How to apply Nirsal Microfinance bank Covid 19 Loan

How to apply Nirsal Microfinance bank Covid 19 Loan – Nirmal Microfinance Bank is a leading Nigerian financial institution authorized by the Central Bank of Nigeria (CNB). It was owned by a joint partnership between the Bankers’ Committee, Nirsal, and Nipost. Incorporated as a PLC in 2019, the bank began operations in the same year, providing excellent services to clients in Nigeria.


After the COVID 10 outbreak, the government accused Nirsal of a credit facility system to help citizens and kept Nirmal Microfinance Bank COVID 19 loans. In this article, you will find all the things you need to know about loans.


How to apply Nirsal Microfinance bank Covid 19 Loan

Overview of the COVID 19 loan from Nirmal Microfinance Bank

The collapse of COVID 19 shook the whole world, resulting in the loss of life and jobs. To mitigate the impact, the federal government of Nigeria has introduced a loan package to support households and SMEs that have been hit by the economic impact.


The result of the radical closure of the world economy was felt more by SMEs, which were not doing well before. To make things easier, the government has provided support for N50 billion. This amount is available as a loan to the public.


Who is eligible for the COVID 19 loan from Nirmal Microfinance Bank?

This loan is only accessible to families, the effect of the virus greatly. To qualify, you must show verifiable evidence of your COVID 19 influenced livelihood. If you can’t prove it, your loan application will be rejected.

The loan is also accessible to SMEs, which have evidence that the epidemic has affected their business. In summary, it covers the following areas:


  • Domestic
  • Small and medium-sized enterprises
  • Micro-enterprises

How can I apply for a COVID 19 loan from Nirmal Microfinance Bank?

It is very easy to apply for a loan with the COVID 19 loan from Nirmal Microfinance Bank. Follow the steps below:


  1. Click this link on their official loan page on their website
  2. Provide all the information requested by the bank. These documents should include clear evidence of how the outbreak has affected your business.
  3. After application, your data is reviewed and presented to the CBN for final confirmation.
  4. Upon successful delivery of funds to your account

Nirsal Microfinance bank COVID 19 What is the interest rate on the loan?

The interest rate for this loan is currently 5%. This until February 28, 2021, after which the interest on the facility will return to 9% per annum. This new rate will continue until March 1, 2021.


Nirsal Microfinance bank COVID 19 What are the loan terms and maximum amount?

Loans for working capital have a maximum duration of one year and cannot be renewed. On the other hand, term loans have a maximum moratorium of 3 years and a minimum of one year. Up to N3 million can be used for home loans and up to N25 million for SME loans.


To find out more, you can simply visit their official website


How can I contact Nirmal Microfinance Bank?

You can contact Nirmal Microfinance Bank through one of the following means:

Call: 09010026900-7



The conclusion

Nirsal microfinance bank is the institution responsible for the COVID 19 credit line. The Nigerian government has introduced this facility via CBN. Although they are not the loan provider, they are responsible for applying and screening applicants. If your family or business has been severely affected by the outbreak, this is a great opportunity for financial relief.


Read also: Emergency Funds Will Help You with This Problem

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