CBN waives guarantor requirement for N50 billion COVID-19 loan applications

 CBN covid19 loan: Registration, BVN Revalidation and Loan Repayment. See https://myeduproject.com.ng/cbn-recruitment-2020-2021-current-application-update

 CBN covid19 loan: Registration, BVN Revalidation and Loan Repayment: “Applicants to the N50 billion credit facility, who have successfully completed the application processes and submitted their account details, should expect credit alerts 48 hours afterwards”-CBN. See https://myeduproject.com.ng/cbn-2020-2021-intake-application-update-and-reviews

The Central Bank of Nigeria (CBN) announced this evening that households and SMEs applying for the N50 billion COVID-19 Targeted Credit Facility would not be required to provide guarantors before the can access they can access the credit facility”

Registration Procedures

Successful applicants who are yet to receive their loans have been advised to visit https://twitter.com/cenbank/status/1270019723972030466

Such applicants were also informed to submit “their account details in any bank of their choice.”

“The credit facility is aimed at providing financial relief to households and small businesses as they cope with the economic fallouts of the pandemic.

The loan disbursements would be determined based on the activity, cashflow, and industry size of the beneficiaries.

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Each eligible SME will receive a maximum of N25 million while qualified households can access a maximum of N3 million each”

BVN Re-validation

“All applicants to the N50 billion credit facility, who have successfully completed the application processes and submitted their account details, should expect credit alerts 48 hours afterwards

After registration, and your application meets their requirement, a link will be sent to you to re-validate your Bank Verification Number

Enter your BVN detail correctly and wait for their response within 48 hours

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Loan Repayment- The rate is 9% per annum

What of the case whereby you are told that you are receiving the loan on a 9% interest rate at a center.

That is if you are going for N500,000 loan, you will be paying N45000 as monthly interest.

Then N45000 in 12 months is N540,000 and in 3 years when the loan elapses, you are paying N1,620,000 as interest for a N500,000 loan.

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