The Bank had earlier apologised explaining that the downtime experienced on the portal was due to the malfunctioning of the validation services which forms an essential part of the application process, while assuring that the it was working tirelessly to resolve the issues to ensure seamless application on the portal.
Interested applicants can now smoothly follow the old portal https://nmfb.com.ng/covid-19-support for the COVID-19 Targeted Credit Facility Loan or quickly follow the redirected application portal subdomains https://nmfbloans.nmfb.com.ng/nmfbloanapplicationportal, select COVID-19 TCF and then selected Household or SME.
Read Also: COVID-19 TCF Application: How to solve BVN Does not Exist, Invalid BVN issues
The COVID-19 Targetted Credit Facility is a soft Loan Scheme introduced by the Federal Government in March, 2020 as part of the Central Bank of Nigeria Intervention Scheme to cushion the effect of the COVID-19 Pandemic on Nigerian Businesses.
The loan features the Household Loan where an applicant can access up to N3 million without collateral at 5% interest rate until February, 2022, 9% interest rate for the rest of the years, 12months Moratorium, 3years maximum duration. There are more than 320,000 Nigerians who are current beneficiaries of the Household Loan since April, 2020.
It also features the SME Loan where a beneficiary has access to up to N25 Million at 5% interest rate until February, 2022, 9% interest rate for the rest of the years, 12 months Moratorium and 3 years maximum duration. It however requires supporting documents which form a part of its collateral system.
The Nirsal Microfinance Bank asides the CBN Intervention Schemes and just like other Microfinance Bank also offers Loans to its customers who have accounts with them at a subsidised interest rate through the Commercial Loan plan. NMFB petronises traders who deal in products such as Food, Electronics, Allied products, Computers/Phones, Spear parts etc.
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