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A Guide To Apply for CBN NIRSAL Covid-19 Loan

COVID19 has really posed a serious challenge to businesses, households and other human activities in the country. Because of this, the Central Bank of Nigeria (CBN) has came up with an idea of helping business owners and households to fully recover from the challenges caused by the pandemic. In this post, you will learn how to apply for CBN NIRSAL COVID-19 Loan in Nigeria.

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In response to the challenges caused by the pandemic, the Central Bank of Nigeria has announced a monetary package to help households and businesses either Micro, Small or Medium Enterprise (MSMEs) that were affected.

The emergence of Coronavirus disease called Covid-I9 brought sudden reduction in the production and distribution of goods and a serious chaos in financial markets.

This same disease also made entertainment and sporting centers to be banned as well as movement’ restrictions all over the country.

This particular challenge has made many people to lose their job in the country. In fact, in some areas, there is unbearable inflation of goods and service. Many business activities has experienced setback.

Regarding the above consequences posed on livelihood and business activities, the Central Bank of Nigeria announced N50billion Targeted Credit Facility (TCF) as a financial package to help households and businesses (Micro, Small and Medium Enterprises) that were affected by the pandemic.

Eligibility for NIRSAL Covid-I9 Loan

Below are the eligibility criteria for NIRSAL Covid-19 Loan.

  • Households that has concrete and conformable evidence of livelihood that is severely affected by Covid-19.
  • Existing enterprises with genuine and conformable evidence of the adverse effect of Covid-19 on their businesses.
  • Enterprises with reliable plans that is profitable regarding the opportunities brought about by the Covid-19 pandemic.

Interest rate of NIRSAL COVID-19 loan

The interest rate of NIRSAL Covid-19 loan under the intervention is 5% p.a (all inclusive) up to February 28, 2021. However, as from March 1, 2021, the facility’s interest will change to 9% p.a. (all inclusive)

The validity of the loan

One may ask that how long is the loan? Anyway, the working capital is for maximum period of one year without any possibility for rollover. However, term loan has a maximum period of three years with not less than a year moratorium.

Accessible amount

One may also ask that how much can I access? Below is the accessible amount depending on the categories.

  • Households: Households has an opportunity to request for up to N3million. That shows that the maximum amount that an household can access is N3million.
  • Small and Medium Enterprises (SMEs): The accessible amount for SMEs shall be ascertained depending on their business activities, size of the enterprise/industry and also their cash flow. However, they have access to maximum amount of N25million.
  • The working capital shall be a maximum percentage of 25% of the previous three years’ turn over. However, if the enterprise is not up to 3 years in operation, 25% of turnover of the previous years will be satisfiable.
Also Read:  CBN Sets to Increase Agric Loans by 6%

NIRSAL COVID-19 loan application procedures

  1. Application: You are expected to submit an application letter to the NIRSAL Microfinance Bank (NMFB) to be accompanied with a genuine evidence of the unfavorable effect of Covid-19 pandemic or opportunity resulting from the Covid-19 pandemic.

  2. Approval: Your application will be examined and forwarded to CBN for final approval.

  3. Payout: CBN is the authority body that examines applications and gives final approval for payout to NIRSAL MICROFINANCE BANK (NMFB).

How to Apply for NIRSAL COVID-19 Loan

To apply for CBN NIRSAL COVID-19 Loan, kindly go to https://nmfb.com.ng/covid-19-support, and fill the loan application form.

Other FG loans may like:

Source: Nyscinfo.com

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129 Comments

129 Comments

  1. KUJE SAMUEL ABIMIKU

    at

    I applied for this loan two years ago but I could not benefit it from the federal government loan scheme.

  2. Ugwebe Denis udu

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    please I need a loan to add my provision business, I need a sum of #3000000,

  3. Iheanacho Sylvester.U

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  4. Shitu Nasiru

    at

    I applied for this loan two times last year and this year when you reopened the portal, but up to now there is no any reply from you and I was guided to be validating my BVN but when ever I try to do so it shows me that my BVN does not exist.Please what is the problem? I seriously need this loan to fund my existing business which I am experiencing big challenge due to persistent high rise of the prices.

