NIRSAL COVID-19 Loan Repayment: What You Need to Know
NIRSAL COVID-19 Loan Repayment: What You Need to Know
The COVID-19 pandemic has had a devastating impact on businesses and individuals across Nigeria. In an effort to help mitigate the effects of the pandemic, the Central Bank of Nigeria (CBN) launched the Targeted Credit Facility (TCF) in March 2020. The TCF is a loan program that provides financial assistance to households and micro, small, and medium-sized enterprises (MSMEs) that have been affected by the pandemic.
One of the participating institutions in the TCF is the Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL), which is a government-owned agency that provides financial services to the agricultural sector. NIRSAL disbursed N50 billion in loans to beneficiaries under the TCF, with a moratorium period that lasts until February 28, 2021.
As the moratorium period is coming to an end, NIRSAL is calling on borrowers to start repaying their loans. The repayment period for the loans is 12 months, and the interest rate is nine percent. Borrowers can repay their loans through any of NIRSAL's branches across the country.
Click the link below to check loan repayment schedule
https://nmfb.com.ng/repayment-schedule-validation
There are a few things that borrowers need to keep in mind when repaying their NIRSAL COVID-19 loans. First, borrowers must ensure that their loan account is always funded. Second, borrowers must make their repayments on time. Third, borrowers must contact NIRSAL customer care if they have any questions about their loan repayment.
NIRSAL is committed to helping borrowers repay their loans. The agency has a number of resources available to help borrowers, including a loan repayment portal, a loan calculator, and a FAQ section.
If you have received a NIRSAL COVID-19 loan, it is important to start planning for repayment now. The sooner you start repaying your loan, the less interest you will have to pay. You can find more information about NIRSAL COVID-19 loan repayment on the NIRSAL website.
Here are some tips for repaying your NIRSAL COVID-19 loan:
- Start planning early. The sooner you start repaying your loan, the less interest you will have to pay.
- Make your repayments on time. Late payments can result in penalties and additional interest charges.
- Set up a budget. This will help you track your income and expenses, so you can make sure you have enough money to make your repayments.
- Contact NIRSAL customer care if you have any questions. The agency is committed to helping borrowers repay their loans.
I hope this blog post has been helpful. If you have any questions about NIRSAL COVID-19 loan repayment, please feel free to leave a comment below.
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