Are you searching online for how to check NIRSAL loan approval with BVN? You’ve come to the right page.
In this guide, I will show you how to check NIRSAL loan application status using your bank verification number aka BVN. Read on!
How NIRSAL Loan Approval Works: The Full Process
NIRSAL Microfinance Bank is Nigeria’s number 1 microfinance bank. The bank is actually the national microfinance bank in Nigeria. It works hand-in-hand with the Central Bank of Nigeria (CBN)
Part of the duties of NIRSAL bank is to offer loans ranging from N100,000 to N20 Million to eligible Nigerians and businesses.
When a person applies for a loan with NIRSAL MFB using his personal or business details, the loan goes through a period of approval. This can be anywhere from one to six months, depending on the amount the person applied for and the information they submitted.
Within this period, the application will be carefully reviewed by the bank’s team to see if the person or business is truly qualified for the amount they applied for.
If the person or business qualifies for that amount, NIRSAL bank staff will approve the loan and send a notification to the individual or business informing them that the loan has been approved.
The notification usually come through a text message or via the email address they submitted during the loan application. In some cases, they may also receive a call from NIRSAL, but this is rare.
Once an individual has been notified of the approval of his NIRSAL Microfinance Bank loan, he is to proceed immediately to the bank’s website to accept the loan and it’s terms and conditions.
After that, the money will be paid into his NIRSAL bank account or any other Nigerian bank account with his name. The most recommended bank accounts to use for fast payments are First Bank, UBA, GTBank, Zenith, Union, Fidelity and Access Bank.
Others like WEMA, Keystone, Polaris, FCMB, Heritage Bank, Ecobank, Stanbic, Sterling and Standard Chartered Bank also work but many users have complained of the delay in the money dropping into their accounts.
What Kind Of NIRSAL Bank Loan Can I Apply For?
NIRSAL Microfinance Bank offers different types of loans to eligible Nigerians.
Some of those loans are:
- Covid19 Support For Households and Businesses
- Non-Interest Targeted Credit Facility (TCF)
- Commercial Loan
- AGSMEIS loan etc.
How Do I Know If I Qualify For NIRSAL Loan?
The simplest way to know if you are eligible for NIRSAL Microfinance Bank loan is by applying. If you are qualified, the loan will be approved and you will be notified of the approval.
If you are not qualified, the loan will not be approved. It’s just as simple as that.
If you have never applied for any NIRSAL bank loan before and have a good record with the Nigerian Credit Bureau, you have 95% chance of being approved for any NIRSAL Non-Interest Household loan you apply for.
Having a registered business name and physical address can also increase your chances of being approved for the Commercial loans.
Please see this page How To Apply For NIRSAL Loan for a detailed guide on that.
How To Check NIRSAL Loan Application Status
There are 3 ways to check status of the NIRSAL loan you applied for:
The first is by checking your email inbox and text message for any message from the microfinance bank.
The second is by calling the customer care agents through any of the official NIRSAL MFB customer care numbers.
The third and most effective method is by visiting the bank’s official website and checking the application status using your bank verification number. Let me show you how to do that below.
Also Read: L’Credit customer care number
How To Check NIRSAL Loan Approval With BVN
To check your NIRSAL loan approval status with your BVN, simply follow the steps below:
- Visit https://nmfb.com.ng using your phone or computer
- Click on “Application Status”
- Select “New” or “Returning Customer”
- Enter your BVN in the space provided and on “Next”. Your loan application status will be displayed on the next page.
If the approval status reads “in progress”, feel free to exit the page and check it again after some weeks.
However, if you receive a message like “Congratulations your NIRSAL loan of N500,000 has been approved”, you are to proceed to the next stage which is accepting the loan and entering any of your bank account details for disbursement.
Take notice of the due date and ensure you repay your loan on time. That way, you can qualify for more offers from the bank.
This guide reveals how to check NIRSAL loan approval with BVN.
The methods explained here can be used to instantly check the NIRSAL Microfinance Bank loan application status on phone or computer.
Have you been searching online for how to know if the loan you applied for has been approved by the bank?
I’m sure you will find the information here useful.
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