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Apply For CBN Covid-19 Loan: Nirsal Covid 19 Loan Application Portal is Now Open

Do you intend to apply for the CBN Covid 19 Loan relief from the CBN/Nirsal Bank Microfinance Bank?

The Central Bank of Nigeria introduced the Fifty billion naira Targeted Credit Facility (TCF) as a stimulus package to aid households and Micro, Small and Medium Enterprises (MSMEs) suffering from the Covid 19 pandemic.

Eligible Participants for CBN/Nirsal Covid 19 Loan

The Central Bank of Nigeria, in alliance with the Nirsal Microfinance Bank, have disclosed the types of individuals who may benefit from the stimulus package.

The next types of individuals are qualified to receive the Nirsal Covid 19 Loan;

  • Households with verifiable proof livelihood adversely suffering from COVID 19. Including households having teachers, flight workers etc.
  • Existing companies with proof business activities adversely affected consequently of the COVID 19 pandemic. Including inter-state transport companies, Private Schools and the likes.
  • Enterprises with bankable plans to make the most of opportunities arising from the COVID 19 pandemic.

Eligible Nirsal Covid 19 Loan.

The next business activities are eligible to apply for the Nirsal COVID 19 fund Relief;

  • Agricultural Value Chain Activities
  • Hospitality (Accommodation and Food Services) e.g Restaurants, bars, clubs, hotels, junk food joints etc.
  • Health (Pharmaceuticals and Medical supplies).
  • Airline Service Providers.
  • Manufacturing/Value Addition.
  • Trading
  • Some other income-generating activities might be presented by the Central Bank of Nigeria.

Loan Information

Loan Limit on Nirsal Covid 19 Loan

  • For Small and Medium Enterprises (SMEs), you are able to be given a loan amount as much as 25 million naira.
  • For Micro Enterprises and Households, you are able to be given a loan amount of as much as 3 million naira.
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Interest Rate

The Interest Rate differs according to time. The interest rate per annum is 5%. This implies that should you start paying back your loan prior to the stated date, you are only going to pay a pastime of 5%.

Subsequently, from the very first, March 2021, the interest rate will revert to 9% per annum. Therefore, loan beneficiaries will undoubtedly be paying 9% interest per annum from the said date.

Loan Tenor on Nirsal Covid 19 Loan

  • The working capital is for twelve months
  • On one other hand, a term loan is for 3 years

Collateral Requirement

Yes, you will need collateral to get your loan amount, although not always. The collateral is necessary for SMEs, who would like to take the loan.

Micro Enterprises and Households that are enthusiastic about the loan, won’t need to create collateral.

For the SMEs, the next collateral is necessary;

  • Moveable asset(s) duly registered on the National Collateral Registry.
  • Simple deposit of title documents, in the perfectible state.
  • Deed of debenture(for stocks), in the perfectible state.
  • Irrevocable domiciliation of proceeds.
  • Two (2) acceptable guarantors.
  • Personal guarantee of the promoter of the business.
  • Life Insurance of the Keyman, with NMFB noted as the very first loss payee.
  • Comprehensive insurance on the asset.

Exit Date

The Nirsal Covid 19 Loan Application Portal, which can be currently opened to new applicants will power down on soon, please log to the portal below for the actual date. It will not ingest new Applications.

How to apply for CBN/Nirsal Covid 19 Loan 

The way in which this loan programme works is quite simple. It can be achieved in 3 easy steps. You don’t have to confuse yourself with multiple steps.

  1. Visit the Nirsal Covid 19 Application Portal here. http://nmfbng-website.azurewebsites.net/covid-19-support/
  2. Begin and complete your application process. Thereafter, watch for the Central Bank of Nigeria to examine your loan application and approve it.
  3. After approval by the CBN, your funds will undoubtedly be disbursed to your Bank account.
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