How to Check Nirsal Loan Status

NIRSAL Microfinance Bank has responded to the inquiries of many Nigerians who seem unaware of the approval status of their COVID-19 NIRSAL loan requests.

The Nirsal loan platform was created to support businesses affected by the COVID-19 pandemic, including small and medium-sized companies throughout the country.

Any individual or business impacted by the pandemic can easily apply for this loan, ranging from 250,000 to 25 million Naira. Consequently, this loan type has become highly sought-after in Nigeria.

However, a majority of people are unaware of how to check their Nirsal loan status. Applying for the loan is one thing, but it is essential to regularly check the status to determine if the loan application has been approved. This is why we have compiled this article.

This article will provide a comprehensive guide on how to check Nirsal loan status. We will also address some frequently asked questions. Stay tuned and pay close attention.

Read also: 10 Instant Loan without BVN in Nigeria

Things you need to note

First, it is important to keep in mind the following:

• You need to check your status to confirm if you are still on track to receive your COVID-19 support loan.
• To access the portal, you must have a profile with the platform. This means you should have previously applied during the online registration. You can only log in if you have created your profile.

Secondly, the Nirsal Microfinance Loan will only be given to eligible applicants. Here are the steps and links that applicants should follow to check their loan status:

• As per the previous instructions, the initial step is to carefully check your email address. If your loan request has been approved, you will receive an email notification granting you access to the loan. If you haven’t received any approval email after the online application, it’s recommended to click here or visit https://agsmeisapp.nmfb.com.ng/
• If you can’t recall the loan category you applied for, there are two main categories: SME or Individual/Households.
• Next, you need to verify your account by providing your BVN (Bank Verification Number). If you have been approved for the loan, a window will appear displaying the approved amount.
• After that, you should claim your loan by entering your bank details and information in the correct format. There is a designated space for this on the portal.
• The final step is to locate and read the terms and conditions required for the loan. It’s important to understand every aspect of it.
• You will also find information about the director responsible for your payment and their contact details, as well as the loan repayment procedure.

Read also: 9 New Loan Apps In Nigeria 2023

About NIRSAL Microfinance Bank

NIRSAL Microfinance Bank is a prominent loan provider in Nigeria, offering financial services to individuals and small to medium-sized businesses. The bank is well-known for its efficient and convenient loan services.

Process for Applying for a Loan

If you’re interested in getting a loan from NIRSAL Microfinance Bank, the application process is straightforward. You can apply for a loan by visiting their website or one of their branches. The application process is simple, and you can expect to receive your funds within a few days.

Checking the Status of Your Loan Application

Once you have applied for a loan, you might be eager to know the status of your application. In this article, we will provide a comprehensive guide on how to check the status of your loan application, whether it has been approved or rejected.

Read also: 7 Important Pros And Cons Of Taking Out A Personal Loan

Overview Of the Nirsal Loan Platform

The NIRSAL loan platform was established by the federal government to assist those affected by the COVID-19 pandemic.

The NIRSAL Microfinance Bank has already begun disbursing the COVID-19 Targeted Credit Facility for 2023. As a result, applicants can now check their loan status online to determine if their application has been approved.

It is important to note that all applicants who have applied for this loan must check their status online based on the following two categories:

1. Small and medium-sized enterprises
2. Households and individuals

When checking your Nirsal loan status, it is necessary to do so within one of the aforementioned categories.

The first category is for those who applied for the loan as small or medium-sized businesses, typically seeking higher loan amounts.

The second category is for individuals or groups of people who applied for the loan. When checking your Nirsal loan status, visit their website and indicate the appropriate category.

Furthermore, this loan was introduced by the federal government through the Central Bank of Nigeria as a relief measure for Nigerian citizens.

If you have not yet applied for this loan, go ahead and apply. It is important to note that no collateral is required. Ensure that the details provided during the application process are accurate, as they will be verified before your loan can be approved. Additionally, when logging into their portal, you will need to provide some of your previous details. Therefore, it is crucial not to lose any important information.

Now, let’s move on to the main section of this article, which focuses on how to check your Nirsal loan status. Stay tuned and pay close attention.

Read also: World Bank Grant For Small Business In Nigeria

Requirements to Open an Account with Nirsal Microfinance Bank (MFB)

• One current, legible passport photograph.
• Identification documents (driving licence, international passport etc).
• Utility receipt from the most recent three months (PHCN bill, water rate bill, tenement rate, rent receipt, telephone bill).
• Complete and submit the account opening form.

Before you may apply for a Nirsal loan, you must have the following papers and certifications.

