If you’ve been looking around on How to Check Nirsal Loan With BVN. This article will guide you through the process from a to z and we also make a full video tutorial for you in case a text is not okay for you as guide, the video below explain how to go about it and at the end you will be able to Check the NIRSAL Loan Approval with BVN.
The Nigerian Incentive-Based Risk Sharing System for Agricultural Lending is abbreviated as NIRSAL. The Nigerian Central Bank is the founder and current owner of this institution.
The COVID-19 pandemic devastated the Nigerian economy, leading to high unemployment, company closures, and the non-payment or reduction of salaries for many Nigerians. In response, the NIRSAL loan was established.
Designed to help micro, small, and medium-sized businesses weather the epidemic, this program has loan facilities totaling more than N45 billion.
Now that this fantastic opportunity has been presented, it is imperative that those impacted apply for the loan and are aware of how to verify their NIRSAL approval via BVN.
What are the conditions for eligibility?
Although this grant has been developed, not everyone will be eligible for the scheme. Know your eligibility before you apply and learn how to check NIRSAL loan approval with BVN.
The criteria for eligibility are:
Companies with reasonable lending policies seized the opportunities presented by the pandemic.
A loan of N3 million with an annual interest rate of 9% is available to households, families, or individuals whose level of living has been adversely impacted by the pandemic.
One feature of government grants is that collateral is required.
A loan of N25 million, with interest set at 9% per annum, is available to businesses whose operations have been impacted for a period of three years. Additional collateral is necessary.
How do I check NIRSAL loan approval with BVN?
You should be aware of how to verify NIRSAL loan approval with BVN in order to validate it if your application for the loan was approved. Please make these discoveries by following the instructions provided below:
Start up a web browser. Some examples include Chrome, Safari, and Opera Mini.
Depending on the registration category, open your browser and click on one of the following links:
Home loans for individuals and households are available at https://covid19.nmfb.com.ng/HomeLoans.
Apply for a SME loan at https://covid19.nmfb.com.ng/SmeLoan.
You will be prompted to enter your BVN on the screen that follows when you click on any of those links.
What if I have forgotten my BVN?
You still need your BVN number to check the approval status of your NIRSAL loan, even if you’re familiar with the process. However, there is a simple method to retrieve your BVN via USSD, but it will cost you N25.
Your BVN will be shown when you dial *565*0#. The number you provided when you applied for your BVN at the bank must match this one.
Conclusion on How to Check Nirsal Loan With BVN
The only way to access your loan funds from BVN is to register an account with NIRSAL Microfinance Bank, therefore doing so will allow you to quickly monitor your loan status. Be advised that a 5% charge will be deducted from the borrowed amount.
It is my hope that I have successfully demonstrated to you how to use BVN to verify the NIRSAL loan.