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How to know if your NIRSAL COVID-19 loan is approved

CBN, NIRSAL, Stanbic, Union, and Sterling banks have disbursed N4.5 billion to farmers

NIRSAL Microfinance Bank has reacted to the enquiries of several Nigerians that appear to be in the dark over the approval of their COVID-19 NIRSAL loan requests.

Things you need to note

First, you should take note of the following:

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Secondly, the Nirsal Microfinance Loan will only be disbursed to those who are considered qualified applicants. Below are the steps and links that applicants need to follow to check their loan status:

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How to repay the loan

Contrary to the expectations of some applicants that the loan is non-repayable, the federal government has warned that the loan must be repaid by successful applicants.

Please note that 5% of the total funds received will be deducted before payment is made to you. The most important thing here is to make sure you don’t default in repayment.

The loan is to be repaid in 3 years. Since your BVN has been linked to all your accounts, if you fail to repay, the amount will be deducted monthly from your account.

Back story

In March 2021, the Central Bank of Nigeria (CBN), through NIRSAL Microfinance Bank, reopened its portal for Micro, Small and Medium Enterprises (MSMEs) and households affected by COVID-19 to access up to N25 million, according to Nairametrics.

This was disclosed by the Personal Assistant to President Muhammadu Buhari on New Media, Bashir Ahmad, via his Twitter handle.

He tweeted, “The CBN, through @NirsalMFB introduces a stimulus package to support households and MSMEs affected by the COVID-19 pandemic. An individual can access up to N25million.”

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