A Guide To Apply for CBN NIRSAL Covid-19 Loan

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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.

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.

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.

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Source: Nyscinfo.com

136 thoughts on “A Guide To Apply for CBN NIRSAL Covid-19 Loan”

  2. Timothy Jegede

    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.

  6. Bola

    I have already registered before but I did not submit my application to NARSAL micro-finance bank and there was no response, and I tried it again it said it has been closed, pls have they started again, please how can I acquire the loan I really need it for my business thanks.

  7. Nasir Abdul, azeez

    Please am into painting production business I have my registered certified from cooperate affairs commission,CAC du covid19? Pandemic I have financial uses please I need help please thank you sir

  11. Abubakar Buhari

    please help me the procedure about the NARSAL covid-19 cbn loan, becouse that address may not do,

    1. Amaechi Loveth Ginikachi Benedicta

      Please i need this loan for my business,if i see like 400,000.i we be ok the my business please.my account number is 6323717712, account name is Uchenna Benedicta Ginikachi, bank name is fidelity bank.

  12. SALISU RAAYA

    I applied for the loan since early June but still no approval can I apply again or should wait

  13. Musa Auwal

    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

  16. IORTSEEN MSUGH

    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.

  17. Shitu Nasiru

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

  18. Blessing

    pls help me d CBN NIRSAL COVID-19 LOAN is not opening. pls help me out. 08105127534

  19. saminu salihu

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

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