How To Check NIRSAL Loan Status 2023 Nirsal Covid-19 loan
If you’re a Nigerian and you haven’t heard of the Nirsal covid-19 loan, well, today is your lucky day. Grab a chair and come close while we discuss all the juicy details about this loan.
The first thing you should know about Nirsal is that they are a microfinance bank stationed to provide SMEs, business owners, entrepreneurs, and agricultural business with financial assistance to keep their businesses going.
This Microfinance bank is licensed by the federal government of Nigeria and CBN. Also, NIRSAL is an abbreviation for Nigeria Incentive-Based Risk Sharing System for Agricultural Lending.
Although they seem to be focused on funding agricultural businesses, they also fund businesses in other sector through loans.
Currently, NIRSAL has been awarding long term loans to households and business owners to help them bounce back on their feet after the negative impact of the Covid-19 pandemic. Curious about how to apply for this loan? Keep reading to find out.
Goals And Objectives
While they say nothing is free in freetown, it’s important to understand the goals and objectives of Loan schemes like the NIRSAL.
It would help allay your fears on whether you opt for the loan or not. On that note, here are some of the goals and objectives of this loan.
- For starters, this scheme was created to financially support the economic activities of MSMEs and household that were greatly affected by the covid-19.
- It is also to alleviate the adverse effect of the virus on MSMEs and individuals in general.
- It is also tareted at business owners looking to expand their business capacity.
Now that you know the goals and objective of this Loan, you can now consider apply for the loan without second guessing. But wait, are you eligible for the loan? Let’s find out.
If you’ve convinced yourself that this loan could truly help you revive your business, here are the eligibility criteria that you should know to be sure you are eligible for the loan.
For starters, the primary class of people who qualify for the Covid-19 funds are individuals and houeholds that can show, with undeniable proof that they’ve been affected by the Covid-19.
if you are a business owner, you have to show that your business and business activitries was directly affected by the covid-19.
You need the following;
The first requirement anyone needs to partake of this loan scheme is their genuine interest.
You have to show that you’re interested in taking this loan by submitting your application online, via the official website.
After this, those willing to benefit from this scheme have to present their BVN for scrutiny and profiling.
Then, they have to proove that they’ve registered their business with the necessary authoritiex/ body, especially the Corporate Affairs Commission.
Then, they’ll need to back up their application with a business plan that shows, in details, how they run their business.
NIRSAL Loan Limit
If you’ve been following our breakdown of this loan, you’ll realize that there are two groups of people that this loan scheme was tailored towards.
The first are individuals and households. The second are business owners and entrepreneurs.
For these two calibre of people, the amount they qualify to receive under this loan scheme vary greatly. For individuals and households, the loan limit is 3 million naira. On the other hand, business owners and enterpreneurs get a higher amount of money.
Specifically, they are eligibile to the loan limit of 25 million naira under this loan scheme.
Approval Status and the Long wait.
After applying for the loan, you have to keep checking to see if you got it. This phase is known as the approval phase. Truthfully, the fact that you applied for the laon doesn’t necessarily mean you’ll get it.
That’s because you probably didn’t fit the bill. But until you check th eLoan approval status, nothing is set in stone yet. So, you have to keep checking your loan approval status for this scheme.
An easy way to do that is to go through the portal. The portal for both individuals and buiness owners differ. For Individuals and households, you can check your approval status via;
https://covid19.nmfb.com.ng/HomeLoans. Business owners and entreprenuers can check their loan approvals status on https://covid19.nmfb.com.ng/smeLoan
Checking for approval.
Checking your portal frequently to know if you qualified for the loan is an important phase of this loan application scheme.
At this point, you’ve created a profile with NIRSAL. That’s the only way you’ll be able to apply for the loan in the first instance.
Now that you have an account and you should log in and fill in your BVN to verify the profile. Once you successfully complete that, you’ll successfully log into your account.
If your loan request has been approved, a window would pop up to inform you about your approval and the amount you qualify for.
Simply proceed to accept the amount you’ve been given. You’ll find a space for claiming the loan on the portal to that effect.
Simply provide your bank details and other relevant information as demanded. Proceed to read the terms and conditions of the loan and reach out to the director in charge of your account on the loan to get the loan.
You should also learn more about how to repay this money.
Repaying the NIRSAL loan.
This phase is a important aspect of the loan. Once you receive the loan amount, you should know that they’re going to deduct 5% of the entire money that would be given to you.
But that’s not the point. The point is, you need to learn about the repayment. Repaying this money doesn’t have to be done once.
The NIRSAL has devised an easy way for indviduals, enterpreneurs and business owners to repay the entire loan in three years.
In case you default of payment, they’ll deduct the money from any of your account that’s linked to your BVN.
Now that you know allabout the NIRSAL loan scheme, you can finally make a clear decision on whether you should opt for it or not.
With a repayment period of 3 years where you’ll have to pay a certain amount over a period of time, you’d easily repay this loan in no time.