How to Check Your NIRSAL Loan Status with Your BVN

The Nigerian Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL) plays a crucial role in supporting the growth of the agricultural sector in Nigeria. NIRSAL offers various loan products to individuals and businesses involved in agriculture, aimed at boosting productivity and enhancing financial inclusion.

How to Check Your NIRSAL Loan Status with Your BVN

If you’ve applied for a NIRSAL loan, it’s natural to be curious about its status. Thankfully, NIRSAL provides convenient ways to check your loan application status using your Bank Verification Number (BVN). This blog post will guide you through the process of checking your NIRSAL loan status with your BVN.

Understanding the NIRSAL Loan Process

Before delving into the methods of checking your loan status, it’s essential to understand the typical NIRSAL loan process:

  1. Application: You can apply for a NIRSAL loan through various channels, including participating Participating Financial Institutions (PFIs), NIRSAL’s website, or designated NIRSAL agents.
  2. Verification and Assessment: NIRSAL will assess your application based on your eligibility criteria, creditworthiness, and the proposed business plan.
  3. Approval/Disbursement: Upon successful evaluation, NIRSAL will notify you of the approval and disburse the loan funds to your designated account.

BVN: The BVN is a unique eleven-digit number assigned to each individual with a bank account in Nigeria. It serves as a centralized biometric identification system for the Nigerian banking industry and is used to verify your identity and track your financial activities.

Checking Your NIRSAL Loan Status with BVN

NIRSAL offers two primary methods for checking your loan status using your BVN:

1. NIRSAL Microfinance Bank Website:

  • Step 1: Visit the NIRSAL Microfinance Bank website: https://nmfb.com.ng/
  • Step 2: Click on the “Repayment Schedule Validation” section.
  • Step 3: Enter your BVN or account number in the designated field.
  • Step 4: Click “Submit.”

The website will display your loan details, including the status (approved, pending, or rejected), loan amount, and repayment schedule, if applicable.

2. NIRSAL Participating Financial Institution (PFI):

  • Step 1: Visit the branch of the PFI where you applied for the loan.
  • Step 2: Inform the customer service representative that you wish to check your loan status.
  • Step 3: Provide your BVN and any other relevant information requested.

The PFI representative will access your loan information and provide you with an update on its status.

Additional Methods for Checking Your NIRSAL Loan Status

While the above methods are the most common, you can also explore these alternative options:

  • NIRSAL Contact Center: Call the NIRSAL contact center at 07006472537 to inquire about your loan status.
  • NIRSAL Email: Send an email to https://nmfb.com.ng/contact-us with your BVN and loan application details for status inquiries.
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Important Considerations

  • BVN Accuracy: Ensure you enter your BVN correctly to avoid errors during the status check process.
  • Multiple Applications: If you have multiple NIRSAL loan applications, you might need to specify the specific loan you’re inquiring about.
  • Timeliness of Updates: There might be a slight delay between the actual loan status and the information reflected online or through the PFI.

How To Check NIRSAL Loan Status

There are several methods of checking the NIRSAL loan status, but we will focusing on checking the NIRSAL loan status using Bank Verification Number.

  • The first thing you need to do is to go straight to the NIRSAL microfinance bank official portal
  • The next thing you need to do is to click on the COVID-19 support link, which is found in the top right-hand corner
  • Tap on the “click here to provide other accounts” when you do, and it will take you to a new page showing the two categories we have discussed above, which are household and small to medium size businesses
  • Proceed to choose the category you applied for; if it is the household category, click on it; if it is the other category, click on it and proceed.
  • You will be required to input your 11- digit BVN to check if your loan approval was successful.
  • If your loan approval is successful, it will take you to the next page, and this is where you will see the amount of loan approved for you, the terms and conditions of the agreement, and a place for you to fill in your bank details, that is if you agree to the terms and condition, immediately after filling your bank details, your loan will be credited to you.

How To Know If Your NIRSAL Loan Application Was Not Successful

  • The first thing you need to do is to go straight to the NIRSAL microfinance bank official portal
  • The next thing you need to do is to click on the COVID-19 support link, which is found in the top right-hand corner
  • Tap on the “click here to provide other accounts” when you do, and it will take you to a new page showing the two categories we have discussed above, which are household and small to medium size businesses
  • Proceed to choose the category you applied for; if it is the household category, click on it; if it is the other category, click on it and proceed.
  • You will be required to input your 11- digit BVN to check if your loan approval was successful.
  • If your loan was unsuccessful, a message reads, “This BVN Detail Does Not Exist.”
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Frequently Asked Questions (FAQs)

Q: How long does it take to get a response after applying for a NIRSAL loan?

