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How To Repay COVID-19 NIRSAL Loan, Here Are The Quick Action Steps You Should Take

There have been worries over how beneficiaries of the NIRSAL loan can repay. Some of them say all efforts to repay the loan proved abortive.

First thing you need to pay attention to when taking a loan is the maturity date that is the due date for payment.

In this post, we’ll show you how to settle your COVID-19 loan for you to have access to another SME loan ready to roll out by the Federal government.

We’ll tell you more on how to go about this, let’s share with you stories of some beneficiaries who are unable to repay.

Stories of those who find it difficult to repay COVID-19 loan

A few weeks ago, a lead advisor at Golborne Road Advisory and Legal Offices Mr Kayode Adegbola said says he’s unable to access information on how to repay the CBN loan.

Adegbola is one of the lucky beneficiaries of the N50 billion targeted credit facility (TCF) COVID-19 loan launched by the Central Bank of Nigeria (CBN) in 2020.

The TCF was an initiative of the Emefiel-led apex bank to assist households and small and medium-sized enterprises (SMEs) that were affected by the pandemic.

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NISRAL Microfinance Bank (NFMB) was in charge of disbursement of the funds to applicants.

The COVID-19 loans were disbursed at an interest rate of 5% with a moratorium period that lasts till February 28, 2021 and reverts to 9% from March 1, 2021, at the expiration of the moratorium.

How repayment should be paid

The CBN once said repayments of disbursed loans will be made in instalments.

The apex bank said the instalments will be repaid to the microfinance bank according to the nature of the enterprise and repayment schedule/work plan provided during the application process.

But in a tweet Adegbola said

“Earlier this year, my business got a federal government loan (via NIRSAL MFB) as a relief for COVID-19. I have been seeking information on how to begin to pay back but been unable to find it”.

If you are in the same situation as Adegbola, here are the steps to take to repay your COVID-19 NIRSAL loan

Usually, direct debit should be placed on the beneficiary’s account so that repayment would be automatic every month.

Alternatively, you can fund your NMFB account, from where you can start repaying your loan. But you must first set up an account with NMFB to get this done.

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If you don’t have an automatic debit activated on your account, visit Nirsal Microfinance bank branch near you to have it activated.

The NMFB knows the account number the repayment should be made.

The problem of repayment is similar to the challenges beneficiaries of TraderMoni faced when their loan matured for repayment.

NMFB should make the process of repayment easier and less difficult for the beneficiaries of the loan

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