Step By Step Guide On How To Check Your NIRSAL Loan Approval Status

February 20, 2022

How To Check Your NIRSAL Loan Approval Status

In this article, we'd be seeing a step by step guide on how you can check the approval status of your COVID-19 NIRSAL loan requests.

If you're a Nigerian resident, I believe you must have heard about the NIRSAL, a microfinance bank stationed to provide SMEs, entrepreneurs and business owners with financial assistance to keep their businesses going.

NIRSAL is an abbreviation for Nigeria Incentive-Based Risk Sharing System for Agricultural Lending and is licensed by the CBN and the federal government of Nigeria.

While they appear to be more focused on agri-businesses, they also fund Nigerian businesses in other sectors through loans.

Eligibility Criteria

As you already know, the Nirsal Microfinance Loan will only be disbursed to those who are considered qualified applicants. Kindly check out the eligibility criteria to ensure that you're eligible for the loan:

For starters, the primary class of people who qualify for the COVID-19 funds are individuals and households that can show enough proofs that they've been affected by COVID-19.

On the other hand, business owners are to show that their businesses and/or business activities were directly affected by COVID-19.

How to check NIRSAL loan approval with BVN number

• The first step to take is to check your email address for a mail indicating that you've been granted access to the loan.
• If you didn't get any mail, you'll have to proceed to the next step visit
• Next, you need to verify your account by submitting your Bank Verification Number. If you've gotten approved for the loan, a window will pop open showing you the amount approved for you.
• Congrats, the next step is to claim your loan. Provide your bank details and information in the correct format. There is a space for that on the portal.
• Finally, (carefully) read and approve the terms and conditions.

NOTE: In case you can’t remember the category of loan you had applied for, the two major loan categories available are SME or Individual/Households.

How to repay the NIRSAL loan

This phase is a very important aspect of the loan. You will also need to know the director in charge of your payment and his/her details, plus the procedure for repaying the loan.

Kindly note that 5% of the entire money that would be given to you will be deducted at the point of you receiving the loan amount.

Also, the NIRSAL has devised an easy way for individuals and entrepreneurs to repay the entire loan in 36 months. In other words, you don't have to repay the entire loan at once.

We don't advise you to default on the loan payment, as it could be deducted from any account that's linked to your BVN.

What more? Have you applied for the NIRSAL loan? How was the approval process? Kindly drop us a comment and don't forget to share this post with your friends.

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