STEPS ON HOW TO APPLY FOR CBN COVID-19 LOAN

The Central Bank of Nigeria CBN COVID 19 Loan for Household (CBN Loan Application portal): The CBN COVID 19 Loan Application is given for the intervention of COVID- 19 pandemic situations in the country.

Although the Household application is closed for now, the SMEs application is still ongoing now.

For you to apply,  log on to the website https://nmfb.com.ng/covid-19-support/

The Central Bank of Nigeria (CBN) instituted the N50 billion COVID-19 TCF  for households and SMEs to mitigate the harsh economic impact of the coronavirus pandemic currently in the country.

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Consequently, thousands of Nigeria had already applied for the loan, and according to a statement issued by the Director, that all loans approved will be disbursed 48hour after approval of the CBN COVID 19 Loan.

Currently, the CBN Loan Application portal is open for entry and thousands of applicants have already applied.

The steps here are to guide you on how to make your application for the CBN COVID 19 Loan for Household and SME.

Firstly, we would like to look at the type of business that is acceptable, kindly note that the industries listed below are not limited and should not be weary if your industry is not listed.

  • Acceptable Businesses for the CBN Loan Application portal Entry
  • Agricultural value chain activities,
  • Manufacturing & Cottage Industries,
  • Artisans,
  • Services,
  • Trade and general commerce,
  • Renewable energy or energy-efficient products and technologies, and
  • Any other income-generating projects as may be prescribed by the CBN.

REQUIREMENTS FOR THE CBN COVID 19 LOAN

Here below are the requirements for the CBN COVID 19 Loan application for SMEs

  • Registered business with CAC
  • Evidence of tax payments
  • BVN
  • Letter of Introduction
  • Passport photo of you and guarantor
  • Valid ID card
  • CBN Loan Application portal 2021 (How to Apply)
  • Below are steps you should take to apply for the CBN COVID 19 Loan.

To start with, Log on to the NIRSAL microfinance website via https://nmfb.com.ng/covid-19-support/

Select Household or SMEs

Select on Apply button

Fill the application form and submit

Meanwhile, it is important to know that the steps you took above are the first step, once your application is approved, you will be contacted to verify your BVN through the website https://covid19.nmfb.com.ng/SmeLoan thereafter, you will acknowledge the receipt of the application.

Conditions for necessary for the CBN COVID 19 Loan Application

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 the customer, giving NMFB rights to take over pledged assets in the 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.
  • The loan amount must match the loan repayment plan and loan purpose.
  • Domiciliation of proceeds with NIRSAL Microfinance Bank.

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