In this post, I will show you how to check Nirsal’s loan approval with a BVN number in 2023. As you might have known, the Central Bank of Nigeria (CBN) has granted Nirsal microfinance bank the full license required to carry out loan services for various reasons. However, for you to have an in-depth knowledge of what Nirsal microfinance bank actually is, kindly read about them below before proceeding to learn how to check Nirsal loan approval with a BVN number.
Nirsal is an acronym for Nigeria’s Incentive-Based Risk Sharing System for Agricultural Lending.
It is one of the top and leading non-banking financial institutions in Nigeria, it was established in the year 2013 with the aim of facilitating the free flow of affordable finance and investments to the Agricultural sector in the country- Nigeria.
Also, Nirsal was established purposely to redefine the agro-business industry and its operations in the country.
Loans Offered By Nirsal
Nirsal which is also known as NMFB offers varieties of loan types. These loan types are listed and carefully analyzed below:
1. Anchor Borrowers’ Programme (ABP)
This loan is designed to support smallholder farmers by providing them with access to finance, improved seedlings, fertilizer, and other inputs.
The loan is targeted at farmers who are members of registered farmers’ associations or cooperative societies.
2. NIRSAL Agro-Geo Cooperatives Formation Programme (NAGCFP)
This Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (Nirsal) loan provides financing to groups of farmers organized into cooperatives.
The aim of the loan is to help farmers access finance and inputs, which they can use to improve their farming practices and increase their yields.
3. NIRSAL Microfinance Bank (NMFB) Credit Support
This is yet another loan type that is specifically designed to provide financing to small and medium-sized enterprises (SMEs) involved in agriculture and agro-allied businesses.
The loan is targeted at businesses that require working capital, equipment, and other inputs to grow their businesses.
4. Asset-Based Finance
Asset Based Finance loan is targeted at businesses that require financing for the purchase of assets such as tractors, harvesters, or other equipment.
The loan is secured against the asset being financed.
5. NIRSAL Credit Risk Guarantee (CRG) Scheme
This scheme provides a credit risk guarantee to lenders to encourage them to lend to farmers and agribusinesses.
This helps to de-risk the lending process and makes it easier for farmers and agribusinesses to access finance.
Nirsal Loan Requirements
As you’ve already known that the Nigerian Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL) provides loans to support agricultural activities in Nigeria, therefore the requirements for obtaining a NIRSAL loan depend on the specific loan program you are interested in, but some general requirements include:
- Must be a Nigeria citizenship
- Have a registered business or cooperative society
- Have a viable agricultural project or enterprise
- Have a detailed business plan or proposal for the agricultural project
- Have a collateral or acceptable security for the loan
- You must have a bank verification number (BVN) and Tax Identification Number (TIN)
- You must have a good credit history and a satisfactory credit score.
How To Check Nirsal Loan Approval With BVN Number
The following guide will walk you through how to check nirsal loan approval with a BVN number.
To check the approval status of your NIRSAL loan application using your BVN number, you can follow the steps below:
Visit the NIRSAL Microfinance Bank (NMFB) loan portal at https://covid19.nmfb.com.ng/
- Click on “Check Loan Status” on the menu bar at the top of the page
- Select the loan program you applied for from the drop-down menu
- Enter your BVN number in the space provided
- Click on “Submit” to check the status of your loan application
If your loan application has been approved, you will see a message indicating that your loan has been approved, and the status of your loan disbursement will also be displayed.
However, If your loan application has not been approved yet, the portal will display a message indicating that your loan application is still being processed, or that your loan application has been declined.
Frequently Asked Questions On How To Check Nirsal Loan Approval With BVN Number
Here are some frequently asked questions on how to check nirsal loan approval with a BVN number:
What services does NIRSAL provide?
NIRSAL provides several services, including risk management, credit guarantees, technical assistance, value chain finance, and insurance services to farmers and agribusinesses in Nigeria.
How can I apply for a NIRSAL loan?
To apply for a NIRSAL loan, visit the NIRSAL Microfinance Bank (NMFB) loan portal at https://covid19.nmfb.com.ng/ and follow the instructions for the loan program you are interested in.
What are the eligibility requirements for a NIRSAL loan?
The eligibility requirements for a NIRSAL loan depend on the specific loan program you are interested in, but generally include Nigerian citizenship, a registered business or cooperative society, a viable agricultural project or enterprise, and a good credit history.
What collateral or security is required for a NIRSAL loan?
NIRSAL may require collateral or security for a loan, depending on the loan program and the amount of the loan. Acceptable collateral or security may include land, equipment, or other tangible assets.
How long does it take to get a NIRSAL loan approved?
The time it takes to get a NIRSAL loan approved depends on several factors, including the completeness of your loan application, the loan program you are applying for, and the volume of loan applications being processed at the time. However, NIRSAL strives to process loan applications as quickly as possible.
Can I apply for a NIRSAL loan if I don’t have a bank account?
No, you need a bank account to apply for a NIRSAL loan. However, NIRSAL has partnered with several banks and microfinance institutions to provide loans to farmers and agribusinesses in Nigeria.
How do I contact NIRSAL for more information or assistance?
You can contact NIRSAL by visiting their official website at https://nirsal.com/ or by emailing them at firstname.lastname@example.org. You can also contact the NIRSAL Microfinance Bank (NMFB) for assistance with loan applications and loan disbursement.