EXPLAINER: How to repay your COVID-19 NIRSAL loan

Last week, NIRSAL Microfinance Bank (NMFB) called for the repayment of COVID-19 loans given to households and businesses across the country.

The loan was part of the Central Bank of Nigeria’s targeted credit facilities (TCF) to cushion the effect of COVID-19.

“NMFB loan repayment: We have played our part. It is now your turn,” the bank said in a tweet.

The CBN had in March 2020, introduced the N50 billion TCF to support households and micro, small and medium-sized enterprises (MSMEs) that have been particularly hit hard by COVID-19.

Loans were disbursed to beneficiaries by NIRSAL, an entity owned by CBN, at an interest rate of five percent with a moratorium period that lasts till February 28, 2021.

At the expiration of the moratorium, the interest rate of the facility reverts to nine percent from March 1, 2021.

On the loan tenor, the apex said working capital would be for a maximum period of one year, with no option for rollover. Term loans have a maximum tenor of not more than three years with, at least, a one-year moratorium.

Households can access a maximum loan of N3 million while the loan amount to SMEs shall be determined based on the cash flow and industry/segment size of the beneficiary, subject to a maximum of N25 million.

As of December 2021, NIRSAL said it had given out loans worth N503 billion to over 881,081 Nigerians and businesses to cushion the effects of the pandemic.

Via its official Twitter handle, NIRSAL explained how the loan repayment process works.

Here are five steps to repaying your loan:

VISIT ANY NIRSAL BRANCH

You are expected to visit the nearest NIRSAL branch to obtain a loan repayment schedule.

NIRSAL noted that this process is optional.

FUND YOUR LOAN ACCOUNT
You must ensure that your loan account is always funded.

CONFIRM ACCOUNT NUMBER

Your account number has been previously sent to your mobile phone via SMS.

VIEW YOUR OFFER LETTER

You can view your offer letter on the NIRSAL website for home loans and SME loan.

HAVE QUESTIONS? CONTACT CUSTOMER CARE

You can contact customer care on 09010026900-7 for further enquiries.

Going with these steps, you can easily repay your loan in no time.