Nirsal Covid 19 Loan Application Portal 2021 loan disbursement| covid19.nmfb.com.ng loan application
Do you want to apply for the Covid 19 Loan relief of the Nirsal Bank Microfinance Bank? If yes, then this post is exclusively for you. This article will disclose the Nirsal Covid 19 Loan Application Portal.
We all know that the current covid 19 pandemic has led to unprecedented disruptions in various sectors of Nigeria’s economy. Many sectors have been greatly affected by the pandemic. These outcomes have had severe consequences on households livelihoods and business activities.
In this respect, the Central Bank of Nigeria introduced the Fifty billion naira Targeted Credit Facility (TCF) as a stimulus package to support households and Micro, Small and Medium Enterprises (MSMEs) affected by the Covid 19 pandemic.
Due to this development, a large number of Nigerians who fall under the beneficiary categories have been looking for how to apply for the loan programme. I believe, the same reason has brought you here.
Worry no more! In this article, you will know the eligible participants, eligible activities, Loan Information, Collateral Requirement, and Loan Programme Exit date. All these information have been extracted from verified sources and collated to make the application easy for you, in particular.
Eligible Participants Nirsal Covid 19 Loan 2021
- 1 Eligible Participants Nirsal Covid 19 Loan 2021
- 2 Eligible Nirsal Covid 19 Loan.
- 3 Loan Information
- 4 How the Nirsal Covid 19 Loan Application works
The Central Bank of Nigeria, in alliance with the Nirsal Microfinance Bank, have disclosed the categories of people who will benefit from the stimulus package.
Before you proceed to apply for the loan, you should check if you are among the eligible participants. If you are not eligible, then there is no point applying as your application will be considered invalid.
The following categories of people are eligible for the Nirsal Covid 19 Loan;
- Households with verifiable evidence of livelihood adversely affected by COVID 19. This includes households having teachers, flight workers etc.
- Existing companies with evidence of business activities adversely affected as a result of the COVID 19 pandemic. This includes inter-state transport companies, Private Schools and the likes.
- Enterprises with bankable plans to take advantage of opportunities arising from the COVID 19 pandemic.
Eligible Nirsal Covid 19 Loan.
The following business activities are eligible to apply for the Nirsal COVID 19 fund Relief;
- Agricultural Value Chain Activities
- Hospitality (Accommodation and Food Services) e.g Restaurants, bars, clubs, hotels, fast food joints etc.
- Health (Pharmaceuticals and Medical supplies).
- Airline Service Providers.
- Manufacturing/Value Addition.
- Any other income generating activity as may be presented by the Central Bank of Nigeria.
Loan Limit on Nirsal Covid 19 Loan
- For Small and Medium Enterprises (SMEs), you can receive a loan amount up to 25 million naira.
- For Micro Enterprises and Households, you can receive a loan amount up to 3 million naira.
The Interest Rate differs in respect to time. The interest rate per annum is 5% . This means that if you start paying back your loan before the stated date, you will only pay an interest of 5%.
Subsequently, from the 1st, March 2021, the interest rate will revert to 9% per annum. Therefore, loan beneficiaries will be paying 9% interest per annum from the said date.
Loan Tenor on Nirsal Covid 19 Loan
- The working capital is for one year
- On the other hand, term loan is for 3 years
Yes, you need collateral to receive your loan amount, but not always. The collateral is only required for SMEs, who want to take the loan.
Micro Enterprises and Households who are interested in the loan, will not need to bring a collateral.
For the SMEs, the following collateral is required;
- Moveable asset(s) duly registered on the National Collateral Registry.
- Simple deposit of title documents, in perfectible state.
- Deed of debenture(for stocks), in perfectible state.
- Irrevocable domiciliation of proceeds.
- Two (2) acceptable guarantors.
- Personal guarantee of the promoter of the business.
- Life Insurance of the Key man, with NMFB noted as the first loss payee.
- Comprehensive insurance over the asset.
The Nirsal Covid 19 Loan Application Portal, which is currently opened to new applicants will shut down on soon, please log to the portal below for actual date. It will no longer take in new Applications.
How the Nirsal Covid 19 Loan Application works
The way this loan programme works is very simple. It can be done in 3 easy steps. You do not need to confuse yourself with multiple steps.
- Go to the Nirsal Covid 19 Application Portal here. http://nmfbng-website.azurewebsites.net/covid-19-support/
- Begin and complete your application process. Thereafter, wait for the Central Bank of Nigeria to review your loan application and approve it.
- After approval by the CBN, your funds will be disbursed to your Bank account.