NIRSAL COVID-19 Loan Application in Nigeria

Are you looking for a way to access the NIRSAL COVID-19 loan in Nigeria? If yes, then this article is for you. In this article, you will learn what the NIRSAL COVID-19 loan is, who is eligible, how to apply, and what to do after applying.

What is the NIRSAL COVID-19 Targeted Credit Facility (TCF)Loan?

The NIRSAL COVID-19 TCF loan is a stimulus package introduced by the Central Bank of Nigeria (CBN) to support households and Micro, Small and Medium Enterprises (MSMEs) affected by the COVID-19 pandemic. The loan aims to provide financial relief and help mitigate the economic impact of the pandemic on individuals and businesses.

The coronavirus (COVID-19) pandemic has led to unprecedented disruptions to global supply chains, a sharp drop in global crude oil prices, turmoil in global stock and financial markets, massive cancellation of sporting and entertainment events, lockdown of large swaths of movements of persons in many countries, and intercontinental travel bans/restrictions across critical air routes across the world. These outcomes have severely affected households’ livelihoods and business activities, resulting from drop in global demand, declined consumer confidence and a slowdown in production. In this respect, the CBN introduced the N50 billion Targeted Credit Facility (TCF) as a stimulus package to support households and MSMEs affected by the COVID-19 pandemic.

The loan is disbursed through the NIRSAL Microfinance Bank (NMFB) COVID-19 Loan Portal, a subsidiary of the Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL). The loan amount ranges from N250,000 to N25 million, depending on the category and size of the applicant. The interest rate is 5% per annum until February 28, 2021, and 9% per annum thereafter. The loan tenure is up to 36 months, with a moratorium of 12 months.

Who is Eligible for the NMFB COVID-19 TCF Loan?

The NFMB COVID-19 loan is open to the following categories of applicants:

  • Households with verifiable evidence of livelihood adversely impacted by COVID-19
  • Microenterprises with existing businesses that have been affected by the COVID-19 pandemic
  • SMEs with viable plans to take advantage of opportunities arising from the COVID-19 pandemic

How to Apply for the NIRSAL COVID-19 Loan?

To apply for the NIRSAL COVID-19 loan, you need to follow these steps:

  1. Visit the NMFB COVID-19 Support Portal at nmfb.com.ng/covid-19-support
  2. Choose your preferred loan category: Household, Microenterprise, or SME
  3. Fill in your personal and business information, including your Bank Verification Number (BVN)
  4. Upload your business plan or evidence of the impact of COVID-19 on your business or livelihood
  5. Submit your application and wait for feedback from NMFB

What to Do After Applying for the NIRSAL COVID-19 Loan?

After applying for the NIRSAL COVID-19 loan, you need to do the following:

  • Check your email and phone regularly for updates from NMFB
  • Validate your BVN and complete other verification processes as required by NMFB
  • Sign the loan offer letter and accept the terms and conditions
  • Receive the loan disbursement into your bank account
  • Repay the loan according to the agreed schedule and interest rate

Conclusion

The NIRSAL COVID-19 loan is a great opportunity for Nigerians who have been affected by the COVID-19 pandemic to access financial support and recover from the economic shock. If you are eligible and interested, you should apply as soon as possible, as the loan is subject to the availability of funds. For more information, visit the NMFB website at nmfb.com.ng or call their customer care line at 09010026900.

You can also read or download the CBN covid-19 loan application resources here for more information.


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