Helpful Tips for Applying for CBN NIRSAL COVID-19 Loan in Nigeria
COVID19 has created a significant challenge for businesses, households, and other activities in the country. To address this, the Central Bank of Nigeria (CBN) has developed a plan to assist business owners and households in fully recovering from the pandemic’s challenges. In this post, you will discover the process for applying for the CBN NIRSAL COVID-19 Loan in Nigeria.
In response to the pandemic’s challenges, the Central Bank of Nigeria has announced a financial aid package to support households and businesses, including Micro, Small, or Medium Enterprises (MSMEs) that were impacted.
The emergence of the COVID-19 disease led to a sudden reduction in goods’ production and distribution, as well as significant chaos in financial markets.
Eligibility for CBN NIRSAL COVID-19 Loan
Below are the eligibility criteria for CBN NIRSAL COVID-19 Loan in Nigeria:
- Households that have persuasive evidence of livelihood severely affected by COVID-19.
- Existing enterprises with legitimate evidence of COVID-19’s adverse effects on their businesses.
- Enterprises with feasible plans for profiting from the opportunities resulting from the COVID-19 pandemic.
Interest Rate and Validity of the Loan
The interest rate for the CBN NIRSAL COVID-19 loan is 5% p.a. (all inclusive) up to February 28, 2021. After March 1, 2021, the interest rate will be 9% p.a. (all inclusive). The working capital is for a maximum period of one year without the possibility of rollover, while the term loan has a maximum period of three years with no less than a one-year moratorium.
Applying for the NIRSAL COVID-19 Loan
- Application: Submit an application letter to the NIRSAL Microfinance Bank (NMFB) accompanied by genuine evidence of the adverse effect of the COVID-19 pandemic.
- Approval: Your application will be examined and forwarded to the CBN for final approval.
- Payout: CBN examines applications and provides final approval for payout to NIRSAL MICROFINANCE BANK (NMFB).
How to Apply for NIRSAL COVID-19 Loan
To apply for CBN NIRSAL COVID-19 Loan, kindly go to and fill out the loan application form.
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Source: Nyscinfo.com
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