How to Check NIRSAL loan with BVN – Do you know that NIRSAL Microfinance Bank (NMFB) have started (or resumed) disbursing the Covid-19 Targeted Credit Facility (TCF) in 2022? Well, now you do. In a post made by the bank on Facebook, they urged all applicants to check their application status to see if their loans have been approved or not.
So, if you applied for the household/individual loan or the SME/entrepreneur loan on the NMFB portal in 2020 or 2021, then it is about time you head to their portal to check your loan status using your BVN.
Unfortunately, not everyone who registered for the loan knows how to check their status. That’s why in today’s article I’ll be teaching you how to check NIRSAL loan with BVN.
In this article, you will discover the following;
- nirsal loan checking
- how to check covid-19 loan approval
- nmfb household loan check
- nirsal loan application portal
- covid-19 household loan
- nmfb covid-19 loan
- nirsal loan process
- covid 19.nmfb.com.ng check
How does the NIRSAL loan approval work?
NIRSAL Microfinance Bank is a reputable bank that’s licensed by the Central Bank of Nigeria to operate in Nigeria.
This microfinance bank offer loan opportunities to eligible customers who own small to medium businesses and meet the criteria. NIRSAL Microfinance Bank can offer loans up to NGN 20 million.
The NIRSAL Microfinance Bank operates pretty much like every other loan application, they’ll have to pass through some processes before the applicant’s loan can be approved. The approval process isn’t instantaneous, it ranges from 1 to 6 months. The duration of the approval for a long is usually dependent on the loan amount as well as the amount of information at their disposal.
Before loans are approved, a team is set up to gather all the loan applications, reviews and assess all the applications. The assessment is usually done to ensure that the applicant’s loan isn’t too big or small for the purpose intended.
Once they find applicants whose loan matches what it’s intended for (i.e., it’s not too big nor too small), the NIRSAL Bank staff approved the loan. After the loan gets approved, a notification is sent to the applicant either through their email address or the number they used during the registration.
The applicant will now have to visit the NIRSAL’s official website to accept the terms and conditions associated with the loan. Once the applicant accepts the terms and conditions of the loan, the loan amount will be deposited to their preferred Nigerian bank account.
How to check NIRSAL loan with BVN
To check your NIRSAL loan status using your BVN, follow the instructions outlined below:
- Visit the official portal of the NIRSAL Microfinance Bank using your favourite browser
- At the right-hand corner of your screen, click or tap on the Covid-19 support link
- Next, tap or click on “Check Here to Provide Other Bank Account.” Doing this will take you to a page where you’ll have to choose your category (Household or SME)
- After choosing your category, you’ll be taken to a page where you’ll be required to input your 11-digit BVN to verify your identity or validate your BVN.
- If your application was successful, you’ll be redirected to a page showing the amount approved as well as the terms and conditions binding the loan. However, if your loan wasn’t successful, you’ll receive the error message “This BVN Detail Does not Exist.”
- Next, you’ll have to fill in the details of the bank account you’d like the loan to be sent to.
There you have it! That’s how to check your NIRSAL loan status using your BVN.
