How to Repay your CBN/NIRSAL Covid-19 Loan With Ease

The Central Bank of Nigeria (CBN) have started asking for a repayment of the Covid-19 loan which was given to beneficiaries. The purpose of this post is to guide you on how to repay your CBN/NIRSAL Covid-19 Loan With ease. Ensure you read this article thoroughly so you would know the steps you are to take in order to repay the loan took and avoid any kind of embarrassment.

Having beneficiaries comply to the repayment of the loan is not going to be easy look at the way things are in the country at the moment but everyone is required to commence repayment of their debt as soon as possible.

It has been gathered that Nirsal together with CBN are going to begin getting back the loans by using the BVN beneficiaries provided during application. Those who decide not to pay back will be putting their guarantors in a lot of trouble.

Covid19 SME/Household loan NIRSAL officials have started forwarding text messages to loan beneficiaries to remind them of the repayment of their debt. It was reported that they have began deducting money from the accounts of loan beneficiaries without their consent.

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One beneficiary reported that he used a different account to receive the Nirsal loan but part of the loan was deducted from another of his account as repayment without his consent. This kind of act can be very heartbreaking especially if the individual wants to use the money for something urgent and important. We strongly advice you pay up before you experience something similar as CBN will do everything possible to recover the money.

Note: There is a chance that your interest rate will increase as you delay your repayment. You should hereby repay your loan as soon as you can so your repayment interest doesn’t become so big.

How to Repay your CBN/NIRSAL Covid-19 Loan

Direct debit are always placed on beneficiaries’ bank accounts so that repayment can easily be done monthly. Those who do not have an activated automatic debit on their account should go to any Nirsal Microfinance bank branch to get it activated.

Also, you can see your loan statement and schedule for your loan repayment using these steps

• Visit nmfb.com.ng/repayment-schedule
• Type in your BVN to validate (your loan repayment schedule will come up as soon as you do that)
• Begin your repayment using the schedule

NOTE: You have to clear your COVID-19 loan before you can apply for another Federal Government SME loan.