How To Check If Your NMFB Household Loan Is Approved

If are you wondering how to check your NMFB household loan status then you are on the right page.

NMFB has reacted to inquiries from several Nigerians who appear to be in denial regarding the approval of their NMFB Household Loan.

Things you should keep in mind

The first step is to keep in mind the following aspects:

• There is a need for you to verify your status to determine whether you’re on the right track toward receiving your covid-19 support loan.
• Before you can use the portal, you must have an account on the portal. This means that you need to have registered before the online registration was in process. You can log in only after you have made your profile.

Then secondly, it is important to note that the NMFB household loan check can only be granted to eligible applicants. Here are steps as well as the links that the applicants should follow to determine their loan status:

• According to earlier guidelines, the first step is to scrutinize your address on the internet. People who had the loan they requested granted will receive email notifications indicating that they’ve received access to their loan. If by now, after the online application, there is still no mail to show that your loan has been approved, then it’s best to click here or visit https://agsmeisapp.nmfb.com.ng/
• In case you can’t remember the category of loan you applied for, the two major loan categories available are SME or Individual/Households.
• After that, you must confirm your account by submitting your BVN. If you’re fortunate enough to be approved for the loan the window will then show you the amount that was approved for you.
• The next step to complete is to apply for the loan. Give your bank’s contact details and other information in the proper format. There is a place for this to be provided on this portal.
• The last step is to look up the conditions and terms that are required to be met for the loan. Then, go through and comprehend every part of it.
• Additionally, you will be informed about the director who is responsible for the payment, as well as his/her contact details and the method to repay the loan.

How do I repay the loan

Contrary to the belief of some applicants, which claim that the loan is not repayable the federal government has made it clear that the loan has to be paid back by successful applicants.

Be aware that 5 percent of the total amount received will be taken before payment begins you. The most important thing to remember is to ensure that you do not default on the payment.

The loan will be paid back in three years. Because your BVN is connected to all of your accounts, if you do not repay the loan, the amount is deducted each month from your bank account.

The back story

In March 2021 it was announced that the Central Bank of Nigeria (CBN) via NIRSAL Microfinance Bank, reopened its website that allows Micro, Small, and Medium Enterprises (MSMEs) and households affected by COVID-19. They can gain access to up to N25 million, as per Nairametrics.

The information was provided by Bashir Ahmad, 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 aid households and MSMEs that are affected by the COVID-19 pandemic. A person can get access to up to N25 million.”