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narsal loan

Nirsal loan platform is one of the loan platforms created as a support group for businesses ravaged by the COVID-19 pandemic, from small to medium-sized companies across the country.

Everyone or business affected by the pandemic can easily apply for this loan, and you can obtain from 250,000 to 25 million Naira. This makes this loan one of the most sought-after types of loan in Nigeria.

However, most people do not know how to check their loan statuses. To apply is one thing, but you will be required to regularly check your Nirsal loan status to know if your loan application has been approved or not; this is why we put together this article.

In this article, we will discuss extensively how to check your Nirsal loan status. We will equally answer some of the most frequently asked questions. Stay tuned and pay very close attention.

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Overview Of the Nirsal Loan Platform

The federal government created the NIRSAL loan platform to help those affected by the COVID-19 pandemic.

The NIRSAL loan microfinance bank has already started the disbursement of the COVID-19 Targeted Credit Facility for 2023, and this means that applicants can proceed to check their status online to know if theirs was approved.

However, it is essential to point out that all applicant that applied for this loan must check their loan status online through the following two categories;

  • Small and medium-sized enterprise
  • Households and individuals.

When checking your Nirsal loan status, you must check through one of the following categories listed above.

The first one is for those that applied for the loan as small pe medium-sized businesses; the loan amount they usually apply for is higher.

The second one is for those that applied as individuals and a group of people; when checking for your Nirsal loan status, go to their website and indicate the category for which you’re applying.

Furthermore, this loan was introduced by the federal government through the central bank of Nigeria to serve as a relief for Nigerian citizens.

If you’ve not applied for this loan, go ahead and apply and know that there is no need for any collateral; make sure that the details you provide during your application process are correct, as the details will be checked before your loan will be approved, and when logging in to their portal.

Read Also  AGSMEIS Loan – How to Apply and Get Approval 2023

You will need to provide some of your previous details. This is why it is essential not to lose any vital information.

We will proceed to the main section of this article, which is how to check your Nirsal loan status. Stay tuned and pay very close attention.

How To Check NIRSAL Loan Status

There are several ways of checking the NIRSAL loan status, but in this article, we will focus on checking the NIRSAL loan status using Bank Verification Number.

This method is faster, more efficient, and more reliable; all you need to do is to follow the following steps below;

  • The first thing you need to do is to go straight to the NIRSAL microfinance bank official portal
  • The next thing you need to do is to click on the COVID-19 support link, which is found in the top right-hand corner
  • Tap on the “click here to provide other accounts” when you do, and it will take you to a new page showing the two categories we have discussed above, which are household and small to medium size businesses
  • Proceed to choose the category you applied for; if it is the household category, click on it; if it is the other category, click on it and proceed.
  • You will be required to input your 11- digit BVN to check if your loan approval was successful.
  • If your loan approval is successful, it will take you to the next page, and this is where you will see the amount of loan approved for you, the terms and conditions of the agreement, and a place for you to fill in your bank details, that is if you agree to the terms and condition, immediately after filling your bank details, your loan will be credited to you.

How To Know If Your NIRSAL Loan Application Was Not Successful

This is a two-way process, we have discussed the first one and the second one is knowing if your loan application process was not successful; this is important to stop wasting your time and reapply for another year.

For you to know if your loan application was not successful, follow the steps below;

  • The first thing you need to do is to go straight to the NIRSAL microfinance bank official portal
  • The next thing you need to do is to click on the COVID-19 support link, which is found in the top right-hand corner
  • Tap on the “click here to provide other accounts” when you do, and it will take you to a new page showing the two categories we have discussed above, which are household and small to medium size businesses
  • Proceed to choose the category you applied for; if it is the household category, click on it; if it is the other category, click on it and proceed.
  • You will be required to input your 11- digit BVN to check if your loan approval was successful.
  • If your loan was unsuccessful, a message reads, “This BVN Detail Does Not Exist.”

However, some didn’t check their NIRSAL loan status through their BVN, and some received a confirmation sms from the national microfinance bank, confirming their loan approval Success.

But if you did not receive any sms, you can use the steps outlined above to check your loan approval status.

For those applying through the household category, here’s the link to access the portal; https://covid19.nmfb.com.ng/HomeLoans

For those applying through SME, here’s the link to access the portal; https://covid19.nmfb.com.ng/HomeLoans

For further inquiry, call the number below

09010026900

However, if your loan approval is unsuccessful, you can apply the following year, and there’s no limit to the number of times you can reapply until your loan gets approved.

But immediately after approval, you can no longer apply for this loan. The next thing we will discuss is some of the most frequently asked questions on this topic. Stay tuned as we explore some challenges people may face on this topic.

Frequently Asked Questions

How do I check my Nirsal account number?

For you to know your NIRSAL account number, you need to contact the NMFB. This is very important, especially when it comes to your loan repayment.

Remember, they’re not giving you a loan for free, and you will pay it back. This is why you need to choose flexible terms of the agreement.

How do I access my NMFB account?

For existing NMFB account holders, you must click on the signup button; afterward, enter your NIRSAL MFB account number, enter this as your username and enter your registered mobile number.

This means you should enter the mobile number you used in opening this account. Click on the register button, and after doing that, follow the instructions. This will enable you to generate a pin and a password.

How can I check all my loan details?

One of the most effective ways to check all your loan details at once is through the portal.

All you need to do is visit a bank’s official website; under product sections, you will see the loan icon there; click on it, and it will direct you to a personal loan, click on it too, and it will direct you to a new page.

You can equally click on login, and using your login details, you can easily view all your loan statements and agreements.

Conclusion

We have clearly shown you how to check your NIRSAL status in 6 simple steps. We are confident you can do that by following everything in this article.

Meanwhile, feel free to ask your questions in the comments section if you have any. We shall respond swiftly.

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