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

Would you like to apply to the CBN Covid 19 Loan relief of the CBN/Nirsal Bank Microfinance Bank?

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

Eligible Participants for CBN/Nirsal Covid 19 Loan

The Central Bank of Nigeria, in alliance with all the Nirsal Microfinance Bank, have disclosed the categories with people who will take advantage of the stimulus package.

Prior to deciding to go to apply to the loan, you can examine when you are on the list of eligible participants. If you aren’t eligible, as there are daft applying for your application are going to be considered invalid.

The next categories of persons meet the requirements for the Nirsal Covid 19 Loan;

  • Households with verifiable proof of livelihood adversely impacted by COVID 19. Including households having teachers, flight workers etc.
  • Existing companies with proof of business activities adversely affected resulting from the COVID 19 pandemic. Including inter-state transport companies, Private Schools as well as likes.
  • Enterprises with bankable promises to benefit from opportunities arising through the COVID 19 pandemic.

Eligible Nirsal Covid 19 Loan.

The next business activities are qualified for apply to 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
  • Any rewarding activity as could be presented from the Central Bank of Nigeria.

Loan Information

Loan Limit on Nirsal Covid 19 Loan

  • For Small, and Medium Enterprises (SMEs), you’ll be able to receive that loan amount about 25 million naira.
  • For Micro Enterprises and Households, you’ll be able to receive that loan amount about 3 million naira.

Interest Rate

The Interest Rate differs with respect to time. A persons vision rate per annum is 5%.Therefore when you start trying to pay back your loan ahead of the stated date, you may simply pay interest in it of 5%.

Subsequently, through the 1st, March 2023, a persons vision rate will revert to 9% per annum. Therefore, loan beneficiaries will pay 9% interest per annum through the said date.

Loan Tenor on Nirsal Covid 19 Loan

  • The running capital is designed for a year
  • On the flip side, term loan is designed for 3 years

Collateral Requirement

Yes, you may need collateral to get your loan amount, but is not always. The collateral is simply meant for SMEs, who desire for taking loan.

Micro Enterprises and Households who want to the financing, does not need to bring a collateral.

With the SMEs, this collateral becomes necessary;

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

Exit Date

The Nirsal Covid 19 Loan Application Portal, which happens to be opened to new applicants will be closed soon, please log into your portal below for actual date. It will no longer take in new Applications.

CBN/Nirsal Covid 19 Loan Application 

The way in which this loan programme works is extremely simple. You can accomplish it in 3 easy steps. You will not need to confuse yourself with multiple steps.

  1. Visit the Nirsal Covid 19 Application Portal here.
  2. Begin and take care of your application process. Thereafter, wait for Central Bank of Nigeria to see the loan application and approve it.
  3. After approval from the CBN, your funds are going to be disbursed in your Bank account.

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