The Covid-19 pandemic has affected many households, small and medium scale businesses in Nigeria, this was noticed by the federal government and in a bid to help the affected businesses and households, they created different avenues to impact people lives positively with stimulus and loans through the Central Bank of Nigeria (CBN), one of it was the NIRSAL COVID-19 Loan.
The initiative was created to support households and MSMEs affected by the COVID-19 pandemic.
An individual can have access up to N25million and up to N50 billion for MSMEs
Many Nigerians were able to register for the NIRSAL Microfinance Bank stimulus package but only a few said they could get approval, this has created a lot of reactions and many Nigerians are seem to claim to be in the dark over the approval of their COVID-19 NIRSAL loan requests.
How To Know If Your NIRSAL COVID-19 Loan Is Approved
The covid-19 support loan created by the CBN through NIRSAL can be gotten but there are some things to put in check by the applicant to get approval.
First, you must have applied for the program when the registration was on, and secondly, a constant check on your status on the portal is required. You can only log in if you have created your profile.
Thirdly, the loan can only be disbursed to those who are seen to be qualified for the loan, to know if you are a qualified applicant here are the steps to check their loan status:
You need to check if you are entering the correct email address, this is the first step.
The email serves as the point of contact and a place that show you if your loan request is granted, to qualify for the loan, after the online application, you are to get another mail to show that your loan has been approved.
The next step is to verify your account by submitting your BVN. If lucky you got the approval, a new window will pop open showing you the amount loan being approved to you, if nothing shows up then maybe you can try another stimulus
After the figure has been displaying, you need to claim your loan, if you fail to claim the loan then it shows that you don’t need the loan any longer, because there won’t be a place to pay the money into, you will need the submit your bank details and information in the correct format. There is a space for that on the portal.
The final step is to read and understand every aspect of it the loan terms and conditions surrounding your use. There you will also get to learn of the director in charge of your payment and his/her details, and the procedure for repaying the loan.
If you are lucky to escape through these processes then it is certain that you are going to get the loan, there are things you need to put in check if you must get the approval.
How to repay the loan
The loan granted must be repaid, this is made known by the federal government and it is expected of every successful applicant to make sure that the loan is paid back, this is bringing to the awareness of the applicants it is a repayable loan.
The first deduction that comes even before you get all the total money awarded to you is 5% of the total funds you received, and you must sure you don’t default on another repayment.
The loan is to be repaid in 3 years. Never forget that your BVN has been linked across all bank accounts and it has been requested to be submitted during the registration, if you fail to repay, the amount will be deducted monthly from your account.