How to Check NMFB Loan Status, How Do I Check NMFB Loan Status; if you applied for the NMFB loan which has been on since the advent of Covid 19 pandemic, to easily check your loan status visit the institution’s official website. Immediately after the introductory note in the page you will see tab showing “Click here to check your status“. Click on it to be taken to the page where you are demanded to select your loan category, chose the appropriate one and follow the remaining instructions as we shall reveal in this article.
NMFB Targeted Credit Facility
The pandemic caused by the Coronavirus Disease (COVID-19) has resulted in unprecedented disruptions to global supply chains, a sharp drop in global crude oil prices, turmoil in global stock and financial markets, massive cancellations of sporting and entertainment events, lockdowns of large swaths of movements of persons in many countries, and intercontinental travel bans and restrictions across critical air routes across the world.
Because of these outcomes, there has been a significant drop in global demand, which has resulted in a decline in consumer confidence and a slowdown in production. This has had a negative impact on the livelihoods of households and the operations of businesses.
In this regard, the Central Bank of Nigeria (CBN) established the N50 billion Targeted Credit Facility (TCF) as a stimulus package to support households and Micro, Small and Medium Enterprises (MSMEs) that have been impacted by the COVID-19 pandemic.
How NMFB Loan Works
NIRSAlL MicroFinance Bank Loan is disbursed to qualified persons and organizations in 2 mediums. First, to Small Median Enterprises SME. That is companies who have viable plans to capitalize on the potential presented by the COVID-19 pandemic. Second is Households. That is households with verified evidence that COVID-19 has had a negative impact on their means of subsistence.
Applying and approval of NMFB Loan takes 3 steps to be completed. Below are the 3 steps showing how NMFB Loan works:
1. Submit your application
The procedure is straightforward. You can start on any of the following devices: your phone, your tablet, or your laptop. Submit applications directly to the NIRSAL Microfinance Bank (NMFB), along with clear documentation of the opportunity or unfavorable impact brought on as a result of the COVID-19 epidemic.
Here your NMFB loan application is being reviewed by the appropriate body and eventually sent to CBN for final decision. It is at this stage that your loan application can be approved or rejected. This is why we recommend that once you apply for a NMFB loan you should be able to continuously check your loan status to know if it has been approved or rejected. If your loan application passes this stage of application without being declined, you are certain that you will be given the loan.
3. The loan disbursement
This is the third and final stage through which a NMFB loan application goes through. Approved loans are at this stage disbursed to the appropriate persons or households. CBN after reviewing the applications sent to them and choosing which is eligible gives disbursement order to NIRSAL MicroFinance Bank. It is the NMFB that is in charge of this loan disbursement.
How to Check NMFB Loan Status
To check SME Nirsal Microfinance Bank loan status:
- Simply visit nmfb.com.ng/covid-19
- Scroll down just after “click here to check your status” click on the green tab
- On the next page, select either SME or Household depending on the category you applied for
- Input you bank verification number (BVN) and click on the “validate BVN” button to see your loan status.
If you see a congratulation message, proceed to impute your correct bank account number for your loan disbursement. The disbursement usually takes at least 24 hours.
However, if the message that pops up after imputing your BVN says that your BVN does not exist, it means that your loan application was declined. You will have to wait for next application period to try again.
Frequently Asked Questions
How do I check my loan status?
Calling the customer service numbers for any financial question, including questions about personal loans, allows a person to check the status of their loan. You can also go directly to the branch where you applied for a personal loan in order to meet the officer in charge and learn the status of your application for a personal loan.
What is the code for NMFB?
Using the *646# Access Code, You Will Be Able To Transfer Your Nirsal Loan From NMFB To Your Bank Account.
How do I get my NMFB account number?
- One current, high-quality photo for the passport.
- Documents that can be used for identification (such as a driver’s license, an international passport, etc…)
- Receipt for public utilities issued within the past three months and bearing a recent date (PHCN bill, water rate bill, tenement rate, rent receipt, telephone bill)
- Form for opening an account that is completely filled out.
How many days if your loan is approved?
After your loan application and supporting documents have been filed, it can take anywhere from one to seven days for your personal loan to be authorized, and it can take a couple of additional days after that for the funds to be disbursed.
How much can I get?
A maximum of three million Nigerian naira (3,000,000) is available to households
The amount of the loan for small and medium-sized enterprises (SMEs) will be determined depending on the beneficiary’s activity, cashflow, and the size of their industry or segment, up to a maximum of N25 million.
The total amount of your working capital should not exceed 25 percent of the average yearly turnover of the preceding three years. (in the event that the company has not been in business for at least three years, 25% of the revenue from the prior year will do).
What is the interest rate of NMFB Loan
Following the conclusion of the intervention, the interest rate on the facility will revert to 9% p.a. (all inclusive) as of the first of March 2021. Prior to the intervention, the interest rate was 5% p.a. (all inclusive) until the 28th of February 2021.
NMFB Loan Internet banking