How to check NIRSAL Loan approval with BVN Number
Are you curious to know whether your NIRSAL loan has been approved or not? Then this guide will show you how to check NIRSAL loan approval with BVN number.
The Central Bank of Nigeria, as requested by the Federal Government, has opened an application for the NIRSAL microfinance loan.
This loan is available to micro, small, and medium companies and households affected by the economic impact of the Coronavirus.
Over $120 million was made available for households with low-income individuals to access.
However, some Nigerians were not able to check their loan status.
As such, we have compiled this blog post to show you how to check NIRSAL loan approval with a BVN number.
Firstly, let us discuss what a NIRSAL loan is.
What is NIRSAL Loan?
Nirsal Loans were offered by the federal government of Nigeria to individuals and households due to covid 19 pandemic.
Many Nigerians had the opportunity to get loans from the federal government to support their business or buy some food during the pandemic.
However, most of those who applied for the loan don’t know whether their loans were approved or not
This is because not all people who applied for the loan got approval messages.
So, if you are one of those who are unable to check your status through messages, you can check it manually when you NIRSAL official website using your BVN.
Below, we will explain in detail how to check NIRSAL loan approval with BVN number.
How to Check NIRSAL Loan Approval with BVN Number
If you have applied and submitted an application for your NIRSAL loan request, you have to check if your loan request went through
As a registered member of the NIRSAL loan application platform, you should gain access and confirm your loan status
However, only registered applicants who applied with the online application can log in and check their status.
Also, you have to understand that the loan will be available to eligible applicants who possess all the relevant requirements needed to access the loan.
Hence, to check your loan status, follow the steps below:
Sign in to your account using the NIRSAL loan application portal website.
Look for the category of loan you applied for.
Click the category you applied for either households or SMEs.
Verify your account by submitting your BVN. You might see a pop-up window that shows the amount you will be given.
Supply your bank details correctly in the right format
Accept the terms and conditions for the loan, which you will see on the site
Ensure you read and understand every aspect of it.
You will also know the details of the director in charge of your payment and the steps you need to take for repayment.
If you apply for a household loan visit
https://covid19.nmfb.com.ng/HomeLoans
Enter your BVN details and check your loan approval status.
If you apply for a NIRSAL SME loan visit
https://covid19.nmfb.com.ng/SmeLoan
Enter your BVN details and check the loan approval status.
After inputting your Bank Verification Number (BVN), click “Validateop BVN”.
If you see a popup message with “BVN does not exist,” that means you are not shortlisted for the loan but are waiting for the third list.
However, if you received a congratulatory message, input your correct account details and wait for the alert within 24 hours.
How to Apply for NIRSAL Loan
If you haven’t applied and wish to apply, visit the official application link, which is covid19.nmfb.com.ng
Requirements to Apply for NIRSAL Loan
To be an eligible applicant, you fall in the category of MSMEs or households
You must also have a means of livelihood that can be verifiable and evidence that they have been affected by the impact of the coronavirus pandemic
However, if you are a company or firm with bankable plans and want to take advantage of this opportunity that came up because of covid-19 pandemic can also apply.
Also, note that 5% of the total funds you receive will be deducted before payment is made to you.
How To Repay The NIRSAL COVID-19 Loan
Unlike what many people thought, the loan is repayable.
As such, the federal government has warned that the loan must be repaid by successful applicants.
Moreover, the loan is to be repaid in 3 years. And Since your BVN has been linked to all your accounts, if you fail to repay as and when due, the amount will be deducted monthly from your account.
To avoid this, ensure you don’t default in repayment.
Conclusion on How to Check NIRSAL Loan Approval with BVN Number
The NIRSAL Microfinance Bank loan is described as a stimulus package powered by the Central Bank of Nigeria, which was set up in March 2020
The loan is open to SMEs and households because of the effect of the pandemic on the economy
As such, the funding will be a big relief for them.
However, you have to remember that the loan is repayable within a period of 3 years.
However, if you refuse to pay as and when due, the amount will be deducted from your account monthly.
I hope this guide is helpful.
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Frequently Asked Questions About how to check NIRSAL loan approval with BVN number
What is the full meaning of NIRSAL?
NIRSAL means Nigeria Incentive-Based Risk Sharing System for Agricultural Lending
What is the USSD code for NIRSAL Microfinance?
The USSD code for the NIRSAL loan is *646#. You can also transfer via the Bank’s USSD code or mobile app from anywhere.
How do I check my NIRSAL account number?
To check your NIRSAL account number, you need to contact the NMFB.
However, this is very important when it comes to your loan repayment, as the loan is not free, and you will pay it back.
What is the interest rate on NIRSAL loans?
The interest rate on NIRSAL loan is nine percent (9%) per annum as the interest rate charged by Nirsal on loans is a minimum with the total dependent on the tenor of the loan
What type of bank is Nirsal Microfinance?
NIRSAL Microfinance Bank is mainly an Intervention Bank viewed as a viable channel for the on-lending of special funds from the Central Bank of Nigeria to qualified citizens of Nigeria
What is the difference between Nirsal PLC and Nirsal MFB?
NIRSAL is a subsidiary of the Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL Plc.)
NIRSAL Plc is a non-banking financial institution established in 2013 with a mandate to facilitate the free flow of affordable finance and investments to the agricultural sector.
Who is the CEO of NIRSAL?
Aliyu Hameed is the Managing Director / CEO of NIRSAL PLC
Who owns NIRSAL MFB?
NIRSAL-MFB is a wholly owned corporation of the Central Bank of Nigeria (CBN) with five strategic pillars: Risk Sharing, Innovative Insurance Product Development, Technical Assistance, Incentive, and Rating.
