Advice On CBN Covid-19 Loan.

Covid-19 has affected many businesses and families in Nigeria, yes, this can not be ignored and therefore the Government of Nigeria by the Financial Institutions in Nigeria added another 50 million naira ($ 120 million) for its Mortgage Plan.

This money is to be disbursed by NIRSAL Microfinance Bank as a loan to micro-small and medium-sized enterprises (MSMEs) as well as households that are affected by the pandemics.

It will attract a 9% annual interest. Many people have received their own and many are about to receive their own.

As you can see this is a loan and that’s why it attracts interest.

There is no way you can run away from paying back because your BVN is attached to your document.

Many have used their own for domestic purposes which is not the government plan for releasing the funds.

Advice

1. Don’t use it to settle debt because when it’s time to pay back you will be in financial problem.

2. As you get it, maintain your normal way of living and invest wisely.

3. Don’t spend the money on unnecessary things, use it to grow your business.

4. Keeping track of how you spend and how you invest it, as financial records show where exactly your money is going.

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Covid-19 Loan Dangers

The Central Bank of Nigeria working together with Nirsal Microfinance Bank started the disbursement of credit facilities to applicants from the first quarter of 2020 as directed by the Federal Government of Nigeria to help mitigate the impact of the coronavirus pandemic on households and MSMEs.

Many people are beneficiaries of this loan scheme, and a lot of people have been joyously smiling to the bank since 2020.

However, Nigerians should not forget that there are some probable dangers associated with the loan.

1. It is a loan and not a grant. It is a debt on you, and not a free gift.

2. If the loan is not invested wisely. You may lose the entire money.

3. Your BVN carries all your details; thus, you cannot run away from the government when it is payback time.

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