How To Check NIRSAL Loan Approval With BVN Number 

June 6, 2023 How To
How To Check NIRSAL Loan Approval With BVN Number  1

How To Check NIRSAL Loan Approval With BVN Number 

NIRSAL Microfinance Bank is one of the most popular and reliable financial institutions in Nigeria, offering loans to Nigerians. 

You can borrow loans from NIRSAL once you are qualified for it. If you wish to check your NIRSAL loan approval with a BVN number, then this article is a comprehensive guide you through the step-by-step process of checking NIRSAL loan approval with BVN. 

Stay tuned and pay close attention as we conclude with some frequently asked questions about this topic. Read on! 

Overview Of NIRSAL Microfinance Bank 

The Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL) was founded in 2013 with the sole aim of facilitating and creating credit facilities for individuals and businesses in the agricultural sector in Nigeria. 

In addition, they seek to redefine the agribusiness in Nigeria. It was licensed by the Central Bank of Nigeria to issue loans to people. NIRSAL Microfinance Bank is also called National Microfinance Bank. 

What Are The Loans Offered By NIRSAL? 

NIRSAL Microfinance Bank (NMFB) offers various credit facility schemes to eligible individuals and businesses. Here are some of them; 

  • Agriculture, Small, And Medium Enterprise Scheme (AGSMEIS): This agricultural loan is available for small or medium-sized businesses. Businesses can borrow up to NGN10,000,000 AGSMEIS loan with ease provided that they are qualified for it and without collateral security. 
  • Ancho Borrowers Program: This NIRSAL loan scheme is for businesses in the processing industry and farmers who deal with agricultural products on a small scale. 
  • NIRSAL Microfinance Bank Access Target Account: This program is solely for savings. The start-up amount is $1,000, and the minimum balance is $500.
  • Then we have the NIRSAL covid 19 loan, provided to individuals, households, and businesses. 

Who Can Apply For A NIRSAL Loan? 

The NIRSAL loan schemes are not for everyone or businesses. They are specifically designed for some people. These set of people are; 

  • Households whose livelihoods were significantly affected during the covid 19 pandemic. 
  • Microenterprises with enough evidence of how the 2019 pandemic affected them. 
  • Small and medium-sized enterprises (SMEs) with strategic plans can also apply for the NIRSAL loan. 

How To Apply For A NIRSAL Loan 

To apply for a NIRSAL loan, you must first be qualified for it. You must first open an account with NIRSAL Microfinance Bank and then provide the following ;

  • Your employment letter
  • Pay Stub
  • Your employee ID card
  • Six months’ worth of bank statements
  • Other acceptable forms of identification, such as a driver’s license, PVC, or national ID,
  • An electric bill
  • Two passport photographs
  • A sort of guarantor 

Once the above documents and requirements are met, then you can visit any of NIRSAL Microfinance Bank with the documents. 

Alternatively, you can apply for a NIRSAL loan online. This can be achieved in the steps below; 

  • Open any of your preferred phone browsers, 
  • Visit the official portal of NIRSAL Microfinance Bank. 
  • Follow the onscreen guide to apply 
  • Wait for approval. 
  • Received an email showing that your loan has been approved. 

How To Check NIRSAL Loan Approval With BVN Number 

There are a handful of ways to check if your NIRSAL is approved. However, we shall focus on using the BVN number to achieve that. Keep reading! 

Here is how to know whether your desired loan is approved or not; 

  • Log into your NIRSAL account or profile through their official portal. 
  • Follow the prompts or 
  • You can visit https://agsmeisapp.nmfb.com.ng 
  • Choose your loan category 
  • Then enter your BVN 
  • If your NIRSAL loan is approved, you will see the amount and the other loan details displayed. 

Facts About NIRSAL Loans 

Here are three significant facts about loans from NIRSAL Microfinance Bank; 

  • The interest rate is 5% until after the first of March 2021. After this date, the interest rate rises to 9%.
  • The loan period for a working capital is only a year. And there is no rollover. 
  • SMEs can borrow up to NGN25,000,000, while households can only obtain a loan worth NGN3,000,000.

Advantages And Disadvantages Of NIRSAL Loan 

One of the significant advantages of a NIRSAL loan is that the loan limit is big enough to accomplish your desired goal, unlike some banks and financial institutions with know loan limits. 

Meanwhile, a NIRSAL loan requires a lot of documents and criteria for eligibility before you can obtain it. 

Frequently Asked Questions 

1. How do I check if my loan is approved? 

To know whether your loan is approved, you have to visit the official website of NIRSAL and then proceed to verify with your BVN number. 

For banks and other financial institutions, check their websites and mobile apps or visit nearby branches for verification. 

2. How do I check my NIRSAL account? 

Visit the official website of NIRSAL to check your account, or you can contact them through any of the pathways on their website. 

3. How do I know if my AGSMEIS loan is approved? 

The fastest method of checking if your AGSMEIS loan is approved is to visit their login page and click on “loan status” to verify. 

Remember, you may be required to select your loan category and, possibly, enter your BVN number. 

4. How do I activate my NMFB account number? 

As a new user, you have to download the NIRSAL mobile app. Click on the login button and proceed to open an account and then proceed to follow the prompts. 

For existing users, log in to your account and follow the prompts to generate your code or PIN. 

5. What is the USSD code for NIRSAL Bank? 

The code specifically made for NIRSAL Bank is #nmfbcares. 

6. How do I open an NMFB account with a USSD code? 

To open an NMFB account with a USSD code, do the following; 

  • Open your phone dialer 
  • Dial *464#
  • Enter the required information, like your BVN.  
  • Follow up and the prompts carefully. 
  • Viola! You are done. 

Conclusion 

To check if your NIRSAL loan is approved, you need to enter your BVN for proper verification. Meanwhile, ensure you have enough plans and strategies to utilize the loan. This is because it contributes to your chances of securing a NIRSAL loan. 

We believe that you can comfortably check if your NIRSAL loan is approved or not with your BVN. If you still have questions, kindly ask in the comments section below. 

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