Recently, the Central Bank of Nigeria (CBN) started the 2nd Phase of CBN COVID-19 Loan with N50 Billion Targeted Credit Facility (TCF).

And as the 2nd Phase of the CBN COVID-19 Loan keeps going on and Nigerians have been applying. It has been noticed that many are still finding it difficult to register.

In this case, we have analysed steps involved in registration and key areas to be focused on in this article.

The COVID-19 Loan scheme is categorized into two major parts namely COVID-19 TCF and COMMERCIAL LENDING respectively.

The COVID-19 TCF is also subdivided into two; which are HOUSEHOLD and SME.

To apply for the HOUSEHOLD which is sectionalized into steps, diligently follow the steps below after you have selected HOUSEHOLD option:

Firstly, you need to select COVID-19 TCF tab from the welcome screen of the Nirsal Microfinance Bank by clicking APPLY and subsequently click APPLY FOR HOUSEHOLD LOAN.

Step 1:

Select NEW for a fresh application. (There are two options here New and Returning) A generated Reference Code will appear on your screen it looks like this – TCF8123456), ensure you copy it and keep it safely for your reference. click Next

Step 2:

Filling the PERSONAL INFORMATION form – Input your BVN first and your personal details will be displayed automatically. Then fill the rest place and click Next

Step 3:

Filling the BUSINESS INFORMATION form – Chose Yes if you are Employed; but choose No if you own your business. Then fill in the rest details and click Next

Step 4:

REQUIRED DOCUMENTS – Just select the only available option which is (Household (50,000 THOUSAND – 1,000,000 MILLION [NGN]) click Next

Step 5:

Filling the LOAN INFORMATION form – Here, you need to select maximum of two Purposes of the loan. Then fill in the amount of loan you need as well as the Loan Tenor with maximum of 36 months and Moratorium with maximum of 12 months, and click Next

Step 6:

DECLARATION – Tick the only option that says (I hereby declare that the information provided is true and correct) and click Submit

To apply click this link Nirsal Microfinance Bank.

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