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Home Loan How To Check Your Covid-19 Loan Using BVN

How To Check Your Covid-19 Loan Using BVN

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Are you looking for how to check your covid-19 loan using BVN you are on the right page with all the information that you need.

NIRSAL Microfinance Bank has reacted to inquiries from several Nigerians who appear to be in the dark about the acceptance of their Covid-19 Loan Using BVN

Things to take note of

The first step is to keep in mind concerning on how to check Covid-19 Loan Using BVN is to follow these points:

  • There is a need to verify your status to determine whether you’re still in the right direction toward receiving your covid-19 support loan.
  • Before you can access the portal, you must be a registered user of the portal. This means you have to have applied previously when online registration was in process. Only you can log in after you have made your profile.

Second, secondly, it is important to note that the Nirsal Microfinance Loan is only available to eligible applicants. Here are the procedure and the links that the applicants should follow to determine their loan status

  • According to the previous guidelines, the initial step to follow is to scrutinize your address on the Internet. The applicants who have had the loan they requested granted will receive an email confirming that they’ve obtained access to the 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 you will see a window appear showing the amount you were approved for.
  • The next step to complete is to apply for the loan. Give your bank’s contact information and details in the proper format. There is a place to do this in the online portal.
  • The last step is to look up the terms and conditions that must be met for the loan, and then go through and comprehend every part of it.
  • You will also be informed of the director who is responsible for the payment, as well as his/her contact details as well as the process to repay the loan.
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Covid-19 Loan Using BVN
Covid-19 Loan Using BVN

How can I pay back 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.

It is important to note that 5 percent of the total amount received will be taken before the payment is sent to you. The most important aspect here is to ensure that you do not default on the payment.

The loan must be paid back in three years. Because your BVN is linked to your various accounts, if you do not repay the loan, the amount will be taken monthly out of your bank account.

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The story behind the back

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

The information was provided by Bashir Ahmad, the Personal Assistant of President Muhammadu Buhari on New Media, Bashir Ahmad, via his Twitter handle.

He tweeted “The CBN, through @NirsalMFB introduces a stimulus plan to aid households and MSMEs who are affected by the COVID-19 pandemic. Individuals can avail up to N25 million.”

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