NIRSAL Covid-19 Loan Application – Steps on how to Apply

NIRSAL MICROFINANCE BANK Covid-19 Loan Application Portal 2023 | Access up to N25 Million Targeted Credit Facility for COVID-19.

NIRSAL Covid-19 Loan: The Central Bank of Nigeria (CBN) introduces a stimulus package to support households and Micro, Small and Medium Enterprises (MSMEs) affected by the COVID-19 pandemic.

NIRSAL Covid-19 Loan Application Portal

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, lock-down of large swaths movements of persons in many countries, and intercontinental travel bans/restrictions across critical air routes across the world.

See Also: How to Check NIRSAL Covid-19 Loan Approval Status

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.

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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.

Recommended: N-Power (Batch C) registration

NIRSAL Microfinance Bank Covid-19 Loan Application Form

Who Is Eligible for NIRSAL Covid-19 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

What is the interest rate on Nirsal Loan

What is the interest rate? 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 to Apply for Nirsal Loan

STEPS ON 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

Method of Application

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

GoodLuck!

NIRSAL Covid-19 Loan Deadline: Not Specified

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