{"id":11433,"date":"2022-02-09T16:34:06","date_gmt":"2022-02-09T16:34:06","guid":{"rendered":"https:\/\/mailinvest.blog\/index.php\/2022\/02\/09\/how-to-repay-nmfb-covid19-tcf-loan-in-5-steps\/"},"modified":"2022-02-09T16:34:06","modified_gmt":"2022-02-09T16:34:06","slug":"how-to-repay-nmfb-covid19-tcf-loan-in-5-steps","status":"publish","type":"post","link":"https:\/\/mailinvest.blog\/index.php\/2022\/02\/09\/how-to-repay-nmfb-covid19-tcf-loan-in-5-steps\/","title":{"rendered":"How to Repay NMFB Covid19 TCF Loan in 5 Steps"},"content":{"rendered":"

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Dear Nirsal Microfinance Bank <\/a><\/strong>(NMFB) loan beneficiary, please be informed that repayment of Covid19 TCF Loan<\/strong> <\/a>has commenced. In a statement recently released by NMFB titled \u201cWe have played our part. It is now your turn<\/strong>\u201c, the Bank notified the beneficiaries on the repayment of their loans and also provided guideline on how to make the repayment easier.<\/p>\n

How to Repay NMFB Covid19 TCF Loan<\/strong><\/h2>\n

Kindly follow these steps on how to repay your loan:<\/p>\n

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

    What You Should Know<\/strong><\/h3>\n

    The outcome of the Covid19 pandemic had severe consequences on households\u2019 livelihoods and business activities, resulting from drop in global demand, declined consumer confidence and slowdown in production.\u00a0<\/p>\n

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

    Targeted Credit Facility for COVID-19<\/strong>\u00a0<\/strong>FAQ<\/strong>s<\/strong><\/h4>\n

    What is the Interest Rate?<\/strong><\/p>\n

    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.<\/p>\n

    How Long is the Loan for?<\/strong><\/p>\n

    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.<\/p>\n

    How Much Can I access?<\/strong><\/p>\n

    Households\u00a0can access a maximum of N3 million.<\/p>\n

    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.<\/p>\n

    Working capital shall be a maximum of 25% of the average of the previous 3 years\u2019 annual turnover. (where the enterprise is not up to 3 years in operation, 25% of the previous year\u2019s turnover will suffice).<\/p>\n

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    FOLLOW OUR FACEBOOK PAGE:<\/strong><\/a> Make\u00a0sure you don\u2019t miss out on any loan, grant and employment opportunities.\u00a0<\/strong>Subscribe to our<\/strong><\/strong><\/u><\/a><\/strong><\/strong><\/strong> email\u2002<\/u><\/a> updates and join our<\/strong> Telegram Channel<\/u><\/a>.<\/strong><\/strong><\/strong><\/p>\n

    Related<\/em><\/h3>\n<\/p>\n<\/div>\n