Let’s show you the step.
Note that there is every need for you to check your status to ascertain if you are still on the right path to receiving your covid-19-support loan.
The need has arisen for all applicants to check on their various approval status, and see for themselves if they meet up with the requirements laid down by the CBN through NIRSAL.
Step By Step Guide ON How To Check NIRSAL NMFBCOVID-19 LOAN Payment
- Before you can be able access the portal,that means you should have a profile with the platform. In a simple term you must have previously applied when the online registration is going on. Until then you can not login.
- Secondly note that Nirsal Microfinance Loan will only be disbursed to those who are considered qualified applicants.
How do you know if your application has been approved?
- From previous guidelines, the first step to take is to carefully go through your email address. We understand that those who got their loan request granted will receive mails indicating that they have been granted access to the loan.
NB: if by now after the online application there is still no mail to show that your been approve then its best to check the portal @ https://covid19.nmfb.com.ng
- Hope you still remember that category of loan you had applied for? Okay here is a clue, the two major categories of loan we have are SME or Individual/Households.
- Secondly you have to Verify your account by submitting your BVN
- If you are lucky to have been approved then a window will pop open showing you the amount approved for you. What comes next is for you to claim your loan.
- Provide your bank details and information on the right format. There is a space for that on the portal.
- Now you now have to perform the final step locate the terms and conditions required for the loan and understanding every aspect of it. Followed by the director in charge of your payment and his/her details. And the how-to on the repayment procedure.
Repayment for COVID-19 Loan Support Fund
Please note that 5 percent of total fund received will be deducted before payment are made to you. The most important thing here is to make sure you don’t default in repayment.
You are to repay in 3 years time. Once your BVN has been linked to all your accounts when you failed to repay it will be deducted monthly from your account.
Youwin is a Nigerian focused Educational And Career blog, With the Vision To Inspire & Empower Young Persons; Helping Them Realise & Maximise their Potentials.
this articles was written by a team of bloggers for youwin.org.ng, the writer is a University graduate, he holds a degree in Economics from the University of Nigerian Nsuka (UNN).
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