It is very important to check if your NIRSAL COVID-19 loan was approved because the Nirsal Microfinance Loan will only be disbursed to those who are considered qualified applicants. So, at this point, you need to know how to check if your NIRSAL COVID-19 loan was approved in other to know the steps you need to take further.
How To Check If Your NIRSAL COVID-19 Loan Was Approved
The first step you need to take is to carefully go through your email address. Those who got their loan requests granted will receive emails indicating that they have been granted access to the loan. If by now, after the online application, there is still no mail to show that your loan has been approved, then it’s best to click HERE or visit https://agsmeisapp.nmfb.com.ng/.
If you can’t remember the category of loan you had applied for, the two major loan categories available are SME or Individual/Households.
You need to verify your account by submitting your BVN. If you are lucky to have been approved for the loan, then a window will pop open showing you the amount approved for you.
So, what next do you think you need to do? The next thing for you to do is to claim your loan. Provide your bank details and information in the correct format. There is a space for that on the portal.
Now, you are at the ending part of the loan which is what you need to do is to locate the terms and conditions required for the loan, then read and understand every aspect of it.
You will also learn of the director in charge of your payment and his/her details, and the procedure for repaying the loan.
How To Repay The Loan
Contrary to the expectations of some applicants that the loan is non-repayable, the federal government has warned that the loan must be repaid by successful applicants.
Please note that 5% of the total funds received will be deducted before payment is made to you. The most important thing here is to make sure you don’t default in repayment.
The loan is to be repaid in 3 years. Since your BVN has been linked to all your accounts, if you fail to repay, the amount will be deducted monthly from your account.
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