How to know if your NIRSAL COVID-19 loan is approved

NIRSAL Microfinance Bank has provided important information regarding the approval process for COVID-19 NIRSAL loans. If you have applied for this loan and are unsure about the status of your application, there are a few things you need to keep in mind.

Things you need to note

First and foremost, it is crucial to check the status of your loan application. This will help you determine if you are on the right track to receiving the much-needed financial support.

To access the loan portal, you must have already created a profile with the platform. During the online registration period, you should have applied and created your profile. This profile is essential for logging in and checking your loan status.

How to check if your NIRSAL COVID-19 loan is approved

If you have applied for the NIRSAL Microfinance Loan, here are the steps you need to follow to check the status of your loan:

  1. Go through your email address. If your loan request has been approved, you will receive an email notification informing you that you have been granted access to the loan. If you haven’t received any such email, click here to visit the loan status website.

  2. If you can’t remember the loan category you applied for, there are two major loan categories available: SME or Individual/Households.

  3. To verify your account, you will need to submit your BVN (Bank Verification Number). If your loan has been approved, a window will appear showing you the approved loan amount.

  4. Once approved, you need to claim your loan. Provide your bank details and information in the correct format. There is a designated space on the portal for this purpose.

  5. Before proceeding, make sure to carefully read and understand the terms and conditions of the loan. This step is crucial to ensure a smooth and successful loan journey.

  6. You will also find information about the director in charge of your payment, along with their details, and the repayment procedure for the loan.

Read more  Title Loan Without a Clear Title: Get Approved Today!

Repayment of the loan

Contrary to some applicants’ expectations, the NIRSAL COVID-19 loan is not non-repayable. The federal government has made it clear that successful applicants must repay the loan.

It is important to note that before the loan amount is disbursed, 5% of the total funds received will be deducted. To avoid any issues, it is crucial to prioritize timely repayment.

The loan has a repayment period of 3 years. Since your BVN is linked to all your accounts, failure to repay the loan will result in monthly deductions from your account.

Backstory

In March 2021, the Central Bank of Nigeria (CBN) reopened its portal for Micro, Small, and Medium Enterprises (MSMEs) and households affected by COVID-19. Through NIRSAL Microfinance Bank, eligible individuals can access up to N25 million as a stimulus package to support those impacted by the pandemic.

This initiative was announced by the Personal Assistant to President Muhammadu Buhari on New Media, Bashir Ahmad, via his Twitter handle. He emphasized that individuals can receive up to N25 million in financial support.

For more information and updates on financial freedom and managing your money wisely, visit Simple Money Tips – Steps To Financial Freedom. Stay informed and take control of your financial future!