How to Apply for CBN NIRSAL COVID-19 Loan

A Guide To Apply for CBN NIRSAL Covid-19 Loan

by

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.

Other FG loans may like:

Source: Nyscinfo.com

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

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

    Reply

  10. 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.

    Reply

  13. I apply the loan first and second
    time but up to now didn’t get the money … an I want to expand my small business to depend on my self(800000)

    Reply

  24. I applied for house hold loan since last year, but I haven’t heard any reply since then, so how do I go now?

    Reply

  55. 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

    Reply

  56. Due to covid 19 my busness has crippled how can i apply for this loan have tried so many times is not coming up

    Reply

  57. I swear am oppan but my business stop because of covid-19 I want continued and investment my business with ur help sir pls and pls double sorry to help me my Acc no 0178030732;GTBANK SHAMSUDEEN IBRAHIM

    Reply

  58. I applied for the household loan since June, 2020 and I have been waiting to see or receive a text from you people and I couldn’t, pls help me out.

    Reply

  60. 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?

    Reply

  77. I have applied Covid 19 Since First of March But I have not received any response yet And also My application was submitted successful pls Help I needed

    Reply

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

    Reply

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

      Reply

  95. 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.

    Reply

  99. 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.

    Reply

  100. 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

    Reply

    • 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.

      Reply

  106. 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

    Reply

  109. 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.

    Reply

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

    Reply

Leave a Comment