Federal Government CBN Covid-19 Loan Application Form Link Portal – CBN Loan is ongoing and available for all to apply. It is free and it will not take you up to 2 minutes to complete your application online.
Lots of people have been asking us how they can access the portal for the NIRSAL CBN loan, thus the essence of this is to update and give you guidelines on the CBN Covid-19 Loan Application Form link portal. SEE MORE INFORMATIONS BELOW
Before we go further to show you the latest link to apply for CBN Covid-19 loan, we have to tell give you some vital updates that will be of great importance to you towards a successful application:
The CBN Covid-19 support fund 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.
The CBN Covid-19 support fund is different from the Federal Government N5000 cash transfer palliative money to poor Nigerians to cushion the effect of Coronavirus.
If you are looking for ways to expand your business or pick up life where COVID-19 left you, then the fund is for you. Those who are opportune to benefit from the loan are being given a 1-year payment moratorium.
Categories of CBN Covid-19 Loan
For Household:
- 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
For SMEs:
- 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.
Working capital will be for a maximum period of one year, with no option for rollover. Term loans have a maximum tenor of not more than 3 years with, at least, one-year moratorium.
Households: Can access a maximum of N3 million loan amount to SMEs shall be determined based on the activity, cash flow, and industry/segment size of the beneficiary, subject to a maximum of N25 million. Working capital shall be a maximum of 25% of the average of the previous 3 years’ annual turnover. (Where the enterprise is not up to 3 years in operation, 25% of the previous year’s turnover
Note: there are three categories of loans available on the portal when you try the first category and space is filled try the other categories.
How to Apply for the CBN Covid-19 Loan
Interested applicants should click on the link below and complete the form that comes up.
Applicants who wish to apply for the loan should CLICK HERE TO APPLY
IMPORTANT NOTICE
Most times the page does not to open or respond properly due to various conditions or situations. Below are some of the conditions:
- Massive traffic led to the going on and off of the CBN Covid-19 application website. Do not panic whenever you cannot access the application portal as the issue as a result of the portal reaching its resource limit but the technical units are handling it.
- Also, those who have been trying to access the website but can’t because the website is temporarily unable to service your request, you are advised to check back later. Most at times, try the website when people are not online much like midnight, it may go through.
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