COVID-19 Targetted Credit Facility Loan: Do this to know if your loan has been approved

Following the cry of the June/July Applicants of the COVID-19 Targetted Credit Facility Loan, ecstasy has continued to fill the air as many of the applicants wear a new look over the approval of their loans.

Recall: COVID-19 Targetted Credit Facility Loan: June and July applicants lament

COVID-19 Targetted Credit Facility Loan: June applicants, Nirsal begins disbursement

Just yesterday, another wave of approval continued with some applicants of the loan confirming to have been approved without a text notification from the Nirsal Microfinance Bank.

To check if your Loan has been approved, follow this method:

1. Click here

2. When it loads, select the type of Loan you applied for. Either SME or Household.

3. Enter your BVN. Do not worry, the website is safe. That's the official website of Nirsal Microfinance Bank.

4. A response will be displayed.

If it says your Loan has been approved, it will load your details asking you to accept your Loan offer. Proceed to complete the process and enter your account number.

If it says 'Your loan has not been approved, check back later', kindly check back later as they said.

If it however displays "BVN does not exist", do not panic. Just keep checking back from time to time as approval is on going.

Note that in order to ensure larger distribution of the allocated fund for the COVID-19 Targetted Credit Facility, the Federal Government decided on cutting down the amount of proposed loan per individual. What this means is, if you applied for N1million, you may get N500,000 or N300,000 approved so that many other Nigerians that applied would benefit too.

The COVID-19 Targetted Credit Facility Loan is a palliative Loan introduced by the Federal Government in April, 2020 to cushion the effect of the COVID-19 pandemic on Small and Medium Enterprises (SMEs) which featured the SME and Household Loans, and disbursed by the NIRSAL Microfinance Bank at 5% interest rate for the 1st year and 9% interest rate for subsequent years for 3years maximum duration.