The CBN COVID-19 Loan Application Form Portal through NIRSAL Microfinance Bank is on-going interested and qualified applicants can hurry up now and begin application.
Types of CBN Covid-19 Loan
There are various types of loan which NIRSAL Microfinance Bank gives out
Household Loan
Conditions for Household Loan:
- FACILITY TYPE: Term Loan
- SINGLE OBLIGOR LIMIT: N3m
- LOAN TENOR: Maximum of 36 months
- MORATORIUM: At least 12 months
- PRICING: 5% per annum till February 28, 2021, and 9% subsequently
- REPAYMENT STRUCTURE: Installment basis, according to the nature of the enterprise
SMEs Loan:
Conditions for SME Loan:
- FACILITY TYPE: Term Loan
- SINGLE OBLIGOR LIMIT: N25m
- LOAN TENOR: Maximum of 36 months
- MORATORIUM: At least 12 months
- PRICING ……?
- REPAYMENT STRUCTURE: Installment basis, according to the nature of the enterprise
The interest rate under the intervention is 5% per annum. (all-inclusive) up to 28th February 2021 and thereafter, the interest in the facility will revert to 9% p.a. (all-inclusive) as from 1st March 2021.
How to Register/Apply for NIRSAL CBN COVID-19 Loan 2020
Interested applicants are allowed to register through either offline application process or online application process
OFFLINE APPLICATION PROCESS:
All interested applicants are to visit the NIRSAL Microfinance Bank or the CBN branch nearest to them for clarification on the procedure for accessing any of the CBN COVID-19 Loan.
ONLINE APPLICATION PROCESS
- Visit https://nmfb.com.ng/on your phone, your tablet or your laptop.
- Fill in the correct details
- Submit applications directly to NIRSAL Microfinance Bank (NMFB) with clear evidence of the opportunity or adverse impact as a result of COVID-19 pandemic.
- Approval
- We review your application and forward the application to the CBN for final approval.
- Disbursement
- CBN reviews applications and gives final approval for disbursement to NMFB
N/B– The CBN Covid-19 support funds is not free money or grant, it is a low-interest loan set to support households and business owners who have been affected by the Coronavirus pandemic
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