How to Check NIRSAL Covid-19 Loan Approval with BVN

If you are asking “how do I check NIRSAL Covid-19 loan approval?” Read on! Because this post is about providing an answer to your question.

Some applicants apply for NIRSAL Microfinance loans and forget to check the status of their loans on the portal regularly.

However, in recent developments, the NIRSAL Microfinance team reacted to the enquiries made by many Nigerians over the approval of their COVID-19 NIRSAL loan requests.

If you are among those people who applied for the NIRSAL Microfinance Covid-19 loan and want to know the next step to take, this article will show you how to check the status of your COVID-19 loan application.

Steps to take to check your NIRSAL Covid-19 Loan Application

Note that you must have a profile on the platform before you can access the portal.

Also, the Nirsal Microfinance Loan is disbursed only to qualified and successful applicants.

Step 1. Open the NIRSAL loan platform (the official website) and log in to your profile to check the status of your loan in order to ascertain if you are still on the right path to receiving the covid-19 loan support.

Step 2: At the top right-hand corner, click on the COVID-19 support link

Step 3: “Click Here to Provide Other Bank Account” which takes you to 1) SME, 2) Household loan categories.

Step 4: Verify your account by submitting your BVN. If your application is successful, a window will pop up showing you the amount approved.

Step 5: Proceed by accepting the terms and conditions if you want to take the loan and fill in your bank details; the bank account you provided is where your money will be deposited. While some banks are slow to process the loan deposit, other banks complete the transaction within a few hours.

Checkout list of banks for a faster loan deposit

A director will be attached to you as the director in charge of your payment with his name and contact and will guide you on the procedure for repaying the loan.

In the meantime, here’s how to repay your COVID-19 loan application

How to Repay Covid-19 Loan

COVID-19 loan is not a “non-repayable” loan as many people thought. Although the loan is through the federal government of Nigeria, all beneficiaries must repay the loan amount before the due date. Therefore make sure you don’t default on your loan repayment.

All successful applicants are to repay within 3 years. 

Refusing to pay will only affect your creditworthiness and credit score while the money will still be collected from your BVN-linked accounts.

Click here to continue on how to repay your COVID-19 loan support

About the Covid-19 Loan Application

Targeted Credit Facility for COVID-19 Household and SME loans are part of the funding initiative of the federal government through the Central Bank of Nigeria (CBN). The aim is to alleviate the effect of the coronavirus pandemic, which has affected almost all businesses across all sectors.

The loan facility from the NIRSAL Microfinance Bank is not limited to the Covid-19 loan support, there’s also the Agric-Business Small and Medium Enterprises Investment Scheme (AGSMEIS) loan.

Nirsal MFB loan Application Link

Use the NIRSAL application links below to check your application status:

1. SME: https://covid19.nmfb.com.ng/SmeLoan
2. Household: https://covid19.nmfb.com.ng/HomeLoans.

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