This is to inform all applicants that applied for the NMFB CBN COVID-19 Loan, that a repayment platform for the Loan repayment has been created through the Bank Verification Number (BVN).

Did you apply for the NIRSAL CBN COVID-19 Loan? Are you a beneficiary or have benefited from the NIRSAL CBN COVID-19 Loan? If yes, remember that you getting alert is not a guarantee that you will not pay back, when the duration period for repayment reaches or Loan period expired, you will pay back your loan to the Central Bank of Nigeria through your BVN.

If your account has been credited, congratulations but please note that you have not gotten free money.

There are some applicants who said they cannot access the loan platform; the Loan Platform can be accessed in mobile or desktop or laptop computer. Google Chrome is preferable.

The following listed links below is for the NIRSAL CBN COVID-19 Loan, choose any that suits you and apply.

SME APPLICATION – CLICK here

HOUSEHOLD APPLICATION – CLICK here

MICRO ENTERPRISE APPLICATION – CLICK here

Interest Rate for NMFB COVID-19 Loan Application

Interest rate under the intervention shall be 5% p.a. (all inclusive) up to 28th
February 2021 and thereafter, the interest on the facility shall revert to 9% p.a. (all
inclusive) as from 1st March 2021.

Duration of Loan

Working capital shall be for a maximum period of one year, with no option for
rollover. Term loan shall have a maximum tenor of not more than 3 years with, at
least, one-year moratorium.

Repayment Process for NIRSAL CBN COVID-19 Loan

All Repayment shall be made on installment basis by the beneficiaries to the NMFB
according to the nature of enterprise and the repayment schedule/work plan
provided at the application stage.

The followings should be noted;

You are going to pay back with no one policing you. You have sign agreement with NMFB to take any money in your account should you do not payback.

It means the only condition for not paying back is if no money comes into your other accounts link with your BVN.

So, use the money well, it is a loan, not a grant. NIRSAL through CBN will take everything that passes through your account including your salary if you do not payback.

Secondly, what you see as credit alert is not what you borrowed, 4% interest and administration fee have been taking upfront if, for example, you see N425,100 what you are paying back is N450,000.

The moratoriums are the grace period before deduction will begin and the repayment period is the number of installments. If it is 12 months, it means N450, 000 not N425,000 divided by 12 and that is what you will start paying monthly from September.

Another strong warning on CBN COVID-19 Loan Repayment is that you cannot escape the repayment, not even death. Even when you change your name, you can NEVER change your fingerprints. They would locate your guarantors to continue servicing the loans from where you left it.

They can only give your guarantors some time to start paying should in case there is an eventuality of death.

By noble

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