How to Check Covid-19 Loan Approval: Many countries rolled out Covid-19 loan to their citizens this year. This is because of the harsh impact of the lockdown brought about by Covid-19.
These countries made use of different banks. One of the banks used is NIRSAL. As a result, NIRSAL microfinance bank has become popular recently. This is because it is well known for offering financial banking services.
If you applied for the Covid-19 loan or want to know how to check Covid-19 loan approval, then this article is for you.
On this page, we have discussed how to check Covid-19 loan and how to repay the loan. Pay attention as you read through it. But first, what do you about NIRSAL Microfinance Bank?
NIRSAL Microfinance Bank
Before we talk about how to check Covid-19 loan approval, note. NIRSAL microfinance bank offers loans to agricultural businesses. Also, it gives entrepreneurs, and small and medium enterprises microloans.
The bank also widens its services by offering loans to traders. And this is in all sectors of the economy. The aim is to assist in growing their existing business.
So do you have a business that exists and falls in the description above? Or, have applied for a loan and want to check your loan status? Read this guide from A to Z.
Is NIRSAL Microfinance Bank Recognized?
Before we talk about how to check Covid-19 loan approval, note. NIRSAL Microfinance bank is well recognized. As such, you have nothing to fear about. Your dealings with them won’t put you or your business at risk.
NIRSAL microfinance bank is listed as one of the approved Banks operating with CBN. And it is backed by the federal government of Nigeria.
NIRSAL Microfinance Bank Packages
Before we talk about how to check Covid-19 loan approval, note. The packages under NIRSAL microfinance bank (Nigeria Incentive-Based Risk Sharing System for Agricultural Lending) include NIRSAL NMFB COVID-19 Loan and Support Fund.
Are you affected by the Covid-19 pandemic? Is your business on the verge of sacking staff? Or, do you need a loan to revive your business? Are you having challenges obtaining loans from commercial banks?
Don’t feel bad as hope has finally arrived. All you need now is NIRSAL Microfinance bank. It offers loans to SMEs and Individuals/Households.
The Government is funding a larger percentage of the loan they give out. Of recent, the Government made a provision for over fifty billion Naira (50 billion).
The Goals and Objectives of NIRSAL
Before we talk about how to check Covid-19 loan approval, note. The 50 billion Naira provided by the Federal Government was aimed:
- To assist households and MSMEs whose economic status has been crippled by the Covid-19 pandemic.
- Also, to lift the economic status of individuals and MSMEs (Micro and small-medium enterprises).
- Help the most vulnerable people in society.
- Also, to boost and increase the production capacity. And this is by providing loans for small and medium-sized business owners.
Those Eligible to Apply for the Scheme
Before we talk about how to check Covid-19 loan approval, note. You might be wondering who is qualified for this loan.
Actually, from all findings, we have come to the point that the loans are beneficial to households and individuals. However, they must be identified as victims of the Covid-19 pandemic.
Notwithstanding, it is interesting to know that another group qualify for this loan is established businesses. And these are those with legitimate approved evidence of Covid-19 adverse effects on the business.
Another large plan is to assist businesses with bankable plans. The aim is to help them bounce back amid this Covid-19 pandemic phase.
Requirements for the Loan
Before we talk about how to check Covid-19 loan approval, note. The first step in getting this loan is to show genuine interest. And this is done by visiting the approved and official portal. Also, when there, fill out the application form.
A corporate affairs legitimate license or identification of the business is expected to be submitted by business owners. And this should be alongside the BVN. The BVN submission also applies to individuals. This BVN is needed for proper profiling.
Note that your business plan needs to be submitted to the bank. This is to verify how your business is being run and how solid the plan is.
The Loan Limit under the Scheme
Three million naira is the maximum limit for individuals. And the maximum limit for SMEs is twenty-five million Naira.
However, the amount of loan to be offered to interested members of the public is based on:
- The activities of the industry are owned by the beneficiary.
- Cash flow of the industry owned by the beneficiary.
- Also, the size of the industry is owned by the beneficiary.
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How to Check Covid-19 Loan Approval
Are you ready to learn how to check Covid-19 loan approval? If you have applied for the Covid-19 NIRSAL microfinance bank loan and you want to verify if your loan has been approved or not, kindly use the steps below to check your loan status.
- It is advisable to check your status to know if you are still on the processing list to get the covid-19 support loan you applied for.
- There is an urgent need for applicants to check their various approval statuses and confirm if they meet the requirement set by CBN through NIRSAL.
How to Check Covid-19 Loan Approval and Payment (NIRSAL 2022)
The first thing to do in order to access the portal is to have a working profile with the platform. This process can only be possible if you previously registered with the platform when it was activated. Other than that, you cannot log in to the platform.
Note that the NIRSAL Microfinance loan will only be granted to those applicants that have met the requirement. Also, it is for those who are considered to be qualified.
However, how do you know if your application has been approved? As previously stated in the guidelines that those that got their loan application approved will be notified using their provided email address.
So, it is advisable to first carefully go through your email inbox and other folders available. If your loan has been granted, then you should receive a mail. Also, you will receive an SMS indicating that.
Take Home on How to Check Covid-19 Loan Approval
It is also advisable to keep in mind the type of loan you applied for. In case you have forgotten, here are the categories of loan packages; SME or Individual/Households.
You will also be required to submit your BVN again so as to verify your account. If you meet the requirement and your loan application is approved, note. The amount approved will be displayed on a new window. And you’ll be expected to accept your loan.
Space will be provided for you to fill in your accurate bank details and information on the portal. Be certain of your provided details.
Lastly, you’ll have to check the terms and conditions available for the loan. Also, it is advisable to understand each aspect. Next is to copy the details of the Director in charge of payment and processes on how to pay back the loan.
Repayment for COVID-19 Loan Support Fund
Keep in mind that 5 per cent will be deducted from the total approved fund before it will be disbursed to you. It is advisable to repay your loan on time to avoid you and your BVN being blacklisted.
You are required to repay your loan in 3 years. After which a certain amount will be deducted from the account linked to your BVN.
The above is enough information on how to check covid-19 loan approval. Ensure you make good use of this offer. Also, be sure you meet the requirements before you apply. Feel free to share this information with your friends out there.