EXPLAINER: How to repay your COVID-19 NIRSAL loan
Last week, NIRSAL Microfinance Bank (NMFB) called for repayment of COVID-19 loans to homes and businesses across the country.
The loan was part of the Central Bank of Nigeria’s Targeted Credit Facilities (TCF) to reduce the impact of COVID-19.
“NMFB loan repayment: We have played our part. It is now your turn,” the bank said in a tweet.
CBN launched the N50 billion TCF in March 2020 to support homes and micro, small and medium-sized enterprises (MSMEs) that have been particularly affected by Kovid-19.
The loans were disbursed to the beneficiaries by NIRSAL, an entity owned by CBN, at an interest rate of 5% with a mortgage term running till February 28, 2021.
At the expiration of the mortuary, the interest rate on the facility returns to 9% from March 1, 2021.
On the term of the loan, the apex said that the working capital would be for a maximum period of one year, there was no option for rollover. The maximum term of term loans is not more than three years, minimum, one year mortgage.
Households can access a maximum loan of N3 million whereas the loan amount for SMEs will be determined on the basis of the beneficiary’s cash flow and industry / segment size, subject to a maximum of N25 million.
As of December 2021, NIRSAL said it had disbursed N503 billion in loans to more than 881,081 Nigerians and businesses to mitigate the effects of the epidemic.
Via its official Twitter handle, NIRSAL explained how the loan repayment process works.
Here are five steps to repaying your loan:
VISIT ANY NIRSAL BRANCH
You are expected to visit the nearest NIRSAL branch to obtain a loan repayment schedule.
NIRSAL noted that this process is optional.
FUND YOUR LOAN ACCOUNT
You must ensure that your loan account is always funded.
CONFIRM ACCOUNT NUMBER
Your account number has been previously sent to your mobile phone via SMS.
VIEW YOUR OFFER LETTER
You can view your offer letter on the NIRSAL website for home loans and SME loan.
HAVE QUESTIONS? CONTACT CUSTOMER CARE
You can contact customer care on 09010026900-7 for further enquiries.
Going with these steps, you can easily repay your loan in no time.