Are you a beneficiary of any of the CBN/NMFB loan scheme? Do you intend applying for a loan but barely know how such loans are being calculated? Well, there is an easy way to calculate your target loan with the aid of NMFB loan calculator.
Having a loan payment calculated depends solely on the interest factor of an annuity, terms of loan, interest rate attached to the loan, and probably the institution offering the loan. Check out how to easily claim your CBN Covid19 TCF loan.
Inability to understand the calculation pattern, has become a burden to many. This in most cases causes alarm, as most applicants end up being confused when they receive their loans with some deduction instead of the approved amount.
To make it more easier for loan applicants, the NIRSAL Microfinance Bank (NMFB) has made a loan calculator accessible to whoever wishes to have his/her loan calculated.
How to use the NMFB loan calculator
The calculator page is categorized into two namely; Beneficiaries (to be used by applicants who took loans from any of the NMFB schemes), and Non-Beneficiaries (For applicants that took loans from other body).
- Visit the calculator page via https://loancalculator.nmfb.com.ng/Benficiary
- Click on the product you are into.
- Input your BVN to commence calculation.
- Visit the page https://loancalculator.nmfb.com.ng/NonBenficiary
- Input the amount of loan collected or to be collected.
- Enter the duration of loan (number of years).
- Click ‘Calculate’, and wait for the result.
The result will pop-up in the following format;
- Loan Amount.
- Total Interest
- Upfront charges of 4%.
- Total Interest after the Upfront charge of 4%.
- Due amount (On monthly basis).
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