NIRSAL Loan: Check Out Frequently Asked Questions Plus Answers On CBN-backed Fund You Should Apply For

The Central Bank of Nigeria (CBN)  is currently taking applications for its N50 billion Targeted Credit Facility (TCF) aimed at supporting households and micro, small and medium enterprises (MSMEs) affected by COVID-19.

The stimulus package, set up by the apex bank in March 2020, is disbursed through the Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL) Microfinance Bank.

COVID-19 TARGETED CREDIT FACILITY APPLICATION REOPENED FOR FRESH APPLICATIONS.
TO APPLY, KINDLY USE THE LINK BELOWhttps://t.co/IrtBAfafY3 pic.twitter.com/iV2UUfb0JR

— Nirsal Microfinance Bank (@NirsalMFB) March 8, 2021

Announcing the portal reopening in a tweet on Monday, NIRSAL Microfinance Bank (NMFB) said applicants must be households and MSMEs with verifiable evidence of livelihood adversely impacted by the coronavirus pandemic.

Enterprises with sound plans to take advantage of opportunities arising from the COVID-19 pandemic are also eligible to apply.

The working capital to be offered to eligible businesses has been fixed at a maximum of 25 percent of the average of the previous three years’ annual turnover.

However, if the enterprise is not up to three years in operation, 25 percent of the previous year’s turnover will be offered.

Term loans have a maximum tenor of not more than 3 years with, at least, one-year moratorium.

Households can access a maximum loan of N3 million while the loan amount to SMEs shall be determined based on the cashflow and industry/segment size of beneficiary, subject to a maximum of N25 million.

Interested applicants can access the loan application portal via this link.

How do I access NIRSAL Loan?

Get trained by first selecting a CBN-Certified Entrepreneurship Development Institute (EDI) to guide you through the loan application process and ensure that all your documents are complete.

What is the interest for NIRSAL Loan?

The interest rate is nine percent (9%) per annum.

Do I need collateral for NIRSAL Loan?

No, this loan scheme does not require a collateral.

READ ALSO: Dear Nigerians, Application Portal For CBN-backed NIRSAL Loan Is Up And Running, See Simple Steps To Get Money Paid Into Your Account

How long will it take to receive the fund?

This loan scheme is designed to be easily accessible. The entire process is automatted. From application submission to disbursement takes six (6) to eight (8) weeks.

Has NIRSAL Loan disbursement started?

Yes, the lender has disbursed over N25 billion and this is still ongoing.