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Update For Those Who Have Received The Covid-19 Loan in Their Bank Account

About a week ago, successful applicants (those whose applications have been approved and have gone through the necessary processes to accept the offer and also submitted their bank details) had received their money into their bank accounts.

Different amounts were approved for different persons during the stages of approval and notification. The beneficiary whose screenshot of payment appears above, a total sum of NGN 400,000 (four hundred thousand naira) was approved for him and a total sum of NGN 378,200 (Three hundred and seventy eight thousand, two hundred naira) was credited to his account.

This means that NGN 21,800 (Twenty one thousand, eight hundred naira) was taken out of the money.

Now, a lot of persons who had received their money noticed that that same sum of NGN 21,800 was deducted from the initial amount which was approved for them. For some persons, NGN 450,000 was approved for them, but when the payment was made into their accounts, they also noticed that it was short of NGN 21, 800.

I want to explain to you in this article, key facts that you need to know about the money you have received as a result of this Targeted Credit Facility scheme for SMEs and Households.

While some beneficiares collected their money over three months ago, some received theirs about a week ago.

Meanwhile, there is something I observed as a result of people's testimonials. When they received an sms from NMFB (NIRSAL Microfinance Bank) notifying them that their application has been approved, that they should click on the link which came with the sms and accept the offer,

they did and as they keyed in their bvn and validated it, which took them to the page where they have to read the terms and conditions of the loan facility and either accept or reject the offer, most persons were impatient to read through the lengthy writeup that was there.

They were just interested in scrolling to the end of the page so that they can accept the offer and continue to anticipate when the money will be paid to them. So, now that they have received the money finally, they are now asking questions on how long the duration of the loan is, how and when are they going to pay back the loan, why was NGN 21,800 deducted from the initial approved amount and all that.

It is these questions that I want to address in this article, so for those who have applied and have yet to collect the loan, and also for those who have collected, this article is for you, and also for anyone else who may want to be informed about scheme, at least at this level. So, read it and note the explanation carefully and also share it to others so that they may be informed as well.

Whatever amount was approved for you, the loan has been scheduled to last for 3 years. By this effect, let us use for instance the person whose application was approved to the sum of NGN 400,000 but was rather paid NGN 378,200.

1) The NGN 21,800 which was deducted is the interest for the whole amount which was approved. So, it is like, they just deducted it at once, so that you don't have to worry about paying the capital and interest later on. They made it in such a way that all you will need to think of, is to pay back the capital i.e the amount which was approved for you.

Remember that the loan has a 3-year duration. In that case, for this first year you don't have to pay anything. Use the money and venture into whatever endeavour you choose and think will be profitable. It is in the second and third year that you will have to be paying up the loan monthly till you pay up all the capital, which is the amount they approved for you.

2) To determine how much you will be paying every month, there are 12 months in a year, that means 24 months in two years. Let us use the amount of the beneficiary which we have talked about in this article to illustrate.

Since this beneficiary had NGN 400,000 approved for him, we divide 400,000 by 24 which will give you 16,666.66666. That means for the next two years or 24 months, that is the amount he will be paying each month (sixteen thousand, six hundred and sixty six naira).

When you then multiply that amount by 24 you will realize 399,999.999 (three hundred and ninety nine thousand, nine hundred and ninety nine naira), approximately 400,000.

So, after one year, you may begin to hear from them, as they will give you a medium through which you can be paying NGN 16,666 (sixteen thousand, six hundred and sixty six naira) monthly for the next two years. That is, they will notify you either via sms or email, and give you the account you will be paying the money into.

Note that the figures I used here is for those that they approved NGN 400,000 for them. Use the format to calculate for your own amount that was approved. That is, if you a different amount was approved for you, divide that amount by 24 and you will get the amount you need to be paying them every month for two years beginning from the second year of the loan term.

I hope I have been able to satisfy your curiosity at least to an extent, if not perfectly.

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  1. I have filled my details but up till now I have not received any credit alert. Y?

    1. I have filled my details on 22 October 2020 but I have not received alart till now, please what is the problems and help

  2. I registered but not seem any tex

  3. Must you returned the money

  4. I haven't receive anything yet

  5. I have filled my details on 22 October 2020 but I have not received alart till now, please what is the problems and help

  6. Yes na that's why I got message to filled it nah


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