A Guide to Apply for CBN NIRSAL COVID-19 Loan 2021

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

In response to the challenges caused by this Covid-19, 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 by Covid-19 pandemic.

The emergence of Coronavirus disease called Covid-19 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 that Covid-19 posed on livelihood and business activities, the Central Bank of Nigeria has 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.

SEE ALSO:  How to Get Loan From Microfinance Banks in Nigeria (2021)

Eligibility for NIRSAL Covid-19 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.

The 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)

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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.
SEE ALSO:  How to Apply for FarmerMoni Loan In 2021

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 loans you can apply for

FarmerMoni loan

Federal Government TraderMoni loan

How to access NHF loan

MarketMoni loan

CBN COVID-19 loan for Households

NYSC ETC quick cash loan

Npower GEEP loan

Updated: February 21, 2021 — 8:31 am

98 Comments

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  1. I need your help in order to get loan from CBN

  2. I need loan from CBN to grow my business, how can apply this loan

  3. I need loan from CBN to expand my business. thanks

    1. I applied since June and I have not heard from you.sir sincerely need the loan to expand my business. thanks

  4. How can I apply PLEASE??

  5. This loan I hope its should be ready by now if its truth

  6. Oladeji Joseph Oluwasina

    How do get loan for Agriculture from CBN

    1. Isend my application since may up to today no response

      1. Please I have been finding it difficult to apply for the loan , kindly help me out .Maryam Ibrahim is my name. Thank you sir

  7. Hindan Aondoaseer

    I need your help in order to get loan from CBN

    1. Salisu Muhammad bello

      I need load because I’m farmer

  8. I need your loan
    because I am faarmer

    1. Pls help me

    2. Aboluwoye Akinwande

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

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

    3. How can I apply I need the loan

  9. Salisu alhaji mato

    I need your help in order to get loan From Central bank of Nigeria plc

  10. I need your help in order to get loan from CBN

  11. This loan will Nigerians to growth up

  12. 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.

  13. Abdullahi Abubakar

    I need the Loan to improve my business

  14. I am famer I need loan to do it

  15. Dauda Philibus Dauda

    Good day sir, please I want to apply for a loan

  16. 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.

  17. 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

  18. Odebunmi Joseph oluranti

    I need covid 19 loan to grow my existing industry

  19. Odebunmi Joseph oluranti

    I need vivid 19 loan

  20. I Ibrahim bilya iam former I need a loan to ceteter my need

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

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

  23. 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

  24. Please help me out of dis poverty

    1. Covid19 cost my business a lot

  25. IBRAHIM JIBRIL ALHASSAN

    I need this loan for my business to grew up

  26. 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.

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

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

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

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