How to Apply For Covid-19 N50bn CBN Loan for Small Businesses and Individual Household in Nigeria
You will get this loan through the participating financial institution for the scheme which is NIRSAL Microfinance Bank.

How to Apply For Covid-19 N50bn CBN Loan for Small Businesses and Individual Household in Nigeria
HOUSEHOLD LOAN APPLICATION GUIDELINE
HOUSEHOLD LOAN APPLICATION GUIDELINE PRODUCT NAME
|
TARGETED HOUSEHOLD LENDING |
PRODUCT DESCRIPTION | Targeted household Lending: This offers an avenue for loans to be processed for households based on verifiable evidence of adverse impact of the COVID-19 on livelihood, as the major consideration for lending. |
TARGET MARKET | The fund is targeted at households with verifiable evidence of livelihood adversely impacted by COVID-19 |
ELIGIBILITY |
Customers who have agreed to allow NIRSAL Microfinance Bank (NMFB) assess their financial records. Evidence of opportunity cost or adverse impact as a result of COVID-19 pandemic
|
DOCUMENTATION REQUIRED |
Loan application letter Duly completed application form Duly executed Guarantor form A valid means of ID (national ID, driver’s license, voter’s card or international passport) Current utility bill 2 recent passport-size photographs BVN
|
TERMS & CONDITIONS |
Flexible and moveable collateral options shall be admitted and registered under the Collateral Registry Bureau. Forfeiture Undertaking and Power of Attorney agreement to be signed by customer, giving NMFB rights to take over pledged assets in instance of loan default. Insurance cover on the asset financed or asset availed as flexible collateral, with the NMFB noted as the first loss payee. Loan amount must match loan repayment plan and loan purpose. Domiciliation of proceeds with NIRSAL Microfinance Bank
|
FACILITY TYPE | Term Loan |
SINGLE OBLIGOR LIMIT | N3m |
LOAN TENOR | Maximum of 36 months |
MORATORIUM | At least 12 months |
PRICING | 5% p.a till February 28, 2021 and 9% subsequently |
REPAYMENT STRUCTURE | Installment basis, according to the nature of enterprise |
COLLATERAL REQUIREMENT S/N | Household Products | Possible Collateral |
1 | Mini Micro:
N1 – N500,000.00 |
Applicant must provide the following;
1 Acceptable Guarantor with valid ID card (National ID or NIN Slips, International Passport, Driver’s License, Permanent Voter’s Card) and BVN Utility Bill for both Applicant and Guarantor
|
2 | Micro
N500,000.00 – N1.5m |
Applicant must provide the following;
Any describable movable asset with a serial number that can be used for registration on the collateral registry worth at least 70% of the loan amount. 1 Acceptable Guarantor with valid ID card such as National ID or NIN Slips, International Passport, Driver license, Permanent Voter’s card & BVN Utility Bill for both Applicant and Guarantor
|
3 | Micro Plus
N1.5M – 3M |
Applicant must provide the following;
Any describable movable asset with a serial number that can be used for registration on the collateral registry worth at least 70% of the loan amount. Comprehensive insurance over the asset. 1 Guarantors with valid ID card (National ID or NIN Slips, International Passport, Driver license, Permanent Voter’s card) and BVN Utility Bill for both Applicant and Guarantor
|
Central Bank of Nigeria
Disclaimer
CBN Does Not Charge Any Fee on COVID-19 Loan Applications
The attention of the Central Bank of Nigeria (CBN) has again been drawn to false reports in the social media circles that loan seekers and owners of small-scale businesses who apply for loans provided to cushion the effects of COVID-19 are required to pay a certain amount as application processing fee.
For the avoidance of doubt, there are clearly spelt out procedures for accessing the N50 billion Targeted Credit Facility (TCF) stimulus package to support households and micro, small and medium enterprises (MSMEs) affected by the COVID-19 pandemic, which are disbursed through the NIRSAL Microfinance Bank (NMFB).
Video Training: How to Apply for Covid 19 Loan in Nigeria
Read Also: 25 Things You Need to know about 75Billion Naira MSME Survival Fund to support self-employed persons and MSMEs across Nigeria.
Members of the public, particularly households and owners of small-scale
businesses, are therefore advised to disregard any message requiring them to
pay any amount to process their applications.
Prospective applicants are advised to approach NIRSAL Microfinance Bank or the CBN branch nearest to them for clarification on the procedure for accessing any of the CBN-related loans. Any observed irregularities should be reported to the
Isaac Okorafor
Director, Corporate Communications
April 13, 2020
Click Here to Apply
https://nmfb.com.ng/covid-19-support/
- How To Buy A Quality Business Briefcase For Daily Use - June 7, 2023
- Crafting an Irresistible Executive Summary: The Key to a Winning Business Plan - June 5, 2023
- Mastering Market Research for an Effective Business Plan - June 5, 2023
ugwu onyekachi Oliver
pls I need money to start my agricultural business
Yahaya Ibrahim
Please I need your assistance
Dayo Adetiloye
ok You can call us. 081 0563 6015, 080 7635 9735
Mahammad al,ameen ibrahim
Good of that ajanda
Safiyanu ahmad
Good nice very much
Yahuza m sani
That is very good, God bless us
Abubakar Sadiq Mohammed
Cabital business and my handcraft construction company limited am covid-19 loan thanks