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    I apply the loan first and second
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    Please I need a loan to explain my business. How do I go about it?

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    I need the long to start my own business I apply many times but no result

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  14. Obaya ojo Samuel

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    I am cement seller I need #2500000 to support my business

    • Shaibu

      at

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      • Adie Pius edero

        at

        Business in life

  15. Olumekun omoniyi ramson

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        at

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  28. Naziru umar

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    I want 1000000 milloun for business plan

  29. Danasabe bala

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  30. Usman dahiru

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  31. Alhassan

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    Business

  32. Safiya muhammed sabo

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  38. Mustapha Abubakar

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  39. Adamu tanimu

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    I apply since June last year but If I put my bvn I show me the bvn details does not exist

  40. IBEBUIKE DARLINGTON

    at

    I have a small poultry farm which I will want grow into a big farm.

  41. ABDULWAHAB ismail

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    Tasiu muhammad

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    Business

  46. Olawuyi Ganiyu

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    I needed the loan for cement business

  47. Adebe Simon

    at

    Into Agriculture

  48. Abdulrahman Idris

    at

    Peace be upon you
    Sir
    I want to ask you one question.
    How about agsmeis the time is near?
    Thanks.

  49. Nyalonga gamboro lenyoa

    at

    Pls I have applied for covid19 loan and they I have insect my account number but I am yet to get paid.this is one week now?what can I do pls

  50. Solomin oluwajumoke

    at

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    at

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    at

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  53. Cosmos EGUMAH

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    I really need this money

  54. Sunday Udeogu

    at

    I am one of the people who had applied for this loan since February 2020 up till now nothing I heard from nirsal after I had gone for my interview.so can I still apply again?

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    This is a my account number, 0028753896 bank name Unity bank

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    I want to apply how do I do sir

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    • Mohammed Nuruddeen Hamidu

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      Due to Covid 19 Pandamic my Business Stopped I wan to Restart my Small Scale Business with ur help Sir.

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    Building contractor

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      Building contractor

  59. Mahmud Muhammad sani

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    We need help

  60. ABDULWASIU SHUAIBU

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      How mush did you need

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  72. Atsehe John

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    I want to apply for the loan, how do I go aboutit sir.

  73. Lurwanu bin usman

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    Please help me I hope your repay your loan by grace of god

  74. ABDULLAHI AMRAH

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    I apply since June Early but up till now no any response but my application was received successful.I need a help sir

  75. Moses onwe

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  80. Sharon Haruna.

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    • Sharon Haruna

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    I need your loan
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      Pls help me

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      I need CBN loan for agriculture purposes in Palm tree and piggery and poultry.

      • Abdulrahman

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        How about covid 19 loan I Applied June early and I have no heard any information please I want help sir

    • Adie Julius.

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      How can I apply I need the loan

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  89. Timothy Jegede

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    Good evening.Please I need this loan for Households use. I work as a teacher with private school in Lagos. Since this Covid-19 entered Nigeria and the schools being on total lockdown,I have not been able to collect salaries. Kindly help me for I can not afford to feed my family now including my rent, since my salaries is not forthcoming since March,2020.

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    at

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  98. Abubakar Buhari

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  99. SALISU RAAYA

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  100. Musa Auwal

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    I have Applied the loan but up till now I have not not received any thing please how can I know my loan is approved

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    • Akwari john

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      Covid19 cost my business a lot

  102. IBRAHIM JIBRIL ALHASSAN

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  103. IORTSEEN MSUGH

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    I accepted the covid19 TCF loan offer on the 10th June 2020 and submitted my account details but my account is not credited up till now. What can I do to access the loan.

  104. Shitu Nasiru

    at

    I applied for this loan almost two months ago and I didn’t hear any reply from anyway,am I have to apply again?

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  106. saminu salihu

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    I am farmer but I don’t have much money to do it that is why i need loan

  107. Abba

    at

    40000

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