COVID-19 TCF: NMFB closes application for 2021 COVID-19 Loan, continues with approval and disbursement

The Nirsal Microfinance Bank has officially closed the COVID-19 Loan application which was reoped on 7th March, 2021 by the bank, to enable Nigerians participate in the 2021 phase of the Central Bank of Nigeria (CBN) COVID-19 Intervention Programme which commenced in 2020.

Reopening the application which lasted for 5 weeks and few days through the application portal https://nmfb.com.ng/covid-19-support, https://nmfbloans.nmfb.com.ng/nmfbloanapplicationportal, the management of NMFB had called on interested Nigerians to take advantage of the Scheme to better their livelihood as the Federal Government intensifies efforts for economic recovery and sustainability.

The COVID-19 Targeted Credit Facility is a soft Loan Scheme introduced by the Federal Government in March, 2020 as part of it's several plans 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 duration, 12months Moratorium and 3years maximum duration.

Currently, NMFB has disbursed a large sum of N155,635,183,000 to 425,763 Nigerians under the Household Loan, to enhance the growth of their businesses.

The Scheme also features the SME Loan where a beneficiary has access to a maximum of N25 Million at 5% interest rate until February, 2022, 9% interest rate for the rest of the duration, 12 months Moratorium and 3 years maximum duration. It however requires supporting documents which form part of its collateral system.

NMFB states that it has disbursed the sum of N63,380,027,600 to 50,671 Nigerians under the SME Loan to boost their businesses.

Read Also: COVID-19 TCF: Old and New Applicants, keep checking your Application Status

The Central Bank of Nigeria after several consideration of the positive impact of the loan scheme on Nigerian Businesses, has increased the fund earmarked for the scheme twice - from an initial N50billion to N150 billion and currently N300 Billion - which would enable more Nigerians benefit from the loan Scheme.

The Nirsal Microfinance Bank asides the CBN Intervention Schemes and just like other Microfinance Banks also offers Loans to its customers who have accounts with the bank, at a subsidised interest rate through the Commercial Loan plan. NMFB states that it petronises traders who deal in products such as Food, Electronics, Allied  products, Computers/Phones, Spear parts etc.