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How To Apply For The NIRSAL Loan And CBN ₦50b COVID-19 Funding
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How To Apply For The NIRSAL Loan And CBN ₦50b COVID-19 Funding

Before I begin the article on how apply for the NIRSAL loan, I will be doing a brief introduction. The Federal Government, through the Central Bank of Nigeria has introduced COVID-19 support loans for households, SME and MSME.

The support funds and loans will be distributed by the NIRSAL Microfinance Bank, and it will have an interest of 5% per annum until 28/02/2021.

After that, it will be increased to 9% per annum.

Please note: The contents on this page was extracted from the internet and other reliable websites, and for informative purposes only.

Make proper researches before you make any commitments, and we would not be held liable for any financial or informative losses arising from actions taken.

If you need loans and funding for your business, you can also consider checking these 10 websites.

Who Is Eligible?

  • Households 

Households will be required to present a verifiable means of livelihood that was affected by the pandemic.

You will also give permission to the NIRSAL Microfinance Bank to access your previous financial records.

They can access a maximum of ₦3 million.

Requirements:-

Requirements for application include:

  • A valid means of identification ie international passport, driver’s license, voter’s card or national ID
  • Current utility bill
  • Loan application letter
  • Duly completed application form
  • Duly executed Guarantor form
  • Bank Verification Number
  • 2 recent passport-size photographs

If you want to apply as a business, then read on.

  • MSMEs/Corporate Enterprises

There are two types of funding for businesses and enterprises:-

  • Mini SME (business funding ranging from ₦3 million – ₦10 million)
  • SME Plus (business funding between ₦10.1 million and ₦25 million)
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The applying businesses will be required to provide evidences of business activities that were negatively affected by the pandemic.

You will be required to give permission to NIRSAL Microfinance Bank (NMFB) to access your financial records.

The final decision on whether to grant your request is left to the bank and other approving bodies.

Requirements:-

Requirements for application include:

  • A valid means of identification ie international passport, driver’s license, voter’s card or national ID
  • 2 recent passport-size photographs
  • Current utility bill
  • Bank verification number
  • Duly completed application form
  • Duly executed Guarantor form
  • Loan application letter

The loan amount will be determined by your previous financial activities, and it is pegged at a maximum of ₦25 million.

How To Apply For The CBN COVID-19 Loans

Depending on the one you are applying for, you will be directed a different application page.

The loans are all processed by the NIRSAL Microfinance Bank, and you will need a Microsoft account to use them.

You can visit this page to set up your Microsoft account if you don’t have one yet.

There will be a lot of submissions, so I suggest you send in your applications with the necessary requirements.

Time waits for no one you remember? Start the submission as soon as possible if you want to stand a chance.

Thanks a lot for reading along.

You can drop us your questions if any, and don’t forget to share to your friends.

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Before you leave, also check out our next article on how to make money from shooting of comedy skits in Nigeria.

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Nigerian twin writer, photographer, FX trader and YouTuber. I focus on biographies, business and tech. You can connect with me on Facebook and Twitter @Chimaizuobi!