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

NIRSAL Microfinance Bank has responded to inquiries from several Nigerians who appear to be in the dark about the approval of their COVID-19 NIRSAL loan applications.

Things you should note

First, you should take note of the following:

  • It is absolutely necessary that you check your status to determine if you are still on track to receive your covid-19 support loan.
  • Before you can access the portal, you must have a profile with the platform. This means that you must have previously applied when registering online. You can only log in if you have created your profile.

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Second, the Nirsal Microfinance Loan will only be disbursed to those who are considered qualified applicants. Below are the steps and links applicants should follow to check their loan status:

  • According to the previous guidelines, the first step to take is to carefully scan your email address. Those who have obtained their loan application will receive emails indicating that they have obtained access to the loan. If after applying online there is still no mail that your loan has been approved, it is best to click here or visit https://agsmeisapp.nmfb.com.ng/
  • In case you don’t remember which loan category you applied for, the two main loan categories available are SMEs or Individuals/Households.
  • Next, you need to verify your account by submitting your BVN. If you are lucky to have been approved for the loan, a window will open showing you the amount approved for you.
  • The next thing to do is claim your loan. Provide your bank details and information in the correct format. There is a space for this on the portal.
  • The final step is to locate the terms and conditions required for the loan and then read and understand all aspects of it.
  • You will also know the manager in charge of your payment and their contact details, as well as the loan repayment procedure.

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How to repay the loan

Contrary to some applicants’ expectations that the loan is non-repayable, the federal government has warned that the loan must be repaid by successful applicants.

Please note that 5% of the total funds received will be deducted before payment is released to you. The most important thing here is to make sure you are not in default.

The loan must be repaid in 3 years. Since your BVN has been linked to all your accounts, if you do not repay, the amount will be deducted monthly from your account.

Pass

In March 2021, the Central Bank of Nigeria (CBN), through the NIRSAL Microfinance Bank, reopened its portal for Micro, Small and Medium Enterprises (MSMEs) and Households affected by COVID-19 to access up to to 25 million naira, according to Nairametrics.

This was revealed by President Muhammadu Buhari’s personal assistant on new media, Bashir Ahmad, via his Twitter account.

He tweeted, “CBN, through @NirsalMFB, is introducing a stimulus package to support households and MSMEs affected by the COVID-19 pandemic. An individual can access up to 25 million naira.”

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