NIRSAL BVN Validation: Verify On NIRSAL Portal
It’s no longer news that the Covid-19 left many families confused and crippled the finances of many families.
Let’s not forget those business owners whose businesses were only starting to thrive before the Covid-19 hit also suffered adverse negative effects in the hands of the pandemic.
In an attempt to genuinely help households and businesses grow out of their financial crisis, the NIRSAL scheme was born to give out loans of varying amounts to qualifying participants.
While the repayment period for the loan is 3 years, there are certain things you have to get in place during the application process.
One such process is the BVN validation to qualify for the loan amount the scheme would reward you.
Validate Your BVN with These Easy Steps.
Validating your BVN to qualify for the NIRSAL loan scheme is as easy as clicking on a link for verification.
So, if you’ve decided to sign up for the loan or you already started the loan application process, but you’re currently experiencing problems with validating your BVN, this section would help you figure out how to go about the validation process smoothly.
There are two categories in the NIRSAL loan scheme. They are the NIRSAL loan for individuals and households and the NIRSAL loan for business owners and entrepreneurs.
Depending on the category you signed up for, a specific link assigned to the category that’ll aid you to verify your BVN.
If you signed up for the individual/ household loan, click on the link; https://covid19.nmfb.com.ng/HomeLoans.
If you applied for the business owner/ entrepreneurship category, your special link for BVN validation is; https://covid19.nmfb.com.ng/SmeLoan.
When you go through this link, it takes you directly to the BVN validation page. But if for some reason, you prefer to do it the long way, you can log into the portal; https://www.nmfb.com.ng/ From there, dig out the Covid-19 support feature.
Here’s a tip on how to find it. It sits at the top right extreme of your computer screen. Then, tap on the support feature.
A list should pop out. Scroll through the list when it pops out, and tap on the feature that reads “click here to provide other bank account.” Then, go on to select the loan category you applied for.
Once you do that, it would take you to the command that instructs you to input BVN. Once you do that, proceed to validate it.
Meaning of NIRSAL “BVN Does Not Exist ” error code.
Now, if you get the command “BVN does not exist” displayed on your screen during your BVN validation process, do not lose hope or feel too confused. It doesn’t mean your BVN doesn’t exist.
It merely means you should patiently wait till you get approval from them. If you get this error command when you’re trying to access the approved funds, you’ll have to wait to get approval from NIRSAL before you can access the funds.
However, if the problem is that you don’t remember your BVN, there’s an easy way for you to recover it via USSD code. The only criteria for accessing your BVN via USSD is to register your BVN with your network provider.
For starters, you have to ensure that the sim you use has been linked to your BVN. With the linked sim, regardless of your network provider, dial *565#.
It’ll cost you 25 naira, but you’ll get your BVN once the #25 has been deducted from your balance.
Note that you’ll only need to validate your BVN during the registration process. Also, you might be required to open a NIRSAL microfinance bank account to access the loan as that’s the method for disbursing the loan.
Of course, you’ll need to pay back the loan with an amount of interest once you’ve got access to it.
NIRSAL loan Eligibility and requirement.
You already know that there are two categories of the NIRSAL loan. While the government and NIRSAL microfinance bank would love to help the whole of Nigeria recover from the adverse effect of Covid-19, there’s only so little that they can do.
As a result, for you to be eligible to receive the loan amount provided by NIRSAL, there are certain things you must do. For starters, you have to ensure that you present proof that you and your households suffered or are suffering from the adverse financial effect of the Covid-19 on you and your Household.
Basically, you’ll need to provide your financial statement or record showing that your family suffered from the negative financial impacts of the Covid-19.
Once you pass the scrutinization stage, you know how much the scheme can borrow or lend you.
If you’re curious about the other requirements necessary to register for this loan for each category, keep reading as we explore these requirements.
Household NIRSAL Category Requirement
There are a couple of things you’ll need to complete your Household and individual category registration. It includes;
- A valid means of ID ranging from international passport, driver’s license, national ID, or your voter’s card
- Most recent utility bill
- Loan application letter
- Verifiable application form
- Verifiable Guarantor form
Once you’ve got all of these documents ready, you’re all ready to commence your registration. Log in to the portal, create your account and start your registration.
MSMEs/Corporate Enterprise NIRSAL requirement
MSMEs/ Corporate enterprises also have to provide a couple of documents before being considered eligible for the loan.
Aside from the required documents, they also have to provide their financial record that shows the inflow of cash and financial activities since the coronavirus struck and the lockdown commenced. The requirements have been listed below.
- A valid means of ID
- 2 recent passport-size photographs
- Loan application letter
- CAC registration
- A business plan
- Verifiable application form
- Genuine Guarantor form
- Current utility bill
Note that the above-highlighted requirements are also applicable to SMEs. Also, although SMEs and MSMEs are entitled to a loan of 25 million nairas, they won’t get all the money.
Instead, the amount of money they’ll get depends entirely on crucial factors like the business cash inflow and the overall capacity of the business like the number of employees the business has, etc.