Nirsal Covid 19 loan (Here are the Complete Details)

Update: Nirsal loans were being given out at a 5% interest rate during the moratorium period up to 28th February 2021. Post this period, you will have to pay them the repayments at the nine percent interest rate and this is applicable from 1st March 2021.

The loan does not seem to be currently active and was disbursed to almost 881,081 businesses and Nigerians to put a stop to the pandemic. During this year loan repayment process has already taken shape.

What is the Nirsal loan application portal?

The Nirsal Loan Application portal 2021 is the online website portal to apply for various kinds of loans from the Nirsal Microfinance Bank. The portal is updated to the latest version to help individuals apply for loans in 2021. The bank seeks to provide all kinds of loans like commercial loans for business purposes, personal loans, and even a CBN COVID-19 Loan.

Also read: SBA Disaster Loan Application Online & Check status

How to apply for Nirsal Covid 19 loan?

Nirsal Microfinance Bank has introduced the CBN facilitated N50 Billion Targeted Credit Facility to support households and Small and Medium Enterprises (SMEs) that are affected by the Coronavirus pandemic. One can apply to this Nirsal Covid 19 loan by following these steps:

  • The first step for loan application is to visit the Nirsal portal.
  • For this, you have to visit the website or portal.
  • After this go to the Home Page to the Section of “Credit Application Portal”.
  • On opening the page you will get all kinds of loans where you can apply.
  • Go to the CBN Covid-19 Loan Box.
  • Go to the bottom left corner of the box and click on the “APPLY” button to apply for the Nirsal Covid-19 loan. 

How to check Nirsal loan status?

After an individual has applied for the loans provided by the Nirsal Microfinance Bank they can check their loan status anytime on their online website. To check the Nirsal loan status you can follow these easy and simple steps:

Nirsal loans
  • Go to the Nirsal Microfinance Bank’s online portal by clicking on the link nibloans.nmfb.com.ng/noninterestlendingtcfhousehold.
  • Go to the “Credit Application Portal” and then select the type of loan you want to check the status.
  • The Page of that specific loan will open.
  • On the left corner, you will be able to see the Application Status option.
  • Click on the “Application Status” button to check the status of the loan.
See also  Finchoice Loan Application Online - Know Status & Requirements

Application closing date 

Various loans in the Nirsal loans portal have different closing dates based on the opening date of the loan and the target it wishes to reach. The Nirsal CBN Covid 19 Loan does not have any specific closing date. The loan seeks to meet a target of 50 Billion. Once this target is met the bank will not be providing any more loans and the application window will be closed.

Application process

The Nirsal Covid 19 loan process is fairly easy and simple. Some of the application processes of the loan is as follows:

  • The first step is to go to the Nirsal Microfinance Banks online website by going to the bank’s website.
  • Then select the loan type as CBN Covid 19 loan.
  • Check the requirements for the loan.
  • Households can apply for a maximum amount of N 1,000,000 while for Households the maximum amount is N 2,500,000. 
  • After verifying all required details click on Apply.

Requirements

The requirements for the Nirsal Covid 19 Loan are as follows:

  • The loan applicant must qualify as an SME or a Household.
  • The applicant must show relevant proof that they have been affected by the Coronavirus Pandemic.
  • Staff ID, pay slips, employment letter and bank account statement for six months need to be added.
  • A national ID must also be included along with utility bills, two passport size photos and a filled form from the guarantor.

FAQ (Frequently Asked Questions)

How to contact the Nirsal customer care for information?

You can contact them at 09010026900-7 if you have any queries and questions.

Are the Nirsal loans legitimate?

Nirsal loans are given by CBN licensed organization and they are just not into offering Covid loans but also provide loans for different purposes.

Conclusion

Those who took the Covid loans must be already paying them back and even though the loans are no longer active, they are still a loan source many want to know about for future processes. If you wish to read about them do not miss out on this article as it offers you the information you will need to fill the form if ver again a need rises.

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