A: The processing time for NIRSAL loan applications can vary depending on several factors, including the loan amount, complexity of the application, and verification requirements. However, it typically takes between 2 and 4 weeks for a decision.

Q: What happens if my NIRSAL loan application is rejected?

A: NIRSAL will notify you of the rejection and provide reasons for the decision. You can then choose to address the concerns and reapply or explore alternative financing options.

Q: Can I check my NIRSAL loan status using my phone number?

A: Currently, NIRSAL does not offer the option to check loan status using phone numbers. However, you can use your BVN through the website or PFI methods mentioned above.

Q: What documents do I need to check my NIRSAL loan status?

A: You only need your BVN to check your loan status through the website or PFI. However, if you visit a PFI branch, they might require additional identification for verification purposes.

How do I check my loan status with BVN?

All you have to do is follow these steps.

  1. Download and install the NIRSAL Mobile App.
  2. Open the app and click on the ‘Check Loan Status’ button.
  3. Enter your BVN and click on the ‘Submit’ button.
  4. Your loan status will be displayed on the screen.

How do I check my NMFB loan balance?

Your loan repayment schedule and account can be. accessed through our website: www.nmfb.com. ng/repayment-schedule.

What is the USSD code for Nirsal?

Code *646# or mobile app from anywhere, at any time!

How do I contact Nirsal?

For more information on our loan products, kindly contact us. 09010026900, 09010026901.

How to borrow money from Nirsal microfinance bank?

The process is easy and simple. You can begin the process by opening the application portal on your smart phone, tablet or laptop. Register with your personal information and validate your BVN online. Complete the application form online and select a NIRSAL Microfinance Bank branch closest to you.

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What is the interest rate of Nirsal loan?

nine percent

The interest rate is nine percent (9%) per annum. Micro loans – This is for entrepreneurs, traders and students to access up to N1m for existing businesses. The interest rate charged by Nirsal on loans is a minimum with the total dependent on the tenor of the loan.

Who is the owner of Nirsal?

The Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL Plc.) is a US$500million Non-Bank Financial Institution wholly-owned by the Central Bank of Nigeria (CBN) created to Redefine, Dimension, Measure, Re-Price and Share agribusiness-related credit risks in Nigeria.

Is Nirsal a loan or grant?

It covers credit in the form of term loans, and/or debt instruments such as short, medium, and long-term notes, excluding overdrafts. The NIRSAL CRG also covers the credit risk of default on loan principal and the accrued interest.

Is Nirsal under CBN?

NIRSAL is an initiative of the Central Bank of Nigeria (CBN), the Bankers Committee (BC) and the Federal Ministry of Agriculture & Rural Development (FMA&RD).

How long is the Nirsal loan for?

What is the tenor of the loan? The loan tenor ranges from between 30 days to 12 months.

What is the full meaning of Nirsal?

Incorporated in 2013, The Nigeria Incentive Based Risk Sharing System for Agricultural Lending (NIRSAL) is a $0.5Billion ($500Million USD) public- private Corporation that is wholly owned by the Central Bank of Nigeria. It is designed to appropriately define, price and share agribusiness- related credit risk.

Is Nirsal microfinance bank legit?

NIRSAL Microfinance Bank (NMFB) is a Nigerian financial institution licensed by the CBN to carry out specialised banking services.

Does Nirsal have an app?

NIRSAL Microfinance Bank (NMFB) is providing you with a completely new and more exciting mobile banking experience to its existing and prospective customers with the new NMFB Mobile App.

Conclusion

Checking your NIRSAL loan status with your BVN is a straightforward process. By following the methods outlined in this blog post, you can easily stay informed about the progress of your application and access relevant loan details. Remember, if you encounter any difficulties or have further questions, you can always reach out to NIRSAL through their contact center or email for assistance.

Richard okechukwu Chinedu

FinTech enthusiast with a passion for making financial technology accessible and understandable. I break down complex concepts into actionable insights to empower readers to navigate the ever-evolving world of FinTech.

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