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How to Check Your NIRSAL Loan Approval Status With BVN

by Eniola Samuel
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how to check your nirsal loan approval

This is to help you know how to check your NIRSAL Loan approval status…

The NIRSAL Microfinance Bank recently updated its portal to start receiving new applicants and people have responded well to this update.

This post is for those people who have applied for the COVID-19 NIRSAL loan, the post was made to bring people out of the dark on whether their loan requests have been approved or not.

It is to help an applicant like you to know how to check your Nirsal loan approval status.

Below are the important facts you must note

One, you must take note of the below:

It is important for you to check your loan status from time to time to be sure you are expecting to receive your covid-19 support loan.

This means you must know how to check your Nirsal loan approval status first.

You must have created or possessed a profile with the platform before you attempt to access the portal.  Meaning you must have created or owned an account during the registration before now.

Secondly, you will be approved for the Nirsal Microfinance Loan only if you are deemed to be a qualified applicant.

If you know you have followed the rules and requirements during the registration period then there is nothing to fear.

Now let’s talk about how to check your Nirsal loan approval status easily.

How to check your Nirsal loan approval

Start by checking your email inbox mails to see if you have gotten any mail regarding the loan.

This is because those who have been approved for the loan will be contacted via their registered emails to make them know of the approval news.

Read Also: CBN Covid-19 Loan 2021 Portal Now Open: How to Apply

Following the email check, if you have not gotten any mail yet that means that you have not been approved yet.

This means you should take a look at the status using the official Nirsal MFB portal directly. https://agsmeisapp.nmfb.com.ng/

If you find it hard to recall the category of loan you applied for earlier, you can check between the two major loans which are SME and Households/Individual

Now you will need to input or submit your BVN in order to verify your account. If you should see a window pop open that means you have been approved for the loan.

The pop-up you get means you can now claim your loan. All you need is to input your bank details and information correctly. Fill the space accordingly.

The last step to this is to read through the terms and conditions attached to the loan and then decide.

In between the last stage, you will be able to know your re-payment director’s details in order to repay.

How to repay the Nirsal Loan

By now you must have understood that the loan is to be repaid fully as at when due. This means you must do whatever it will take to make sure you pay your loan following the repayment date.

The Federal Government has given a strict warning to people who are planning to default after receiving the loan to know that their BVN is attached to their banks.

This means the FG will be able to deduct the loan repayment from your account monthly if you ever default on the loan.

You are to note that 5% of the total loan fund received will be removed before you receive payment.

The loan repayment is a duration of 3 years, this has been made easy to spread conveniently.

Word of advice to applicants who have been approved, do not default on your given loan as it will affect your future credit score and this badly causes unforeseen issues with finance.

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