How to verify NIRSAL loan with BVN: Do you know that NIRSAL Microfinance Bank (NMFB) started (or resumed) Covid-19 Targeted Credit Facility (TCF) disbursement in 2023/2024? Well, now you do. In a post made by the bank on Facebook, they urged all applicants to check the status of their application to see if their loans have been approved or not.
So, if you applied for the Family/Individual Loan or the SME/Entrepreneur Loan on the NMFB portal in 2021 or 2023, then it is time for you to head over to your portal to check the status of your loan using your BVN.
Unfortunately, not everyone who signed up for the loan knows how to check their status. That is why in today’s article I will be teaching you how to verify the NIRSAL loan with BVN.
In This post, You Will Discover the Following, etc…:
Nirsal Loan Checking
How to Check Covid-19 Loan Approval
Nmfb Household Loan Check
Nirsal Loan Application Portal
Covid-19 Household Loan
Nmfb Covid-19 Loan
Nirsal Loan Process
Covid 19.Nmfb.Com.Ng Check
How Does the Nirsal Loan Approval Work?
NIRSAL Microfinance Bank is an accredited bank that is licensed by the Central Bank of Nigeria to operate in Nigeria.
This microfinance bank offers lending opportunities to eligible clients who own small and medium-sized businesses and meet the criteria. NIRSAL Microfinance Bank can offer loans up to NGN 20 million.
NIRSAL microfinance bank works much like any other loan application, it will have to go through a few processes before the applicant’s loan can be approved. The approval process is not instant, it goes from 1 to 6 months. The duration of approval for a long time generally depends on the amount of the loan, as well as the amount of information at your disposal.
Before loans are approved, a team is created to collect all loan applications, and review and evaluate all applications. The appraisal is usually done to ensure that the applicant’s loan is not too large or small for its intended purpose.
Once they find applicants whose loan matches what is intended (ie not too big and not too small), NIRSAL Bank staff approved the loan. Once the loan is approved, a notification is sent to the applicant via their email address or the number they used during registration.
The applicant will now have to visit the official NIRSAL website to accept the terms and conditions associated with the loan. Once the applicant agrees to the terms and conditions of the loan, the loan amount will be deposited into their preferred Nigerian bank account.
How to check NIRSAL loan with BVN
To check your NIRSAL loan status using your BVN, follow the instructions outlined below:
- Visit the official portal of NIRSAL Microfinance Bank using your favourite browser >> https://nmfb.com.ng/
- At the right-hand corner of your screen, click or tap on the Covid-19 support link
- Next, tap or click on “Check Here to Provide Other Bank Account.” Doing this will take you to a page where you’ll have to choose your category (Household or SME)
- After choosing your category, you’ll be taken to a page where you’ll be required to input your 11-digit BVN to verify your identity or validate your BVN.
- If your application was successful, you’ll be redirected to a page showing the amount approved as well as the terms and conditions binding the loan. However, if your loan wasn’t successful, you’ll receive the error message “This BVN Detail Does not Exist.”
- Next, you’ll have to fill in the details of the bank account you’d like the loan to be sent to.
There you have it! That’s how to check your NIRSAL loan status using your BVN.
If you have any questions about getting your first loan on the Migo lending platform, feel free to leave your comment via the comment section below.
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