How to check Nirsal Loan Approval with BVN Number: If you are lucky to be among those who were able to register during the COVID-19 NIRSAL loan application and you are yet to receive your loan. Then this post is for you. Recall that in March 2021, the Central Bank of Nigeria (CBN), through NIRSAL Microfinance Bank, reopened its portal for Micro, Small and Medium Enterprises (MSMEs) and households affected by COVID-19 to access up to N25 million, according to Nairametrics.
Thus, in this blog post, I will unveil how to check Nirsal loan approval with a BVN number. So continue reading to get the most out of this post.
About Nirsal
NIRSAL Plc. is the Nigeria Incentive-Based Risk Sharing System for Agricultural Lending. It is a US $500 million un-bank Financial Institution owned by the Central Bank of Nigeria (CBN). It is one of the leading non-banking financial institutions in Nigeria established in the year 2013.
The establishment was in collaboration with the Federal Ministry of Agriculture and Rural Development (FMARD) and Nithe Nigerian Bankers’ Committee. Its mandate is to stimulate the flow of affordable finance and investments into the agricultural sector.
Its aim is to redefine, dimension, measure, re-price and share agribusiness-related credit risks in Nigeria. All these are carried out through its five (5) strategic pillars, namely: Risk Sharing, Insurance, Technical Assistance, Incentives, and Rating. As part of the Federal Government of Nigeria’s aim to lessen the negative effect of COVID-19 on its citizens, the Nirsal was entrusted with disbursing loans to people.
Nirsal Loan Requirements
Before you can apply for the Nirsal loan it is mandatory that you fulfill some requirements. We all know that the Nigerian Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL) provides loans to support agricultural activities in Nigeria. Accordingly, the requirements for obtaining a loan from NIRSAL depend on the specific loan program you are interested in. However, some general requirements that must be available are that you must;
- Be a Nigeria citizenship
- Possess a registered business or cooperative society
- Have an agricultural project or enterprise
- Be able to provide a detailed business plan or proposal for your agricultural project
- Possess a collateral or acceptable security for the loan
- Have a bank verification number (BVN) and Tax Identification Number (TIN)
- Also, have a good credit history and a satisfactory credit score.
How To Check Nirsal Loan Approval With BVN Number
In order to know how to check Nirsal’s loan approval with the BVN number follow the steps below.
Step 1: The first thing you need to do to check the approval status of your NIRSAL loan application using your BVN number is to visit the NIRSAL Microfinance Bank (NMFB) loan portal.
Step 2: Then click on the “Check Loan Status” on the menu bar at the top of the page.
Step 3: After that select the loan program you applied for from the drop-down menu.
Step 4: The next thing to do is to enter your BVN number in the space provided.
Step 5: Lastly click on the “Submit” button to check the status of your loan application. If your loan application has been approved by Nirsal you will see a message indicating that your loan has been approved. Also, the status of your loan disbursement will be displayed.
But, if the loan you applied for has not been approved the portal will display a message indicating that your loan application is still being processed. Ultimately, if you are not eligible for the loan. Then your loan application will be declined.
How to repay the Nirsal loan
It is important to note that if your loan application is successful you must pay the bank as at when due. Opposite to what most applicants have in mind, the loan is repayable. The federal government of Nigeria has warned that the loan must be repaid by all successful applicants.
Furthermore, you should note that 5% of the total funds you are to receive will be deducted before payment is made to you. This is done so as to make sure you don’t default in repayment. In order to ease the payment for you the money will be deducted directly from your account on a monthly basis for a duration of 3 years. Whether you want to pay or you do not want to since your BVN has been linked to all your accounts, the amount will be deducted monthly from your account.
Conclusion
Nirsal has been the eye of the Federal Government since the inception of COVID-19 for the disbursement of loans. Due to many applications, many are yet to receive their own loan. If you fall into that category of those who have theirs then with this blog post you should not have a problem with how to check Nirsal loan approval with a BVN number.
Ultimately, if you still have issues with how to check Nirsal loan approval with BVN number you can contact NIRSAL by visiting their official website at https://nirsal.com/ or by emailing them at info@nirsal.com. Besides, you can also contact the NIRSAL Microfinance Bank (NMFB) for assistance with other loan applications and loan disbursement.
Frequently Asked Questions On How To Check Nirsal Loan Approval With BVN Number
Below are some of the frequently asked questions on how to check Nirsal loan approval with a BVN number you might have in mind.
What services does NIRSAL Plc? provide?
NIRSAL is a body that oversees the welfare of farmers in Nigeria. Some of the services they provide include risk management, credit guarantees, technical assistance, value chain finance, and insurance services to farmers and agribusinesses in Nigeria.
How can I apply for a NIRSAL loan?
If you intend to apply for a NIRSAL loan the first thing you need to do is to visit the NIRSAL Microfinance Bank (NMFB) loan portal. After that, you can then follow the instructions for the loan program you are interested in.
What are the eligibility requirements for a NIRSAL loan?
Nirsal grants different types of loans to individuals thus, the eligibility requirements depend on the specific loan program you are interested in. However, every individual who intends to apply for the loan must have;
- Nigerian citizenship
- A registered business or cooperative society
- A viable agricultural project or enterprise
- And ultimately a good credit history.
Other required documents will be stated
What collateral or security is required for a NIRSAL loan?
Just like most loan providers, NIRSAL also requires collateral or security for a loan you applied for. However, the type of collateral or security required depends on the loan program and the amount of the loan you applied for. However, acceptable collateral or security may include land, equipment, or any other tangible assets.
How long does it take to get a NIRSAL loan approved?
The time taken to get a NIRSAL loan approval depends on many factors. Some of these include the time it takes to complete your loan application form, how genus your information is and your bank details, the loan program you are applying for, the amount you applied for, and the volume of loan applications being processed at the time. Nevertheless, NIRSAL will try to process your loan applications as quickly as they can.
