How To Check NIRSAL Loan Approval

How To Check NIRSAL Loan Approval – If you are wondering what the NIRSAL COVID-19 loan is all about and you don’t know how to go about it, then you are lucky seeing this article as we are going to tell you all you need to know about the NIRSAL loan and how to check its approval.

NIRSAL is a microfinance bank that was established to provide SMEs, business owners, entrepreneurs and agribusiness with financial support to keep their business going.

NIRSAL is an acronym for Nigeria Incentive-Based Risk Sharing System for Agricultural Lending. This microfinance bank is licensed by the Central Bank of Nigeria.

NIRSAL has been giving long term loans to households and business owners to help them get back on their feet after the hit of the pandemic on the world in 2020.

The NIRSAL Microfinance Bank (NMFB) has resumed the disbursement of COVID-19 Targeted Credit Facility (TCF) for 2022 and it has urged applicants to check the status of their application.

So for those that applied for the SMEs loan on NMFB portal in 2020 or even 2021, they will have to go the portal to check if their application is successful.

It is important to note that just applying isn’t enough as you will have to check on the status of your loan so that you don’t get to miss out.

In this article, we will be showing you how you can check your NIRSAL loan application to see if it has been approved or not.

Objectives Of NIRSAL Loan Scheme

Some of the objectives of the NIRSAL loan scheme are:

  • It was created to alleviate the adverse effect of COVID-19 pandemic on MSMEs and individuals in general
  • It was created to provide financial support to economic activities of MSMEs and households that were greatly affected by the pandemic.
  • It was created to help business owners expand their businesses.

What Are The Requirements For The NIRSAL Loan

If you are considering to take the NIRSAL loan, you may also need to check if you are eligible for the loan. We are going to be looking at some of the requirements that will make you eligible for the loan.

  • The loan is for individuals and households that have been greatly affected by the pandemic
  • You must show that your business was greatly and directly affected by the pandemic
  • Your business must be registered especially with the Corporate Affairs Commission
  • You will need to present your BVN
  • You will need to present your business plan to back up your application.

Does The NIRSAL Loan Have Limit?

There are actually two groups of people that the loan scheme is targeting and they are:

  • The individuals and household
  • The business owners and entrepreneurs

The individuals and household could take loan amount up to 3 million naira while the business owners and entrepreneurs could take higher amount of money as loan (up to 25 million).

How To Check Nirsal Loan Approval

After you must have created a profile with NIRSAL and applied for the loan, it is important that you continue checking to see if your application has been approved.  Applying for the loan doesn’t mean you will actually get the loan.

If you have created an account on NIRSAL portal, then you log in and fill in your BVN to verify the profile. Once you have done that successfully, you can then login to your account.

If your loan request has been approved, you will be informed on the portal that your application has been approved and also the amount that you are qualified for.

You will then have to proceed to accepting the amount that was approved by clicking in the space for claiming the loan on the portal.

Then you provide your bank details and other information that will be required. Read the terms and conditions as it is very important and then reach out to the director in charge of your account on the loan to get the loan.

If your application was not approved, went you input your BVN, a message will pop up saying “this BVN detail does not exist.”

To apply for the NIRSAL loan and also check your approval status, visit the following links below:

For individual and household:

For business owners and entrepreneur:

How To Repay The NIRSAL Loan

For every loan you take, you will certainly need to repay and the NIRSAL is no exception. This is even an important phase of the loan. After you have received the loan amount, they are going to deduct 5% of the money that was given to you.

That’s not really the repayment. There are various ways you can actually repay the NIRSAL loan as it has designed easy ways for individuals, entrepreneurs and business owners to repay the entire loan in three years.

So you don’t have to pay the loan all at once as you can spread it in three years.

If you fail to repay the loan, they will deduct the money from any of your account that is linked to your BVN.

Final Note

From all we have said so far, you can see that the NIRSAL loan offers you an opportunity to get back on track after the hit of the COVID-19 pandemic and now the decision is in your hands.

You don’t have to worry much about the repayment period as it is about three years and so it allows you to pay back with ease.

For more information about the NIRSAL loan approval, visit the NMFB portal.