How To Easily Repay Covid-19 Loan & Get Another From NMFB

Last Monday, the NIRSAL Microfinance Bank (NMFB) demanded that COVID-19 loan issued to people and companies across the country be repaid.

The loan was made possible by the Central Bank of Nigeria’s targeted credit facilities (TCF), which were established to mitigate the impact of COVID-19.

“NMFB loan repayment: We have played our part. It is now your turn,” the bank said in a tweet.

The CBN announced the N50 billion TCF in March 2020 to assist households and micro, small, and medium-sized companies (MSMEs) that have been disproportionately affected by COVID-19.

Beneficiaries received loans from NIRSAL Microfinance Bank, a CBN-owned business, at a 5% interest rate with a moratorium period that lasts through February 28, 2021.

The interest rate on the facility will revert to 9% on March 1, 2021, when the moratorium expires.

Also Read:  IPPIS Loan For Nigerian Civil Servants 2022

Working capital loans would be for a limit of one year, with no chance for rollover, according to the report. Term loans have a maximum term of three years and must include at least a one-year moratorium.

The highest loan amount available to households is N3 million, while the maximum loan amount available to SMEs is N25 million and is decided by the cash flow and industry/segment size of the beneficiary.

NIRSAL reported that as of December 2021, it has granted out loans of N503 billion to over 881,081 Nigerians and companies to help them cope with the pandemic’s effects.

Need Federal Govt Free-Interest Loan? =>See Here.

NIRSAL revealed how the loan payback process works via its official Twitter account.

Also Read:  How to Apply for COVID-19 Entrepreneurship Grant In 2021

To return your loan, follow these five steps:

Go To Any Nirsal Office

To receive a loan repayment schedule, you must go to the nearest NIRSAL branch.

This procedure is optional, according to NIRSAL.

Add Money To Your Loan Account

You must keep your loan account fully funded at all times.

Verify Your Account Number

Your account number was delivered to your cell phone by SMS before.

Get A Copy Of Your Offer Letter

For residential loans and SME loans, you can examine your offer letter on the NIRSAL website.

Do You Have Questions? Get In Touch With Customer Service

For more information, call customer service at 09010026900-7.

You may simply return your loan in no time if you follow these guidelines.

Source: Nyscinfo

Updated: February 22, 2022 — 3:51 pm

The Author

Stephen Adoga

Stephen Adoga is a trained journalist, researcher, creative writer, content creator, video editor and freelancer. He studied Mass Communication at the Lagos State Polytechnic, Ikorodu, where he acquired requisite training for the practice of journalism. He loves the media. His interest mostly lies in the print medium where his creative writing skill makes him a perfect fit.

Leave a Reply

Your email address will not be published.