How To Check NIRSAL Loan Status
NIRSAL microfinance bank has become popular recently as it is well known for offering financial banking services
such as offering different types of loans to Nigerians who needed funds to run and expand their already existing businesses
Before you can access the loan you should be eligible and also indicate interest in any package of loan listed on the NIRSAL microfinance bank platform more also you should be credit worthy customer.
NIRSAL Microfinance Bank
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NIRSAL microfinance banks as we have come to know about them, offers loans to agricultural businesses, small and medium enterprises, and also microloans to entrepreneurs.
The bank also widens its services by offering loans to traders in all sectors of the economy to assist in growing their existing business.
So do you have a business that is already existing and falls in our description above or you have applied for a loan and want to check your loan status ? Read this guide from A to Z.
Nirsal Microfinance bank is well recognised, you have nothing to fear about as all your dealing with them won’t put you or your business at risk.
Nirsal microfinance bank is listed as one of the approved Banks operating with CBN, which is backed by the federal government of Nigeria,
The package under NIRSAL microfinance bank (Nigeria Incentive-Based Risk Sharing System for Agricultural Lending) include:
NIRSAL NMFB COVID-19 Loan and Support Fund: Are you affected by the Covid-19 pandemic, is your business at the verge of laying off staff or rather you need a loan to revive your business or you are having challenges obtaining loan from commercial banks?
Don’t feel bad as hope as finally arrived, all you need now is Nirsal Microfinance bank, they offers loans to SMEs and Individuals/Households.
The Government is funding larger percentage of the loan they give out. Of recent the Government made a provision of over t fifty billion naira (50 billion).
This huge sum of money is meant to assist people like you who are running one business or the other but could no longer operate in optimum level because of the pandemic effect thereby mitigating the impact of this pandemic.
The funds for this scheme are handled by the Federal Government’s Micro, Small, and Medium Enterprises Development Fund (MSMEDF).
The Goals And Objectives Of The Scheme
The 50 billion provided by the Federal Government was aimed to assist households and MSMEs whose economic status has been crippled by the COVID-19 pandemic.
To lift the economic status of individuals and MSMEs (Micro and small-medium enterprises), help the most vulnerable people in the society.
To boost and increase the production capacity by providing loans for small and medium-sized business owners.
Those Eligible To Apply for The Scheme
You might be wondering who is qualified for this loan? Actually, from all findings we have come to the point that the loans are beneficial to households and individuals, however, they must be identified as victims of the COVID-19 pandemic.
Notwithstanding, it is interesting to know that another group qualify for this loan are established businesses ( with legitimate approved evidence of COVID-19 adverse effect on the business)
Another large plan is to assist businesses with bankable plans so as to bounce back amid this COVID-19 pandemic phase.
Requirements For The LOAN
The first step in getting this loan is to show genuine interest by visiting the approved and official portal and fill out the application form.
A corporate affairs legitimate license or identification of their business is expected to be submitted by business owners alongside their BVN. The BVN submission also applies to individuals. This BVN is needed for proper profiling.
Note that your business plan needs to be submitted to the bank to verify how your business is being run and how solid the plan is.
The LOAN Limit Under The Scheme
Three million naira is the maximum limit for individuals while the maximum limit for SMEs is twenty-five million naira.
The amount of loan to be offered to interested members of the public is based on the activities, cash flow, and size of the industry owned by the beneficiary.
How To Check LOAN Status Approval?
If you have applied for the covid-19 NIRSAL microfinance bank loan and you want to verify if your loan has been approved or not? Kindly use the steps below to check your loan status.
It is advisable to check your status to know if you are still on the processing list to get the covid-19 support loan you applied for.
There is an urgent need for applicants to check their various approval statuses and confirm if they meet the requirement set by CBN through NIRSAL.
Step By Step Guide ON How To Check NIRSAL NMFBCOVID-19 LOAN Payment
The first thing to do in order to access the portal is to have a working profile with the platform. This process can only be possible if you previously registered with the platform when it was activated. Other than that, you cannot log in to the platform.
Note that the Nirsal Microfinance loan will only be granted to those applicants that have met the requirement and are considered to be qualified.
How do you know if your application has been approved?
As previously stated in the guidelines that those that got their loan application approved will be notified using their provided email address. So, it is advisable to first carefully go through your email inbox and other folders available.
If your loan has been granted, then you should receive a mail and also an SMS indicating that.
NB: if after submitting the online application and you still did not receive a mail to notify you of your application approval, then use this link to visit the @ https://covid19.nmfb.com.ng
https://agsmeisapp.nmfb.com.ng/
- It is also advisable to keep in mind the type of loan you applied for. In case you have forgotten, here are the categories of loan packages, SME or Individual/Households.
- You will also be required to submit your BVN again so as to verify your account.
- If you meet the requirement and your loan application is approved, the amount approved will be displayed on a new window and you’ll be expected to accept your loan.
- Space will be provided for you to fill in your accurate bank details and information on the portal. Be certain of your provided details.
- Lastly, you’ll have to check the terms and conditions available for the loan and it is advisable to understand each aspect. Next is to copy the details of the Director in charge of payment and processes on how to pay back the loan.
Repayment for COVID-19 Loan Support Fund
Keep in mind that 5 percent will be deducted from the total approved fund before it will be disbursed to you. It is advisable to repay your loan on time to avoid you and your BVN being blacklisted .
You are required to repay your loan in 3 years. After which a certain amount will be deducted from the account linked to your BVN.