1. Your employment letter
2. Pay Stub
3. Your employee ID card
4. Six months’ worth of bank statements
5. Other acceptable forms of identification, such as a driver’s license or national ID,
6. An electric bill
7. Two passport photos
8. A sort of guarantor

Creating a Profile on the NIRSAL Portal

Firstly, it is important to create your profile on the NIRSAL system. This step is necessary to gain access to the portal where you can check the status of your loan application. If you haven’t created a profile, you won’t be able to log in and view your application status.

To create a profile, visit the NIRSAL website and click on the “register” button. You will be prompted to provide your personal information, such as your name, email address, and BVN (Bank Verification Number). After completing the registration successfully, you will be able to log in and check the status of your loan.

Read also: How To Qualify For GTBank Loan

How To Check NIRSAL Loan Status

Checking your NIRSAL (Nigeria Incentive-Based Risk Sharing System for Agricultural Lending) loan status has never been easier.

Step-by-Step Process for Checking Loan Status

1. Enter your BVN for verification.
2. Upon successful BVN verification, proceed to check your NIRSAL loan status.
3. If your loan application has been approved, you’ll receive a message indicating the approved loan amount.

NIRSAL Loan Approval Check for Household

If you’ve applied for a household loan, follow these steps:

1. Visit the link here.
2. Enter your BVN details.
3. Check your loan approval status.

NIRSAL Loan Approval Check for SME

If you’re applying for an SME loan, follow these steps:

1. Visit the link here.
2. Enter your BVN details.
3. Check your loan approval status.

Please click on the respective link to check whether your loan application has been approved.

Next Steps

1. Once you access the portal, enter your BVN (Bank Verification Number) in the designated field.
2. Click on “Validate BVN”. If a message pops up stating “BVN does not exist,” it means you are not selected. However, please wait for the next list.
3. If you receive a congratulatory message, enter your accurate bank account details and wait for a notification within 24 hours.
4. The next step is to make a claim for your debt. Make sure to provide your banking information and details using the correct format. There is a designated space for this on the portal.
5. You will receive information regarding the director responsible for your payments and the procedure for repaying the loan.

Tips for Successful NIRSAL Loan Application

To improve your chances of a successful NIRSAL loan application, here are some helpful tips to consider:

1. Double-check the accuracy of your BVN and other details

Incorrect information is a common reason for loan application rejections. Make sure to enter your BVN and other details accurately to avoid any errors. Take the time to carefully review every digit and personal information, particularly during the NIRSAL loan checking process.

2. Fulfill the eligibility criteria for NIRSAL Loan

Meeting the bank’s eligibility criteria is essential to qualify for a NIRSAL loan. Some requirements include being a Nigerian citizen, possessing a valid means of identification, and having a viable business plan. Before applying for the loan, ensure that you fulfill all the necessary criteria.

3. Provide precise and up-to-date information

Ensure that the information provided in your loan application is precise and up-to-date. Include all the required supporting documents, such as a valid means of identification, business registration documents, and bank statements. It is crucial to maintain consistency across all the provided documents, preventing any issues with NIRSAL COVID-19 loan BVN checks.

4. Develop a viable business plan

Having a viable business plan is a crucial aspect of a NIRSAL loan application. Your business plan should clearly outline the nature of your business, target market, marketing strategy, sales projections, and financial forecasts. The bank needs to see that your business is profitable and has the potential to repay the loan.

5. Maintain a favourable credit score

Your credit score plays a significant role in the evaluation of loan applications. A good credit score demonstrates your creditworthiness and ability to repay the loan. Ensure you maintain a positive credit score by making timely bill payments and loan repayments.

Eligibility for a NIRSAL Loan

To ensure a smooth loan application process with NIRSAL Microfinance Bank, it is crucial to comprehend the eligibility requirements. In this article, we will explore the factors that NIRSAL takes into account when assessing loan applications.

Factors for Loan Eligibility

NIRSAL Microfinance Bank assesses loan applications based on factors such as credit score, income, and the ability to repay the loan.

These factors are used to determine the suitability for the loan and the capability to repay it.

1. Credit Score

When evaluating your loan application, NIRSAL considers your credit score. A good credit score indicates that you are responsible with your finances and have a history of making timely debt payments.

2. Income

Another important factor that NIRSAL takes into account is your income. The bank requires a stable source of income to ensure that you can make timely loan repayments.

3. Loan Repayment Ability

NIRSAL also evaluates your ability to repay the loan. They want to ensure that you can repay the loan without any issues. Assessing your loan repayment ability helps minimize the risk of default, making it a crucial factor in the loan evaluation process.

Checking Your Loan Application Status

If you have submitted a loan application to NIRSAL and wish to check its status, it is important to regularly monitor your email. The bank may reach out to you for further details or to update you on the progress of your application. Remember to sign up for our complimentary email notification service at voiceofnigeria.org.ng to receive instant alerts.

