Last updated on August 21st, 2021 at 12:43 am
Nirsal microfinance bank is one of the leading Nigerian financial institutions licensed by the Central Bank of Nigeria. It owned by a joint partnership between the bankers committee, Nirsal and Nipost. Incorporated as a PLC in 2019, the bank began operation in the same year, providing excellent services to customers in Nigeria.
Following the Covid 19 pandemic, the government charged Nirsal with a credit facility system to help citizens, and they put the Nirsal microfinance bank covid 19 loans in place. In this article, you would find everything you need to know about the loan.
Overview of Nirsal Microfinance bank Covid 19 Loan
The breakout of Covid 19, shook the entire world, spreading ripples across that led to loss of lives and jobs. In aid to reduce the impact, the federal government of Nigeria introduced a loan package to support households and SMEs who were affected by the economic impact.
The consequence of basically shutting down the world’s economy was felt the most by SMEs, who were not exactly doing well before. To ease things, the government has provided N50 billion to support. This sum is available in form of loan to the public.
Who is eligible for the Nirsal Microfinance bank Covid 19 Loan?
This loan is only accessible to households, the virus impact greatly affected. To qualify, you have to show verifiable evidence of your livelihood being affected by covid 19. If you cannot prove this, then your loan request would be rejected. The loan is also accessible to SMEs, who have verifiable evidence that the pandemic affected their business. In summary, it covers the following areas:
- Small and medium size enterprises
- Micro enterprises
How do I apply for the Nirsal Microfinance bank Covid 19 Loan?
Applying for a loan with Nirsal Microfinance bank Covid 19 Loan is very easy. Follow the process below:
- Click this link to their official loan page on their website http://nmfbng-website.azurewebsites.net/covid-19-support/
- Provide in all the details as requested by the bank. These documents must include a clear evidence of how the pandemic affected your business.
- After application, your details are reviewed and submitted to CBN for the final confirmation
- Money is disbursed in to your account if successful
What is the interest rate?
The interest rate for this loan is currently 5%. This holds up to 28th February 2021, after which the interest on the facility will revert to 9% per annum. This new rate kicks in as of 1st March 2021.
Tenor and maximum amount
The working capital loan has a maximum tenure of one year and has no option of rollover. On the other hand, term loans have a maximum tenor of3 years and at least a year moratorium. You can access up to N3 million for house hold loans, and up to N25 million for SME loan.
To read more, you can simply visit their official website at http://nmfbng-website.azurewebsites.net/covid-19-support/.
How can I contact Nirsal microfinance bank?
You can contact Nirsal microfinance bank through any of the following means:
Nirsal microfinance bank is the institution in charge of the covid 19 credit facility. The Nigerian Government initiated this facility through CBN. Although not the provider of the loan, they are in charge of applications and screening of applicants. If your family or business has been greatly affected by the pandemic, it is an excellent opportunity for financial relief.