If you have applied for the NIRSAL Microfinance bank loan and you want to know how to check your NIRSAL loan approval with BVN, you’re on the right page.
This article will show you how you can check NIRSAL loan application status using your bank verification number (BVN); and know if your application is approved or not.
- 1 How NIRSAL Loan Approval Works with BVN Number
- 2 What Kind Of Microfinance (NIRSAL) Bank Loan Can I Apply For?
- 3 3 Ways to Check NIRSAL Loan Application Status
- 4 How to check your BVN for a loan application
How NIRSAL Loan Approval Works with BVN Number
NIRSAL Microfinance bank is a reputable national bank in Nigeria with full license by the CBN to operate just like any other banks in the country.
NIRSAL Microfinance bank offers loans opportunity to customers, small to medium businesses who are eligible and meet the criteria. The loan can be upto N20 Million Naira.
Just like every other loan application, the NIRSAL Microfinance Bank loan needs to go through some processes before applicants can be approved. The approval process can take a while, usually between one to six months. How long it will take however, depends on the loan amount and the information at their disposal.
A team is set up to review and assess all the applications (both personal or business specific). The assessment is done to ensure that the amount applied for is not too small or too much and can be enough for the purpose in which they have stated in their applications.
Once the applicant qualifies for that amount stated in their applications and justifies the purpose of which the loan is meant for, the NIRSAL bank staff will approve the loan and send a notification to the applicants with an approved status either through the phone number they provided during registration or email address. In most cases, applicants will receive notifications on their phone and email address.
At this point, the individual applying on behalf of the business (in the case of businesses) can then proceed to the official website of NIRSAL Microfinance Bank to accept the terms and conditions attached with the loans.
Once the applicant accepts the loans’ conditions, the amount will be deposited into his NIRSAL bank account or any other Nigerian bank account submitted.
Applicants need not have a NIRSAL bank account but for faster payment, it is advisable to create an account with them.
Other recommended bank accounts for fast payment deposit are First Bank, UBA, GTBank, Zenith, Union, Fidelity and Access Bank.
Whichever bank you use – different from the above, maybe WEMA, Keystone, Polaris, FCMB, Heritage Bank, Ecobank, Stanbic, Sterling, Standard Chartered Bank etc, you will still safely get your money in your account.
What Kind Of Microfinance (NIRSAL) Bank Loan Can I Apply For?
There are many different types of loans the NIRSAL Microfinance Bank offers to eligible Nigerians.
Some of those loans are:
- Covid19 Support For Households and Businesses
- Non-Interest Targeted Credit Facility (TCF)
- Commercial Loan
- AGSMEIS loan etc.
How to Know if You Qualify for NIRSAL Loan?
The NIRSAL Microfinance Bank loan comes with eligibility requirements and thus, once you meet the requirements, apply and wait for the approval process. You will then be notified once your loan application is approved.
Not everyone who applied will be approved so, if you applied and you get disapproved, it means your application can not be processed futher. But you can still try again.
If you are applying for a loan for the first time then you have a good record with the Nigerian Credit Bureau, and a 95% chance of being approved for any NIRSAL loan especially the Household loan application.
However, if you have a good creditworthiness and credit score with the Nigerian Credit Bureau, you hold a good chance of getting approval for your loan application.
Note: when applying for business loans, a registered business name and physical address can help increase your chances of getting approved for Commercial loans.
3 Ways to Check NIRSAL Loan Application Status
1. By checking your email inbox and text message for any message from the microfinance bank.
2. By calling the customer the centres
3. By visiting the official website of NIRSAL Microfinance Bank and checking the application status using your bank verification number (explained below).
Steps to Checking NIRSAL Loan Approval Status With BVN Number
Here’s how to check NIRSAL loan approval status with your Bank Verification Number:
- Visit https://nmfb.com.ng using your phone or computer
- Click on “Application Status”
- Select “New” or “Returning Customer”
- Enter your BVN in the space provided and on “Next”. Your loan application status will be displayed on the next page.
If the system shows “In Progress” then check again after a few weeks.
If you receive a message like “Congratulations your NIRSAL loan of N500,000 has been approved” then proceed by accepting the loan terms and conditions and submit details of the bank account you will like to receive the money.
To maintain a good credit score ensure you pay up your loan before the due date. This will only boost your creditworthiness and open up opportunities in the future.
Alternatively, you can also use this NIRSAL Bank USSD Code *646# to check your loan approval status.
How to check your BVN for a loan application
Bank Verification Number (BVN) is a code used to verify the identity of each Bank’s customer for ‘know your customer’(KYC) purposes.
The BVN also helps loan facilitating companies to know the true identity of every customer to who they lend money. Therefore, your BVN is vital to completing and securing a loan application in Nigeria.
How to check your BVN by SMS
- Dial *565*0#
- You must use the phone number registered on your bank account
- The Nigerian Interbank Settlement System (NIBSS) will reply by sending your 11-digit BVN to your mobile phone.
- Charges of N20 apply.
- Visit the NIBBS portal
- enter your information
- Alternatively log into your Internet banking app.
How To Enroll for BVN
- Walk into any branch of your Bank
- Fill and submit the BVN Enrolment form.
- Present yourself for data capturing (such as Fingerprint, facial Image etc)
- An acknowledgment slip with the transaction ID is issued to you
- Within 24hours the system confirms your application, your BVN is generated, and you receive an SMS for pickup.
Benefits of BVN
- Your BVN gives you a unique identity that can be verified across the Nigerian Banking Industry (it is not peculiar to one Bank)
- Your Bank Accounts are protected from unauthorized access
- Its reduces fraudulent activities on bank account
- Gives easy access to Banking operations
- Your BVN is accepted as a means of identification across ALL Nigerian Banks.
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