As it continues to award loans to recipients under the COVID-19 Loan Program, the Nirsal Microfinance Bank has provided advise to applicants.
In a statement released on Friday, NMFB stated that only Tier 3 Savings and Current Accounts can be effectively credited due to the average amount of the TCF Covid-19 loan.
The bank urged borrowers whose loans were approved but who were having trouble accessing them to upgrade their bank accounts to tier 3 savings accounts or current accounts and notify the NMFB office that is the closest to them.
“Did you know that failure to upgrade the category of your savings account from Tier 1 to Tier 3 can prevent receipt of your NMFB loan amount?
“Given the average value of the TCF (covid-19) loan, ONLY Tier 3 Savings and Current accounts can be successfully credited.
“To avoid or correct this problem, go and check/upgrade the status of your account with your bank today.
“Ensure you obtain confirmation of the upgrade from your bank and notify the NMFB branch closest to you”, NMFB advised.
The COVID-19 Loan Applicants with Issues of Failed Disbursement have been given until July 31, 2022 by the Nirsal Microfinance Bank to upgrade their Bank Accounts and report back to the Bank for their Loan Disbursement.
After the specified deadline, unpaid approvals will be void, according to the NMFB, starting on August 1st, 2022.
This information was first published on nyscinfo.com DMCA PROTECTED.
Source: Nyscinfo