How to repay the loan

Contrary to the expectations of some applicants who believed the loan was non-repayable, the federal government has issued a warning that successful applicants must repay the loan.

It is important to note that 5% of the total funds received will be deducted before the payment is disbursed to you. The crucial aspect here is to ensure that you do not default on repayment.

The loan must be repaid within a period of 3 years. As your BVN (Bank Verification Number) is linked to all your accounts, if you fail to repay, the amount will be deducted monthly from your account.

Background Information:

In March 2021, the Central Bank of Nigeria (CBN), in collaboration with NIRSAL Microfinance Bank, reopened its portal for Micro, Small, and Medium Enterprises (MSMEs) as well as households affected by COVID-19 to access loans of up to N25 million.

This information was shared by Bashir Ahmad, the Personal Assistant to President Muhammadu Buhari on New Media, via his Twitter handle.

He tweeted, “The CBN, through @NirsalMFB introduces a stimulus package to support households and MSMEs affected by the COVID-19 pandemic. An individual can access up to N25 million.”

How To Know If Your NIRSAL Loan Application Was Not Successful

This process has two aspects. We have already covered the first aspect, and now we will discuss the second one, which is determining if your loan application was unsuccessful. This is important to avoid wasting your time and consider reapplying in the following year.

To find out if your loan application was unsuccessful, follow these steps:

1. Visit the official portal of NIRSAL Microfinance Bank directly.
2. Click on the COVID-19 support link located in the top right-hand corner.
3. Select the option “click here to provide other accounts” on the new page that appears. This will display the two categories we previously mentioned: household and small to medium-sized businesses.
4. Choose the category you applied for. If you applied under the household category, click on it. If you applied under the other category, click on it and proceed.
5. Enter your 11-digit BVN (Bank Verification Number) to check if your loan application was successful.

If your loan application was unsuccessful, you will receive a message stating, “This BVN Detail Does Not Exist.”

However, some individuals checked their NIRSAL loan status using methods other than their BVN and received confirmation SMS from the national microfinance bank indicating their loan approval. If you did not receive any SMS, you can follow the steps outlined above to check your loan approval status.

For those who applied under the household category, here is the link to access the portal: https://covid19.nmfb.com.ng/HomeLoans

For those who applied under the SME category, here is the link to access the portal: https://covid19.nmfb.com.ng/HomeLoans

For further inquiries, please call the following number:

09010026900

If your loan approval is unsuccessful, you can apply again in the following year, and there is no limit to the number of times you can reapply until your loan is approved.

However, once your loan is approved, you can no longer apply for this particular loan. Our next topic of discussion will address some frequently asked questions regarding this matter. Stay tuned as we explore the challenges people may face on this topic.

Frequently Asked Questions

How can I find out my Nirsal account number?

To determine your NIRSAL account number, it is necessary to contact the NMFB. This step is crucial, especially when it comes to repaying your loan. Remember, the loan is not granted for free, and you will need to repay it. Therefore, it is important to select flexible terms of the agreement.

How can I access my NMFB account?

For existing NMFB account holders, you should click on the signup button, then enter your NIRSAL MFB account number as well as your registered mobile number. Make sure to enter the mobile number you used when opening the account. Click on the register button and follow the provided instructions. This process will enable you to generate a pin and a password.

How can I check all the details of my loan?

One of the most effective ways to check all your loan details at once is through the portal. Simply visit the bank’s official website, locate the loan icon under the product sections, and click on it. This action will direct you to personal loans, where you can access a new page. Alternatively, you can click on the login option and use your login details to easily view all your loan statements and agreements.

How can I check NIRSAL AGSMEIS loan approval?

To check the approval of your NIRSAL AGSMEIS loan, visit the NMFB website, choose the appropriate loan type, and click on the “Check Loan Status” option.

How can I check my NIRSAL account?

To check your NIRSAL account, simply visit the NMFB website.

How can I check NIRSAL Covid-19 loan approval?

To check the approval of your NIRSAL Covid-19 loan, visit the NMFB website, select the appropriate loan type, and click on the “Check Loan Status” option.

How can I check NIRSAL loan approval using BVN?

To check NIRSAL loan approval using your BVN, visit the NMFB website, select the appropriate loan type, and click on the “Check Loan Status” option.

What is the code to check NIRSAL loan approval?

Currently, NIRSAL does not have a USSD code to check loan approval. NIRSAL loan checking can only be done through their website.

Conclusion

We have provided a clear explanation of the 6 simple steps to check your NIRSAL status. We believe that by following the instructions in this article, you will be able to do so successfully.

If you have any questions, please don’t hesitate to ask them in the comments section. We will respond promptly.