CBN Loan: This Is How To Apply For The CBN COVID-19 Loan Online (All The Guides Included)


It is no more news that businesses and jobs were lost as a result of the COVID-19 lockdown all through 2020 to this year 2021. This is why the Central Bank of Nigeria released a fresh N50billion stimulus targeted credit facility for households and businesses to help cushion the adverse effects of the pandemic.

Application for this facility can be done on the NIRSAL Microfinance Bank portal. The COVID-19 support loans are strictly for Households, Small Business Enterprise (SME) and Mini Small Business Enterprise (MSME). 

The support funds which will be distributed by NIRSAL Microfinance Bank come with an interest rate of 5% Per Annum (P.A) under the intervention (all-inclusive) up to 28th February 2022 and thereafter, the interest will revert to 9% Per Annum P.A. (all-inclusive) as from 1st March 2023.  

Follow the steps below for detailed guidelines on how to apply:

Households Eligibility: 

* For a household to be eligible, a verifiable evidence of livelihood adversely impacted by COVID-19  must be provided. 

*The household must agree to allow NIRSAL Microfinance Bank (NMFB) to assess their financial records. Households Can access a maximum of N3 million.

Requirements Include:

* Loan application letter

* Duly completed application form

* Duly executed Guarantor form

* A valid means of ID (national ID, driver’s license, voter’s card or international passport)

* Current utility bill

* 2 recent passport-size photographs

* BVN

For other important information regarding the collateral for the various amounts alongside terms and conditions please** download this guideline **

MSMEs/Corporate Enterprises Eligibility:

* The Bank will assess the capacity of the enterprise through the customer’s business history; via total account statement turnover (with NMFB and other banks), however this would not be the only tool used to determine customer’s eligibility. (Note: Where a review of the customer’s account statement raises fundamental issues, the bank reserves the right to make decisions as considered appropriate). 

* Customers who have agreed to allow the NMFB Credit unit assess their financial records. 

* Customer must show that the request is justified by the level of sales proceeds evident in the account statement turnover. Also, the customer’s books (ledger) should also justify the numbers. 

* Lastly, evidence of opportunity cost or adverse impact as a result of COVID-19 pandemic.

Requirements Include:

* Loan application letter

* Duly completed application form

* Duly executed Guarantor form

* A valid means of ID (National ID, Driver’s License, Voter’s Card or International passport)

* Current utility bill

* 2 recent passport-size photographs

* BVN

For further information on the different loan sizes for Mini SME, SME and SME Plus with the terms and conditions, Click Here to download the full guide.

How To Register Online For The CBN COVID-19 Loan For Households and Businesses:

For Household loans Click Here

For Small Business Enterprise (SME) and SME Plus  registration Click Here

Download The Guarantor Form Here

Just follow the instructions properly and register on the site providing all the required details. When your loan gets approved you should get an e-mail notification after which you can provide your bank details to receive payment.

In case you run into trouble while registering, you can drop your comments below let's see how we can help you.

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