Nirsal microfinance bank in partnership with the Central Bank of Nigeria is giving non-interest loans to small businesses and households that have been affected by the Coranavirus pandemic.
The loan is made possible through the N50 billion Targeted Credit Facility (TCF) made available by the CBN as a stimulus package to support households and Micro, Small and Medium Enterprises (MSMEs) affected by the COVID-19 pandemic.
Who is eligible for the Nirsal Microfinance bank Covid 19 Loan?
- Microenterprises: Existing enterprises with verifiable evidence of business activities adversely affected as a result of the COVID-19 pandemic.
Application portal for the Nirsal Microfinance bank Covid 19 Loan?
Applying for a loan with Nirsal Microfinance bank Covid 19 Loan is very easy. Follow the process below:
- Go to the loan application portal if you meet the eligibility
- Provide your Biometric Verification Number (BVN) and other details as requested by the bank. These documents must include a clear evidence of how the pandemic has adversely affected your business.
- After application, your details are reviewed and submitted to CBN for the final confirmation
- CBN reviews your application and gives Nirsal the approval to disburse money in to your account if successful.
What is the interest rate?
How much can I borrow?
Households: Can access a maximum of N3 million
Loan amount to SMEs shall be determined based on the activity, cashflow and industry/segment size of 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 will suffice).
Nirsal microfinance bank phone number
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Statistician with interests in finance, risk management, loan products and market surveys. I also write on crypto currencies, Forex and a variety of financial instruments.