How to Get Loan on NIRSAL Covid-19 Loan Portal 2021

1. Locate Your BVN: Your BVN is a unique 11-digit number associated with your bank account. You can find it on your bank statement, your debit card, or by dialing a specific USSD code on your mobile phone.
2. Visit the Portal: Access the NIRSAL COVID-19 loan portal and navigate to the BVN verification section.
3. Enter Your BVN: Input your BVN accurately into the designated field.
4. Verification Process: The portal will initiate the verification process, and if your BVN matches the information you’ve provided earlier, you’re one step closer to securing your loan!

Repayment Made Easy: 3 Years to Flourish

Securing the loan is only part of the journey; repaying it responsibly is equally important. The NIRSAL COVID-19 loan comes with a flexible repayment plan spanning three years. Here’s how you can make the repayment process a breeze:

• Clear Terms and Conditions: Familiarize yourself with the terms and conditions of the loan. Understanding what’s expected of you is the first step towards smooth repayment.
• Plan Your Finances: Create a budget that accommodates the loan repayment. Prioritize it to ensure timely payments without disrupting your financial stability.
• Automatic Deductions: Opt for automatic deductions from your bank account. This eliminates the risk of forgetting a payment and potentially incurring late fees.
• Early Repayment: If possible, consider repaying the loan before the stipulated period. This not only saves you on interest but also boosts your creditworthiness.

What are the features of the NIRSAL COVID-19 loan portal 2021?

The NIRSAL COVID-19 loan portal 2021 comes with a range of features designed to provide much-needed financial assistance to individuals and businesses impacted by the pandemic. Let’s delve into the key features that make this portal a lifeline for those in need:

1. Application Assistance: The NIRSAL Microfinance Bank takes an active role in assisting COVID-19 loan applicants throughout the application process. They provide guidance and support to ensure that applicants can navigate the application with ease.
2. Status Checking: Once you’ve applied for the loan, the portal allows you to check the status of your application. This feature keeps you informed about the progress of your application, reducing uncertainty and providing clarity.
3. Access to Loan Categories: The portal provides access to different loan categories tailored to the specific needs of applicants. This means that whether you’re an individual or a business, there’s likely a loan category that aligns with your circumstances.
4. Repayment Details: Understanding the repayment process is crucial, and the NIRSAL COVID-19 loan portal ensures that borrowers are well-informed. It provides comprehensive information about the repayment terms, including the duration of the repayment period and any associated interest rates.
5. Transparent Loan Repayment: Transparency is a key feature of the portal. Borrowers are informed that the loan amount is repayable over a specified period. Additionally, there is a 5% deduction from the loan amount to cover administrative and insurance charges.
6. Flexible Repayment Period: Borrowers have the convenience of repaying the loan over a span of three years. This flexibility in the repayment period allows borrowers to manage their finances effectively and make regular payments without straining their budgets.
7. Assistance for Repayment: Recognizing that repayment can be a concern for borrowers, the NIRSAL Microfinance Bank provides guidance on how to repay the COVID-19 loan. Borrowers are informed about the steps to take, ensuring a smooth repayment journey.
8. Targeted Credit Facilities: The COVID-19 loan portal is part of the Central Bank of Nigeria’s targeted credit facilities aimed at supporting households and businesses impacted by the pandemic. This highlights the significance of the loan and the commitment to aiding economic recovery.
9. Substantial Loan Amounts: Reports indicate that the loan amounts provided through the portal can go up to N25 million. This substantial financial support can make a significant difference in helping borrowers overcome their financial challenges.
10. Support for Households and Businesses: The portal has been instrumental in disbursing loans worth N503 billion to households and businesses. This showcases the broad reach of the NIRSAL COVID-19 loan program and its impact on various sectors of the economy.

Central Bank of Nigeria (CBN) Support:

The NIRSAL COVID-19 loan portal operates under the support of the Central Bank of Nigeria (CBN), which has shown a commitment to aiding Micro, Small, and Medium Enterprises (MSMEs) and households facing economic challenges due to the pandemic.

Loan Amounts and Impact:

The NIRSAL COVID-19 loan portal provides financial assistance of up to N25 million, a substantial amount that can significantly alleviate financial strain. The relief is not only aimed at businesses but also at households, recognizing the diverse impact of the pandemic.

Recent Disbursement and Beneficiaries:

Recent reports indicate that the CBN released ₦20.18 billion to NIRSAL Microfinance Bank for COVID-19 relief. This fund was disbursed to 12,238 small businesses. While the relief has reached many, there have been concerns over transparency in the beneficiaries’ list and mixed feelings about the impact of the SME loan on Nigeria’s economic landscape.

FAQs – Your Nirsal Covid-19 Loan Portal 2021 Queries, Our Answers!