How To Check NIRSAL Loan Status 2022 nirsal covid-19 loan


How To Check NIRSAL Loan Status 2022 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.

CBN COVID-19

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.

  1. For starters, this scheme was created to financially support the economic activities of MSMEs and household that were greatly affected by the covid-19.
  2. It is also to alleviate the adverse effect of the virus on MSMEs and individuals in general.
  3. It is also tareted at business owners looking to expand their business capacity.
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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.

NIRSAL Microfinance Bank loan application

Eligiblility Criteria

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.

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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.

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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.

CONCLUSION

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.

Youwin

Ikechukwu Youwin

this articles was written by ikechukwu for youwin.org.ng, Ikechukwu is a University graduate, he holds a degree in Economics from the University of Nigerian Nsuka (UNN).Read more

79 thoughts on “How To Check NIRSAL Loan Status 2022 nirsal covid-19 loan

  1. I received massage that my loan as been approved since February 14 but the loan as not been credited. How do I claim the loan please

    1. Accept the loan for it to be paid.If you see bvn does not exist,it mean the has not been approve.So,keep checking. And,if it is approve,accept the loan offer and provide your bank details.Then,the money will be credited into your account.

      1. Pls I apply cov19 loan but Alway shom me my bvn not exist but my friend we apply theseme time but he collect the money I need ur help pls

  2. I got to know that mine has been approved since last year.what should I do?it brought terms and conditions but nothing after that since January

  3. rufai dahiru me and my wife apply since on the 10 march but we have not get approval why please thanks

  4. very hard to access, most of the time invalid BVN and unable to connect, please improve your portal…my application was successful yet to recieve any feedback

  5. My BVN doesn’t exist.
    Why??
    I was ealier cleared to update my email but seeing different things now.

  6. I have apply for a nirsal household laon and I wanted to check my loan status but my BVN wasn’t going what should I do next.

    1. Please help me check all my status in sistem so that everything is going normal ok thanks sir,s

  7. Please can I still apply I have been trying to
    apply since yesterday but is showing invalid bvn.

  8. I have apply for a nirsal household laon and I wanted to check my loan status but my BVN wasn’t going what should I do next.

    Reply

  9. Please why is it showing Bvn doesn’t exist
    Am among the first batch to apply last year September
    And it shows that my application was successful
    I even received a email then

  10. I got alert but didn’t drop in my main rather Nirsal, in the process of trying to transfer the money through the Apps, the transfer was made Between my accounts, which I inserted my main account number, but the money haven’t drop in my account nor the Nirsal what am i going to do now? please help

  11. I humbly and respectfully want to make a complaint.
    Abdul’aziz Auwal is my name,I received an SMS on the 6th/2/2021,the content of the message reads as “you have been granted Four hundred and fifty thousand Naira(N450,000) Covid 19 Loan.
    I accepted the Loan and i put up my bank details, which i now realized that the account was having problems and for that reason it could not receive the loan (money).
    My new Bank account

  12. Please help for the link that I will use with it to continue find my form of Nigeria youth investment fund

  13. Good morning, please I checked wether I have been approve but it’s sohwn that the bvn does not exist.what can I do please thank

  14. I applied since June 2020 and they have been replying me since June said that my application was sussessful but up to now I don’t see anything but if I recheak my status continuing said doest not exist what is the problem

  15. I registered since last year August but up to known i receive no mail and also when you enter your BVN it may ended not exist. Please why.

  16. Please I logged into my account and saw that mine was approved and also rejected. I didn’t mail so how do I recover the money

  17. I did Covid-19 loan last year dey did not approve I did again this year still have not approved please help me to I need this money says:

    I did Covid-19 last year and this year dey have not approved ooo please help me ooo I need this money

  18. My name is Peter, I applied for NIRSAL Loan on 09/06/2020 and since then NOTHING.
    Again 18/02/2021 I applied nothing, is it that NIRSAL MFB have a special criteria they used in selecting and disbursing the COVID-19 fund.

    Regards,

  19. Good day sir,
    i apply for nirsal covid 19 loan and want to chec the status but in imputing my Bvn, its not going.pls kindly advice on the next step.
    Thanks.

  20. I have checked the status the status he my BVN is not exist, 8 don’t understand, please Aproved my loan, if that is only thing that I will benefit directly, I will appreciate if my loan is approved because I and my family vote for this government, please do the needful, thanks.

  21. Dear Mr/Mrs.
    I was confused on The displayed statement when ever search for validation.
    This is statement below;
    “THE BVN DOES NOT EXIT”.
    pls take me to the light
    THANKS.

  22. Dear sir, loan was approved for me but I lost my phone, checking it now ,I saw I so so have read the terms and rejected it and I not do something of such, what can I do

  23. Good evening, pls he can know that my loan is approved? Please, help me i seriously need it for business development

  24. My Household Loan of 200,000 was approved since February this year, Since then I have not receive any information about the Loan .

    And whenever I checked with my BVN it still tells me it is approved

    Please how would I receive the Loan since February that it has been approved???

  25. I am Aisha Adamu Abubakar with 22410830693 with account no 0022946600 stanbic bank. My loan have been approved since last few months. Up till now, no disbursement. Pls do something about it. Tnx.

  26. i am Aba Uji Emmanuel with BVN 22341287049 with account number 0014319532 Unity bank. my loan have not be approved since january 2021, pleas do something about it.thanks

  27. I Apply since last year I have never see my approve and also I apply this year still no thing change what is the problem

  28. my name is Dauda inuwa Darazo Bauchi state I am the one who can collect his loan from nirsal micro finance bank but the loan is too small for me is only one hundred and fifty thousand naira that I can get ”can I expecting added from you

  29. Me I need the link that will show me where to put my account details because I have been approved

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