Have you Applied for CBN Covid-19 Loan and not yet Approved (Here is what to do)
Today we will be discussing some important issues relating to approvals and getting the Covid-19 loan into your account
So many persons have been asking us a series of questions on why their covid-19 loan applications was not approved, others are delayed, while some got approvals but were not funded
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Before we move ahead, the covid-19 application portal for households is up and running, So if you have not applied, make hay while the sun shines,
APPLY FOR CBN COVID-19 LOAN APPLICATION FOR HOUSEHOLD
If You have applied congratulations, the next step is to see how your application can get immediate approvals and funds delivered into your own account
This post will expose applicants to reasons why their covid-19 fund is not approved and will profer solutions and recommendations for approval
The covid-19 loan is segmented into two distinctive features:
The Businesses/SMEs
Household Expenditure
The Businesses/SMEs
The Businesses/SMEs loan helps to revival businesses largely affected by the Covid-19 pandemic, it seeks to strengthen businesses by giving long term capital for survival and revitalization
Many small businesses and even large and medium-term enterprises applied for this loan but were turned down
There are some conditions attached to the Businesses/SMEs loan, if not adhered to, your loan application will suffer constant disapprovals or delay
The following if not provided or attached during registration, may see your application not successful
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.
Registered business with CAC
Evidence of tax payments
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BVN
Letter of Introduction
Passport photo of you and guarantor
Valid ID card
Agreement to be signed by the customer, giving NMFB
Rights to take over pledged assets in the instance of loan default.
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For Household/Individual
This loan is solely meant for the house expenses like feeding, rent, children fee, and others, you can get disapproved if the following are not attached
BVN
Letter of Introduction
Passport photo of you and guarantor
Valid ID card