Apply for NIRSAL Microfinance Bank CBN COVID-19 Loan Application 2020

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