EXPLANATION: How to repay your NIRSAL COVID-19 loan
Last week, NIRSAL Microfinance Bank (NMFB) has called for the repayment of COVID-19 loans issued to households and businesses across the country.
The loan was part of the Central Bank of Nigeria’s Targeted Credit Facilities (TCF) to cushion the effect of COVID-19.
“NMFB loan repayment: we have played our part. Now it’s your turn,” the bank said in a tweet.
— Nirsal Microfinance Bank (@NirsalMFB) February 7, 2022
The CBN had in March 2020, introduced the 50 billion naira TCF to support households and micro, small and medium-sized enterprises (MSMEs) that have been particularly affected by COVID-19.
The loans were disbursed to the beneficiaries by NIRSAL, an entity owned by the CBN, at an interest rate of 5% with a moratorium period that lasts until February 28, 2021.
When the moratorium expires, the interest rate on the facility reverts to 9% from March 1, 2021.
Over the term of the loan, apex said the working capital would be for a maximum of one year, with no rollover option. Term loans have a maximum term of up to three years with at least a one-year moratorium.
Households can access a maximum loan of N3 million while the SME loan amount will be determined based on cash flow and the size of the beneficiary’s sector/segment, subject to a maximum of N25 million. naira.
As of December 2021, NIRSAL said it had provided loans worth N503 billion to over 881,081 Nigerians and businesses to cushion the effects of the pandemic.
Via its official Twitter account, NIRSAL explained how the loan repayment process works.
Here are five steps to repaying your loan:
VISIT ANY NIRSAL BRANCH
You must visit the nearest NIRSAL branch to obtain a loan repayment schedule.
NIRSAL noted that this process is optional.
FUND YOUR LOAN ACCOUNT
You must ensure that your loan account is always funded.
CONFIRM ACCOUNT NUMBER
Your account number has been previously sent to your mobile phone by SMS.
VIEW YOUR OFFER LETTER
HAVE QUESTIONS? CONTACT CUSTOMER SERVICE
You can contact customer service on 09010026900-7 for more information.
By following these steps, you can easily pay off your loan in no time.
— Nirsal Microfinance Bank (@NirsalMFB) February 9, 2022