How To Check NIRSAL Loan with BVN (2022 Guide)
Have you applied for the NIRSAL loan and you don’t know how to check NIRSAL loan with BVN? Or maybe you don’t even know about the NIRSAL loan but you’re in need of financial assistance from the federal government? Or probably you may not care about loan or grants but your friends seem to be talking about NIRSAL loan and you don’t want to be left behind in knowledge? Then this post is for you (and those your friends included). The plan is to give you an all-round knowledge about NIRSAL and the loan scheme and how to check your loan status with BVN.
What’s The NIRSAL Loan?
NIRSAL stands for Nigeria Incentive-Based Risk Sharing System for Agricultural Lending and it is a financial institution solely owned by the Central Bank of Nigeria (CBN) but that is not our focus in this post (no more distractions, I promise!), although more information about NIRSAL can be gotten from their site which is www.nirsal.com.
After seeing how the plague of Covid 19 disrupted the Nigerian economy on a grand scale, how numerous businesses were shut down and those who remained could hardly pay their staffs, how a lot of Nigerians were unemployed and others had their salaries slashed, the CBN decided to alleviate the scourge of the pandemic by providing credit facilities worth fifty billion naira to support households and MSMEs–micro, small and medium enterprises– (finally, they’ll give us our palliative).
Conditions for Eligibility?
As with all government grant or schemes, you must be eligible (this is not a national cake something), and the criteria for eligibility are;
- Individuals or households whose livelihood has been really affected by the pandemic with evidence (as if the standard of living is not enough). They are entitled to a loan of up to 3 million naira only for 3 years at 9% interest rate per annum. No collateral is required.
- Businesses whose activities have also been affected by the pandemic with evidence. They are entitled to a loan of up to 25 million naira only for 3 years at 9% interest rate per annum. Collateral is required.
- Organizations with credit worthy plans to take advantage of opportunities that the pandemic has provided.
Please note that currently, applications for the loans have closed at the moment, the portal only allows for checking of loan status. Also be aware of the fact that you probably won’t be selected but that doesn’t mean it’s not genuine (is not every money that must pass through your hands).
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How to Check NIRSAL Loan With BVN
If you successfully applied for the loan, follow these steps to check the status of your kulele!
- Open your browser (obviously)
- Depending on the category you registered under, click the respective link:
- https://covid19.nmfb.com.ng/HomeLoans – for individual/households
- https://covid19.nmfb.com.ng/SmeLoan – for SME
Clicking on those links will take you directly to the page where you’ll input your BVN, alternatively, (especially if you’re the no shortcut kind of person) you can:
- Go to https://www.nmfb.com.ng/
- Click on the covid-19 support feature located at the top right-hand corner of the page
- You’ll see an option tagged “Click here to provide other bank account”, Tap on it
- Select one of the two categories you registered under (that is, SME 2. Household)
At this point, you’ll be directed to the same page of BVN validation that you would have gone to if you had clicked any of the first two initial links (but you said you like trekking).
- Input your 11-digit BVN to check if you have received your package and hit the “validate” button
- If your loan application was successful, a pop-up window will come up showing you the loan amount approved for you.
- Claim your loan by providing your account information exactly as directed by the site.
Please note the name of the name of the director in charge of your payment, his/her details and repayment procedures (yes, repayment! You’ve forgotten it’s a loan abi?). Also take out time to go through the terms and conditions surrounding your loan (e get why!). Failure to pay back the loans will result in your account being debited every month till the money is complete. (Remember, they have your BVN!)
“This BVN detail does not exist” message
Not everybody might necessarily need to check NIRSAL loan with BVN, there are some that might get text messages alerting them of the success of their loan application.
Others were greeted with the “This BVN detail does not exist” message when they tried to check NIRSAL loan with BVN.
If you’re among this category, then you just have to exercise patience and hope your loan is approved. This is because most likely than not, it has been rejected (or it’s pending).
Forgotten your BVN?
What if you’ve forgotten your BVN, or where you have it written is far from your reach? There’s a quick way to get your BVN using USSD.
However, you must use the network provider that is linked to your bank account to dial the code.
Note that #25 will be deducted from your airtime balance anytime you use this service. The USSD code to dial is *565#.
Carefully copy out this number and keep it close by (except you have #25 to be giving your network provider).
As regards how to check NIRSAL loan with BVN, you may need to open an account with NIRSAL microfinance bank. This is so you can access the loan as that is the platform to disburse payments.
Also, there’ll be a 5% charge deduction from the loan before disbursement.
Concluding this post, this is quite an applaudable step by the federal government in collaboration with the CBN. It is more than commendable considering the economic effect of the pandemic on the citizenry.
It is safe to say that this is one of workings of the present administration. One can surely give a positive appraisal whichever way you choose to look at it.
However, one wonders if it would be asking too much of the present administration to give grants and not loans. This is because loans would be difficult to pay back at such a time as this!
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