CBN Covid-19 Loan 2022 – NIRSAL Application Form

The CBN COVID-19 loan is an aid against a pandemic that caused unprecedented disruptions in global supply chains, a sharp drop in global crude oil prices, turmoil in global stock and financial markets, massive cancellations of sporting and entertainment events, lockdowns of large swaths of people in many countries, and intercontinental travel bans/restrictions all over critical air routes around the globe.

As a result of the drop in global demand, decreased consumer confidence, and production slowdown, these developments have had significant implications for people’s livelihoods and company activity not only in Nigeria but across the globe.

Meanwhile, the government has understood what most individuals and families are undergoing to earn a living in this critical time and has come to intervene and provide its citizens with the basic necessities of life.

CBN Covid-19 Loan 2022 Program

The government through the Central Bank of Nigeria (CBN) has established the N50 billion Targeted Credit Facility (TCF) as a stimulus package to aid households and micro, small and medium enterprises (MSMEs) affected in one way or the other by the COVID-19 pandemic.

The online registration guide for the CBN Covid-19 Loan is here. The NIRSAL Microfinance Bank recently published online registration guidelines.

The registration form is now available online. There is no cost to filling out the online application form. Applicants should not pay anyone for the CBN loan application. The NIRSAL Microfinance Bank will process and ensure that qualified applicants can obtain CBN COVID-19 loans.

however, if you look forward to being eligible to obtain the loan, you will have to work towards it. you have to do your possible best to meet up with the requirements.

How much loan is NIRSAL giving to a Household?

Households can get up to N3 million in loans, while SMEs can get up to N25 million in loans based on their cash flow and industry/segment size. Term loans have a maximum term of three years and must include at least a one-year moratorium.

Businesses with viable strategies to capitalize on opportunities created by the COVID-19 epidemic are also eligible to apply. The facility’s interest rate will be 9% per year, and working capital will be available for a maximum of one year with no option for rollover.

The amount of working capital available to qualified enterprises has been set at a maximum of 25% of their average annual turnover over the previous three years. If the company has not been in business for three years, it will be granted 25% of the preceding year’s turnover.

In this article, we have provided a guide to assist you with the application processes. Also, you have to understand that they are criteria for applying for the loan.

You are to meet these criteria if you wish to apply for the loan. well, you don’t have to panic for we have provided you with these qualifications. It’s easy, to qualify for this loan especially if you are a Nigerian.

Loan Application Criteria

Accordingly, you will need to have a registered business or company — with the Corporate Affairs Commission (CAC).

Additionally, as the CBN does not lend directly, you will need to be a customer of one of the eligible financial institutions i.e. PFIs.

Steps to the Loan Repayment

If you want to offset the loan bill, and you don’t know how to do so, you can follow the steps below to successfully repay the loan.

  • Visit any nearby NIRSAL MOB branches to obtain a repayment loan form
  • Ensure your loan account is always funded
  • Ensure that your account number has been previously shared in your mobile number
  • View your offer letter at www.covid19.nmfb.com.ng

Note: you are not to pay any money to anybody to assist you to obtain the loan or get the loan repayment form. if anyone asks to do so, kindly avoid the source.

Loan Approval Process

Below are the processes your loan application undergoes before its final approval by the authority.

First, you will have to fill out the loan application form and submit

Then, NIRSAL will then go through it and clarify all the details or information you provided after which it will be taken to CBN.

Finally, the CBN now verify your eligibility and determine if you are eligible to obtain the loan, But if you are qualified to obtain the loan, during the time of disbursing the loan to applicants, you will be among those that will benefit from it.

Frequently Asked Questions CBN Covid-19 Loan

How do I get the loan disbursed?

After applying for the loan and it happens that you qualify for the loan, it will be automatically disbursed into your bank account.

What is the eligibility for applying for the loan?

Accordingly, you will need to have a registered business or company — with the Corporate Affairs Commission (CAC).

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