CBN’s N50bn COVID-19 Fund Disbursement Continues Thursday

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CBN’s N50bn COVID-19 Fund Disbursement Continues Thursday: The Central Bank of Nigeria will continue the disbursement of the N50B covid-19 fund on Thursday, more than 80,000 applicants would benefit from this trench of disbursement

 The Central Bank of Nigeria N50bn targeted credit facility would continue on Thursday, Mr Abubakar Kure, the Managing Director, NIRSAL Microfinance Bank confirmed the development

“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 afterward”-CBN

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Registration

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”

Register here, Click here

Loan Repayment

If your account has been credited, congratulations but you have not gotten a free money.

You are going to pay back with no one policing you. You have sign agreement with NMF to take any money in your account should you do not pay back.

It means the only condition for not paying back is if no money comes into your other accounts link with your BVN.

 So, use the money well, it is a loan, not a grant. NIRSAL through CBN will take everything that passes through your account including your salary if you do not payback.

Secondly, what you see as credit alert is not what you borrowed, 4% interest and administration fee have been taking upfront, if for example you see N425,100 what you are paying back is N450,000.

The moratoriums are the grace period before deduction will begin and the repayment period is the no of installments. If it is 12 months, it means N450,000 not N425,100 divided by 12 and that is what you will start paying monthly from September.

Walk to any NIRSAL microfinance bank with your BVN to get your account number, you can upgrade the account with your password, ID card, Signature, and free to use the account like any other bank account.

         

Warnings!

You cannot escape the repayment, not even death. Even when you change your name, you can NEVER change your fingerprints.

Even at death, they would locate your guarantors to continue servicing the loans from where you left it.

They can only give your guarantors some time to start paying should incase there is an eventuality of death.

Please use the loan to grow your biz. God will multiply it and you will happily pay back.

To get all the information you need about the loan, click here

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