Dear Nirsal Microfinance Bank (NMFB) loan beneficiary, please be informed that repayment of Covid19 TCF Loan has commenced. In a statement recently released by NMFB titled “We have played our part. It is now your turn“, the Bank notified the beneficiaries on the repayment of their loans and also provided guideline on how to make the repayment easier.

How to Repay NMFB Covid19 TCF Loan

Kindly follow these steps on how to repay your loan:

  1. Visit any nearest NMFB branch to obtain a loan repayment schedule. This step is optional; you can jump straight to step 2.
  2. Ensure that your loan account is always funded
  3. Your account number has been previously sent to your mobile phone number
  4. You can view your loan offer letter on https://covid19.nmfb.com.ng/HomeLoans and https://covid19.nmfb.com.ng/SmeLoan

What You Should Know

The outcome of the Covid19 pandemic had severe consequences on households’ livelihoods and business activities, resulting from drop in global demand, declined consumer confidence and slowdown in production. 

In this respect, the Central Bank of Nigeria (CBN) introduced the N50 billion Targeted Credit Facility (TCF) as a stimulus package to support households and Micro, Small and Medium Enterprises (MSMEs) affected by the COVID-19 pandemic.

Targeted Credit Facility for COVID-19 FAQs

What is the Interest Rate?

Interest rate under the intervention is 5% p.a. (all inclusive) up to 28th February 2022 and thereafter, the interest on the facility will revert to 9% p.a. (all inclusive) as from 1st March 2022.

How Long is the Loan for?

Working capital will be for a maximum period of one year, with no option for rollover. Term loans have a maximum tenor of not more than 3 years with, at least, one-year moratorium.

How Much Can I access?

Households can access a maximum of N3 million.

Loan amount to SMEs shall be determined based on the activity, cashflow and industry/segment size of beneficiary, subject to a maximum of N25 million.

Working capital shall be a maximum of 25% of the average of the previous 3 years’ annual turnover. (where the enterprise is not up to 3 years in operation, 25% of the previous year’s turnover will suffice).

FOLLOW OUR FACEBOOK PAGE: Make sure you don’t miss out on any loan, grant and employment opportunities. Subscribe to our email  updates and join our Telegram Channel.


Source link