How to Check NIRSAL Loan Approval with BVN Number

Would you like to know How to Check NIRSAL Loan Approval with BVN Number? Then read this.

In Nigeria, many entrepreneurs and agribusiness owners often face the challenge of accessing financing to scale their businesses. 

The Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL) was established by the Nigerian government to provide financial and technical assistance to borrowers, especially in the agricultural sector. 

NIRSAL offers loans to farmers, small and medium enterprises, and other agribusinesses in Nigeria to help grow their ventures and generate employment opportunities. 

Checking your NIRSAL loan approval status with your BVN number is an essential step in the loan application process. 

In this post, we will provide you with a comprehensive guide on How to Check NIRSAL Loan Approval with BVN Number.

In case you just want to apply for a loan, we will discuss the requirements for applying for a NIRSAL loan, how to repay the loan, and more. 

Whether you are a startup or a seasoned business owner, this post will equip you with the necessary information to access NIRSAL loans and take your business to the next level.

What is NIRSAL Loan?

NIRSAL (Nigeria Incentive-Based Risk Sharing System for Agricultural Lending) is a government-owned initiative.

It provides loans to farmers, small and medium enterprises, and other agribusinesses in Nigeria. 

The BVN (Bank Verification Number) is a unique identifier issued by the Central Bank of Nigeria to every bank account holder in the country. 

Checking your NIRSAL loan approval status with your BVN number confirms whether or not you have been approved for a loan.

How to Check NIRSAL Loan Approval with BVN Number

If you have applied and submitted an application for your NIRSAL loan request, you have to check if your loan request went through 

As a registered member of the NIRSAL loan application platform, you should gain access and confirm your loan status

However, only registered applicants who applied with the online application can log in and check their status.

Also, you have to understand that the loan will be available to eligible applicants who possess all the relevant requirements needed to access the loan.

Hence, to check your loan status, follow the steps below:

• Sign in to your account using the NIRSAL loan application portal website. 
• Look for the category of loan you applied for. 
• Click the category you applied for either households or SMEs.
• Verify your account by submitting your BVN. You might see a pop-up window that shows the amount you will be given.
• Supply your bank details correctly in the right format
• Accept the terms and conditions for the loan, which you will see on the site
• Ensure you read and understand every aspect of it. 
• You will also know the details of the director in charge of your payment and the steps you need to take for repayment.

If you apply for a household loan visit 

https://covid19.nmfb.com.ng/HomeLoans 

Enter your BVN details and check your loan approval status.

If you apply for a NIRSAL SME loan visit 

https://covid19.nmfb.com.ng/SmeLoan 

Enter your BVN details and check the loan approval status.

After inputting your Bank Verification Number (BVN), click “Validateop BVN”. 

If you see a popup message with “BVN does not exist,” that means you are not shortlisted for the loan but are waiting for the third list.

However, if you received a congratulatory message, input your correct account details and wait for the alert within 24 hours.

Requirements Needed to Apply for NIRSAL Loan with BVN Number

Having discussed How to Check NIRSAL Loan Approval with BVN Number, we will discuss how to apply for NIRSAL loan in case you just want to apply. 

So, let’s talk about the requirements needed to apply for the loan first. 

To apply for a NIRSAL loan with your BVN number, you will need the following:

• BVN Number: You must have a valid BVN number issued by the Central Bank of Nigeria.
• Business Plan: A detailed business plan that outlines the purpose of the loan, how it will be used, and how it will be repaid.
• Collateral: You will need to provide collateral for the loan, such as property, equipment, or other assets.
• Financial Statements: You will need to provide financial statements that show your business’s income and expenses, cash flow, and balance sheet.
• Credit Report: You will need to provide a credit report that shows your credit history and creditworthiness.

How to Apply for NIRSAL Loan BVN Number 

Here is a step by step guide to apply for NIRSAL loan with your BVNVisit the NIRSAL official website at www.nirsal.com 

• Click on the ‘Apply for Loan’ button on the homepage
•  Fill out the loan application form with your personal and business information
• Upload your business plan, financial statements, and credit report
• Provide collateral for the loan
• Submit your application

How to Repay How to Check NIRSAL Loan Approval with BVN Number

• Log in to your NIRSAL account at www.nirsal.com 
• Click on ‘Loan Repayment’ to view your repayment schedule
• Choose a repayment option that suits you
• Make your payments on time to avoid defaulting on your loan

Conclusion on How to Check NIRSAL Loan Approval with BVN Number

Checking your NIRSAL loan approval status with your BVN number is a simple process that can be done in a few easy steps. 

To apply for a NIRSAL loan with your BVN number, you will need to provide the necessary requirements

Including a business plan, collateral, financial statements, and a credit report. 

Repaying your loan is also easy, and you can choose an option that suits you. 

With this information provided in this guide on How to Check NIRSAL Loan Approval with BVN Number you can take advantage of the NIRSAL initiative to grow your business and achieve your financial goals.

FAQS about How to Check NIRSAL Loan Approval with BVN Number

How do I check my NIRSAL loan approval status with my BVN number?

You can check your NIRSAL loan approval status with your BVN number by logging in to your NIRSAL account on their website and clicking on the ‘Loan Application’ button.

What is NIRSAL and how does it work?

NIRSAL (Nigeria Incentive-Based Risk Sharing System for Agricultural Lending) is a government-owned initiative that provides loans to farmers, small and medium enterprises, and other agribusinesses in Nigeria. 

It works by providing financial and technical assistance to borrowers to support their businesses.

What are the requirements for applying for a NIRSAL loan with my BVN number?

The requirements for applying for a NIRSAL loan with your BVN number include a valid BVN number, a detailed business plan, collateral, financial statements, and a credit report.

How long does it take to get a NIRSAL loan approved?

The time it takes to get a NIRSAL loan approved depends on the completeness of your application and the availability of funds. It typically takes between 2 to 4 weeks.

What is the interest rate on NIRSAL loans?

The interest rate on NIRSAL loans varies depending on the type of loan and the borrower’s risk profile. 

The rates are competitive and range from 5% to 9%.

Can I pay back my NIRSAL loan before the due date?

Yes, you can pay back your NIRSAL loan before the due date without any penalty.

What happens if I default on my NIRSAL loan?

If you default on your NIRSAL loan, the collateral you provided will be seized to recover the loan amount.

How do I contact NIRSAL customer support?

You can contact NIRSAL customer support by sending an email to info@nirsal.com or by calling their customer care hotline on 0700NIRSAL (0700647725).