How To Apply N50 Billion CBN Nirsal COVID19 Loan

Get real time updates directly on you device, subscribe now.

Nirsal COVID19 Loan Application  – The Central Bank of Nigeria (CBN) through Nirsal is providing loan to Nigerian who have been severely affected by the covid19 pandemic. Nirsal covid-19 loan is stimulus package to support households and Micro, Small and Medium Enterprises (MSMEs). Individual can access up to N25 Million. Application for this loan can been done online at Nirsal covid19 loan application Portalhttps://nmfb.com.ng/covid-19-support

The Coronavirus Disease (COVID-19) pandemic has led to unprecedented disruptions to global supply chains, sharp drop in global crude oil prices, turmoil in global stock and financial markets, massive cancellation of sporting and entertainment event, lockdown of large swaths movements of persons in many countries, and intercontinental travel bans/restrictions across critical air routes across the world.

These outcomes have had severe consequences on households’ livelihoods and business activities, resulting from drop in global demand, declined consumer confidence and slowdown in production.

In this respect, the Central Bank of Nigeria (CBN) introduced the N50 billion Targeted Credit Facility (TCF) as a stimulus package to support households and Micro, Small and Medium Enterprises (MSMEs) affected by the COVID-19 pandemic.

NIRSAL Microfinance Bank Covid19 Loan Application Form

Who Is Eligible for NIRSAL COVID19 Loan?

  • Households with verifiable evidence of livelihood adversely impacted by COVID-19
  • Microenterprises: Existing enterprises with verifiable evidence of business activities adversely affected as a result of the COVID-19 pandemic
  • SMEs: Enterprises with bankable plans to take advantage of opportunities arising from the COVID-19 pandemic
Interest rate under the intervention is 5% p.a. (all inclusive) up to 28th February 2021 and thereafter, the interest on the facility will revert to 9% p.a. (all inclusive) as from 1st March 2021.
How long is the loan for?

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.

How much can I access?

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).

How It Works

STEP 1

Submit An Application

The process is easy.You can begin on your phone, your tablet or your laptop.

Submit applications directly to NIRSAL Microfinance Bank (NMFB) with clear evidence of the opportunity or adverse impact as a result of COVID-19 pandemic.

STEP 2

Approval

We review your application and forward the application to the CBN for final approval.

STEP 3

Disbursement

CBN reviews applications and gives final approval for disbursement to NMFB

How to Apply

For more information and to apply, visit https://nmfb.com.ng/covid-19-support/

Complaints

  • Applicants who have challenges with disbursement and other issues are to call mobile number: 09010026900, 09010026900 – 7 and [email protected] for resolution.
  • Meanwhile, also in a bid to avert the looming economic recession as a result of the coronavirus pandemic, the CBN has cut its key interest rate to 12.5% from 13.5%.
  • The new rate is the lowest in four years, citing CBN’s governor Godwin Emefiele as saying that seven of the 10 members of the monetary policy committee voted for the cut.
  • The cut may have two effects; one, it may further stoke inflation and increase pressure on the naira; two, it could also help boost the economy which is facing pressure from the oil price crash and the coronavirus pandemic.

COVID-19 Loan Business Plan and Application Letter Templates

Do you need Templates/samples of documents required to accompany your CBN COVID-19 support loan application? Purchase our templates pack, download and edit to suit your condition.
* Business Plan Template
* Cashflow Template
* Loan Application Letter Household & SME)

Price: N2000 WhatsApp 07011031897


If you want to receive regular updates on NIRSAL CBN Covid-19 Loan Portal – https://nmfb.com.ng/covid-19-support, kindly drop a comment below so we can keep you updated.

6 Comments
  1. Big hunter says

    The web site is not open for registration

  2. Sarah says

    Please I need the loan

  3. ogbu chikamso says

    pls I need the loan

  4. Glory says

    Yes update me

  5. Oluwasae Opeyemi says

    Interested in loan
    Pls update me

  6. jean Egbuta says

    Pls update me

Leave A Reply

Your email address will not be published.

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More