Covid-19 Loan Application; How To Apply For CBN NMFB COVID-19 TCF Households Loan. This is to notify the general public that the Covid-19 Loan Application Portal is now open to receive fresh applications. The CBN through the NIRSAL Micro Finance Bank has commenced the second batch of COVID-19 household applications for those that did not apply during the first batch.
All interested applicants are to note that the Covid-19 Loan Application portal is open! therefore you can either use your smartphone, laptop, tablet or visit a cyber cafe and register. Before applying for the COVID-19 household loan, it very important to know some important things about the COVID-19 Household Loan.
Due to the severe impact that the outbreak of Coronavirus Disease (COVID-19) pandemic has created on the households’ livelihoods, business activities, and also unemployment in the Country.
The Central Bank of Nigeria (CBN) introduced the N50 billion Targeted Credit Facility (TCF) as a stimulus package to support households and Micro, Small, and Medium Enterprises (MSMEs). Those that are eligible for the loan are households with verifiable evidence of livelihood adversely impacted by COVID-19.
Also note that Working capital will be for a maximum period of one year, with no option for rollover. Term loans have a maximum tenor of not more than 3 years with, at least, one-year moratorium. And for the household loan, you can access a maximum of N3 million with 5% interest.
How COVID-19 Loan Application Works
Below are the three stages that the COVID-I9 loan application processes;
- Fill in all the necessary and correct details and then submit your application. This can either be done online via phone, laptop, and tablets or you can submit directly to NIRSAL Microfinance Bank (NMFB) with clear evidence of the opportunity or adverse impact as a result of the COVID-19 pandemic.
- The next stage is the review of the application by NMFB, successful applicants will be approved and then forward to CBN for final approval.
- The final stage is disbursement; CBN reviews applications and gives final approval for disbursement to NMFB