How To Check NIRSAL Loan With BVN (Check Your Status and Approval)

Today we will be talking about how to check nirsal loan with bvn to know your application status if you have gotten approval or not. we will also brief little about what nirsal loan is all about, Nirsal products, how to apply, and some Frequently asked questions.

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what is nirsal microfinance bank all about

Nirsal is a Microfinance Bank in Nigeria Licensed as a Private Limited Company in 2019 by the Central Bank Of Nigeria(CBN) in order to carry out some banking services. They are specified by CBN to help Nigeria Youths and SMEs in lending funds and distribution of loans to Nigerians through the Central Bank Of Nigeria.

Presently Nirsal has over 115 branches in Nigeria and headquarters in Abuja

Nirsal Microfinance Bank Loans (Products)

Nirsal MFB has over 6 products or types of loans they are giving to Nigeria that are eligible.

Nigeria Youth Investment Fund: This type of loan is established to support Nigerian youth from age of 18-35. This will increase the youth’s productivity

Concept of Targeted Credit Facility (TCF): TCF loan was introduced after the COvid-19 outbreak to help the affected economy in the country. This loan helps the household and Micro, Small, and Medium Enterprises (MSMEs) to regain their productivity for economic development

Agri-Business/Small and Medium Enterprise Investment Scheme (AGSMEIS): The AGSMEIS was a plan by the federal government to promote the agricultural sector of the economy to help the farmers increase their productivity and other SMEs in the sector

The Anchor Borrowers’ Programme (ABP): This program is established by the federal government to help smallholder farmers to help them access quality agricultural products. Unlike AGSMEIS, ABP is a special loan product for smallholder farmers.

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Non-Interest Targeted Credit Facility [Household]: This type of loan is a special loan for households that is ready to build a new business or expand existing business while maintaining their lifestyle

Non-Interest Targeted Credit Facility [SME]: Just like the Non-Interest Targeted Credit Facility [Household] which is for household this type of loan are special for the Small and medium Enterprises.

How To Apply (Registration Procedure)

Before we will be talking about how to check nirsal loan with bvn let’s quickly talk about the registration procedure.

The application procedure requires only three steps which are ‘the request’ step then your wait for approval then payment or loan disbursement.

Step 1: Request: It is very easy to submit an application just visit https://nmfb.com.ng/ select the loan you are applying for and just follow the prompt

Step 2: Approval: This is the approval process you need to wait for your application to be examined by the NIRSAL MFB then you will need to wait till they send the request to the CBN

Step 3: Payment: This is the final payment stage where the CBN  will grant the loan and NIRSAL will be set to distribute the loan.

After the first stage or step of where you request the loan then you need to be doing follow-up and keep checking your status  if your request has been approved or granted then you will need to use your BVN to check that

How to check nirsal loan with bvn (Check Your Loan Status)

It is very easy to check the NIRSAL  Loan as long as you have Bank Verification Number (BVN) and you know before you can be thinking of checking the loan you would have applied or requested for any of the loans or products te offered

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The only thing you need to have is your BVN then you can use the BVN to check for your loan status

Depending on the loan type you will need to visit the Nirsal MFB portal with this link to check for any of the home Loans https://covid19.nmfb.com.ng/HomeLoans for SME loans use this link https://covid19.nmfb.com.ng/SmeLoan

Once you click the appropriate link depending on the loan you request then input your BVN and click validate BVN to check.

 

How To Repay Nirsal Loan

I know most people that borrow loans don’t always think about the repayment. But it is very important to know that 5% of the amount to pay will be removed even before you get the payment and the loan is to be paid in 3 years.

I know you are like what if not paid back? Well, that is the main reason they request your BVN for everything even to check the status you need BVN so that if failed repayment since your BVN is linked with all your accounts they will remove it from any of your accounts on monthly basis.

 

FAQ about Nirsal Loan

Now, let quickly give fast answers to some frequently asked questions about NIrsal MFB and its loans

How do I contact NMFB?

There are four ways you can contact NMFB is either (1) you locate their nearest office in your location or get to their main office at Lagos Island.
You can also contact them at 094621730 or through email at [email protected] on their official website https://nmfb.com.ng/  then you click help center.

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what is the full meaning of nirsal mfb?

The full meaning of Nirsal MFB is simple Nigeria Incentive-Based Risk Sharing System for Agricultural Lending MicroFinance Bank

who is the owner of nirsal microfinance bank

Presently the owner and CEO of Nirsal Microfinance Bank are Aliyu Abdulhameed.  He currently Managing Director/Chief Executive Officer the Nirsal MFB

What is nirsal loan application portal?

Nirsal loan application portal is https://nmfb.com.ng/ then you select the loan you want to apply for

what are the objectives of nirsal?

Basically, Nirsal was formed to increase the productivity of the agricultural sector of the country by giving the sector affordable loans facilities to ease their work and also reduce the risk of getting financial assistance

Where is Nirsal MFB located?

Nirsal MFB is located at 34 Marina Street, Lagos Island, Lagos.

Conclusion

In conclusion on How to check nirsal loan with bvn , you can easily do that by visiting either https://covid19.nmfb.com.ng/HomeLoans for home loans or https://covid19.nmfb.com.ng/SmeLoan if the loan you are checking for its approval is SME related.
Thank you very much for reading kindly leave a comment if you have any questions