How to Determine the Approval Status of Your NIRSAL COVID-19 Loan

NIRSAL Microfinance Bank has responded to numerous inquiries from concerned Nigerians who seem uncertain about the status of their approved COVID-19 NIRSAL loan requests.

Things you need to note

First, take note of the following:

It is essential for you to confirm your application status to ensure you are still eligible for the COVID-19 support loan. To access the portal, you must have a registered profile, indicating that you applied during the online registration period. Logging in is only possible if you have created your profile.

Also apply for: CBN Covid-19 Loan Application Step-by-step Guide

Moreover, the NIRSAL Microfinance Loan will be disbursed only to qualified applicants. Here are the steps and links applicants need to follow to check their loan status:

1. Review Your Email: Carefully check your email inbox. Applicants whose loan requests were approved will receive emails notifying them of their access to the loan. If you haven’t received an approval email after the online application, click here or visit https://agsmeisapp.nmfb.com.ng/.
2. Loan Categories: If you can’t recall your loan category, there are two main options: SME or Individual/Households.
3. Account Verification: Verify your account by providing your BVN. If your loan is approved, a window will display the approved amount.
4. Loan Claim: Provide your bank details accurately. There is a designated space on the portal for this purpose.
5. Terms and Conditions: Read and comprehend the terms and conditions of the loan thoroughly. You will find details about the responsible payment director and the repayment procedure.

Loan Repayment Process:

Contrary to some applicants’ expectations, the federal government has emphasized that the loan must be repaid by successful applicants. Please be aware that 5% of the total funds received will be deducted before payment is disbursed to you. It is crucial to ensure timely repayment and avoid defaults.

The loan is structured to be repaid within 3 years. Since your BVN is linked to all your accounts, failure to repay will result in monthly deductions from your account.