How To Know COVID-19, AGSMEIS, NMFB Loan Payment Plan, Loan Calculator

Beneficiaries of Central Bank of Nigeria (CBN) Intervention Loan Schemes disbursed by Nirsal Microfinance Bank, such as COVID-19 Targeted Credit Facility Loan (commonly referred to as COVID-19 Loan), AGSMEIS Loan, and Nigeria Youth Investment Fund (NYIF Loan), have begun receiving text messages for loan repayment.

Intervention Loans from the CBN are loans that must be returned in order for other applicants to be eligible for the program. Loans from the CBN are not grants. Each beneficiary signed a contract with Nirsal Microfinance Bank agreeing to follow the loan scheme’s payback schedule.

If a beneficiary decides not to repay the loan, he or she should be prepared to retain his or her money out of the Bank.

This is because the CBN has given banks absolute authority to deduct straight from BVN-linked bank accounts. Also from a loan defaulter’s spouse, children, or guarantors.

The lending Scheme’s one-year moratorium period ended in February 2022. Beneficiaries can choose a monthly repayment plan to make it easier and more convenient to repay the loan within the three-year time frame.

The following guidelines provide direct results when calculating how much a beneficiary must pay monthly:

• Go to https://loancalculator.nmfb.com.ng and fill out the form.
• If a beneficiary, select (YES).
• Choose a Product Type (by selecting the Product containing your Type of Loan)
• Choose the specific loan program from which you benefited (COVID-19 TCF, ABP, AGSMEIS, NYIF)
• Type in your bank’s verification code (BVN)
• Select Calculate Loan from the drop-down menu.
• The attributes described are displayed in your Result.

The following is what the NMFB Loan Calculator shows:

• The Amount Due Each Month
• The Beneficiary’s Approved Amount
• Total Amount of Interest on the Loan

Charge of 4.4% in advance (Deducted during disbursement)

• The total loan after the 4% up-front fee

Simply multiply the Monthly Repayment Amount by 12 to get the Yearly Repayment Amount, i.e. Monthly Repayment Amount x 12 = Yearly Repayment Amount.

Apart from the CBN Intervention Programs, this calculator can be used to calculate other loans issued by NMFB.

Source: Nyscinfo