How to Check the NIRSAL Loan Approval with BVN

Last Updated on November 24, 2022 by NetworkPalava Admin

Learn how to check the NIRSAL Loan Approval with BVN in today’s post. If that’s what you’ve been looking for, then this post is for you.

NIRSAL is an abbreviation that stands for Nigeria Incentive-Based Risk Sharing System for Agricultural Lending. This institution was established and is owned by the Central Bank of Nigeria.

Because of the plague of COVID-19, which hurt the Nigerian economy, the level of unemployment, the closing down of businesses, and how Nigerians are not paid their salaries and those whose salaries were slashed, the NIRSAL loan was created.

This initiative was created to alleviate the challenges of the pandemic by providing credit facilities of over N45 billion to support micro, small, and medium enterprises.

Since this great opportunity has been given, it’s important for the affected individuals to apply and know how to check NIRSAL loan approval with BVN.

What are the conditions for eligibility?

Before you can apply and know how to check NIRSAL loan approval with BVN, it’s important to know that, though this grant has been created, not all individuals will be eligible for the scheme.

The criteria for eligibility are:

  • Organizations with estimable credit plans take advantage of the opportunities that the pandemic offered.
  • Households, families, or individuals whose standard of living has been negatively affected by the pandemic are entitled to a loan of N3 million with 9% interest per annum.
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One feature of government grants is that collateral is required.

– Businesses whose activities have been affected are entitled to a loan of N25 million for 3 years at an interest rate of 9% per annum. Collateral is also required.

NB: 

The application for the loan has been closed. The portal is only opened to check loan status.

How do I check NIRSAL loan approval with BVN?

If you have applied for NIRSAL loan approval and it was successful, you need to know how to check NIRSAL loan approval with BVN so you can confirm it. Kindly follow the steps I will be given below to make these findings:

  • Go to a browsing app like Chrome, Safari, or Opera Mini.

Alternatively,

You can go to https://www.nmfb.com.ng/ and tap on the COVID-19 support feature, which is shown at the top right corner of the page.

  • An option tagged “click here to provide another bank account” will be indicated on the screen. Tap on it and continue.
  • If you select any of the two categories you registered under (household or SME), you will be directed to a page where you will be asked to validate your BVN, which is after you have clicked on the above link.
  • Input your 11-digit BVN to confirm that you have successfully received your package.
  • Tap the “validate” button.
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If the loan application was successful, it will be indicated on the screen that the amount has been approved.

  • Claim the loan by providing your loan information on the site.

Take note of the details of the repayment procedures (donโ€™t forget that this is a loan that needs to be repaid).

Go through the terms and conditions because if you fail to repay the loan, your account will be debited every month until the amount is complete.

Note that before the loan is approved, you must validate your BVN.

Some people do not see the need to check the NIRSAL loan status because they received a text message indicating the success of their loan application.

Do not get me wrong; the categories listed above do not allow you to check the status of their loan through their website.

They got the message directly to their inbox, but that does not mean that they didn’t request their BVN during the period of applying for the loan.

So everyone must repay, irrespective of the mode in which you checked your NIRSAL loan status.

In rare cases, some might receive messages like “This BVN does not existโ€ once they try to check their loan status. Just be patient, but donโ€™t try to play smart.

What if I have forgotten my BVN?

Even if you know how to check NIRSAL loan approval with BVN, you will need your BVN number to carry out this activity. Nonetheless, if you have forgotten your BVN, there is an easy way to get it with USSD, but it attracts a fee of N25.

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Simply dial *565*0#, and your BVN will show up. Make sure itโ€™s the same number you used when registering for your BVN at the bank.

Conclusion

To check on your loan with BVN, you will need to open an account with NIRSAL Microfinance Bank so that you can easily access your loan because thatโ€™s the only way they disburse payment. Note that there will be a 5% charge deduction from the loan.

I believe I have been able to teach you how to check the NIRSAL loan with BVN.

Co-Written with: Peter Okoroji

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