NMFB Household Loan (NIRSAL COVID-19 Application Form)

Are you interested in NMFB COVID-19 household loan application form, NIRSAL covid loan application portal, and approval update to check BVN number?

If YES, then this article is only what you need to read today.

Getting started…

Why NIRSAL Microfinance Bank?

NIRSAL Microfinance Bank (NMFB) is a Nigerian Financial Institution licensed by the Central Bank of Nigeria (CBN) to carry out specialized banking services.

NMFB was incorporated as a Private Limited Company in 2019 and begun operations, following the grant of a National Microfinance Bank license by the Central Bank of Nigeria, in the same year.

Besides the inherent responsibilities of the national license, NIRSAL Microfinance Bank is primarily an Intervention Bank; a viable channel for the on-lending of special funds from the Central Bank of Nigeria to qualified citizens of Nigeria.

The Bank is owned 75% by the Bankers Committee, 15% by NIRSAL and 10% NIPOST.

Currently, NIRSAL Microfinance Bank has its headquarters in Abuja, with a network of 115 branches in all the states of the federation.

Concept of Targeted Credit Facility (TCF)

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

These outcomes have had severe consequences on households’ livelihoods and business activities, resulting from a drop in global demand, declined consumer confidence and a slowdown in production.

In this respect, the Central Bank of Nigeria (CBN) introduced the ₦50 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.

NMFB Household Loan Eligibility

1. Households

Households with verifiable evidence of livelihood adversely affected by COVID-19.

2. SMEs

Enterprises with bankable plans to take advantage of opportunities arising from the COVID-19 pandemic.

How NMFB Household Loan Works

1. Apply

The process is straightforward, as 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 because of the COVID-19 pandemic.

2. Approval

Your application is reviewed and forwarded to the CBN for final approval.

3. Disbursement

CBN reviews applications and gives final approval for disbursement to NMFB.

What is the interest rate?

The 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 3 million.

The loan amount to SMEs shall be determined based on the activity, cash-flow and industry/segment size of beneficiary, subject to a maximum of 25 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.

Want to speak with someone?

09010026900, 09010026901, 09010026905, 07041800003, 094621730 Monday to Friday (8am – 5pm).

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Saint Chinedu

My GOAL is to equip you with the right strategy and working information to improve your academic performance, financial situation, and health this month.

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