50B Naira Covid19 Loan Fund CBN resumes payment to Beneficiaries

50B Naira Covid19 Loan Fund CBN resumes payment to Beneficiaries CBN to Continue the payment of covid19 fund to More than 80,000 Beneficiaries this coming Thursday 2021, if you can remember Vividly about the Central Bank of Nigeria covid19 fund that was dispatched to people in order to contain the covid19 pandemic negative in impact in Nigeria and it’s Citizens.

This particular Covid19 Disbursement will see more than 80,000 Beneficiaries being paid and this disbursement will commence this coming Thursday, if you know you’er among those who applied for the CBN covid19 fund and you’er yet to be credited just be expecting your payment very soon.

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The Central Bank of Nigeria N50bn targeted credit facility would continue on Thursday, Mr Abubakar Kure, the Managing Director, NIRSAL Microfinance Bank confirmed the development

“Applicants to the N50 billion credit facility, who have successfully completed the application processes and submitted their account details, should expect credit alerts 48 hours afterward”-CBN

How to Register for the CBN covid19 Loan Facility 2021

Interested and Qualified applicants should as matter of urgency submit their  various bank account details in any bank of their choice.

The credit facility is aimed at providing financial relief to households and small businesses as they cope with the economic fallout of the pandemic.

The loan disbursements would be determined based on the activity, cash-flow, and industry size of the beneficiaries.

Each eligible SME will receive a maximum of N25 million while qualified households can access a maximum of N3 million each”

CBN 50B covid19 loan Fund Facility repayment Plan 2021

Once you get paid be informed that this is a government money no matter how long it takes you will pay back all you borrowed in full you can not outsmart the Government because they have access to all your Financial transactions in all the bank you make use of.

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You’er advised to use the money Judiciously use it for what it was intended for, invest it in your business and also try paying back when due to avoid any form of confrontations with the government.

Secondly, what you see as credit alert is not what you borrowed, 4% interest and administration fee have been taking upfront, if for example you see N425,100 what you are paying back is N450,000.

The moratoriums are the grace period before deduction will begin and the repayment period is the no of installments. If it is 12 months, it means N450,000 not N425,100 divided by 12 and that is what you will start paying monthly from September.

Walk to any NIRSAL microfinance bank with your BVN to get your account number, you can upgrade the account with your password, ID card, Signature, and free to use the account like any other bank account.

If you have any questions please feel free to use the comment box below this article to ask your questions.

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50B Naira Covid19 Loan Fund CBN resumes payment to Beneficiaries

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10 comments

  1. My question is that I brow money from my bank 15 000 which I will pay back but I want to apply for this loan but the response am receiving is am not eligible for it

  2. I’m confused because the payment according to the article is to begin on Thursday. But later in the article, it is said that those who have successfully submitted their account numbers would be paid 24 hours afterwards. So, does it mean anybody that has successfully submitted his/her account number would be paid before the said Thursday?

  3. Japhet Douyefa Samuel

    I received my approval text and successfully accept the offer and submitted my account details since on the 25th of January 2021 but no alert till now

  4. Please how about we that apply for the loan but yet to see approval for the past seven months now help us to have access to the loan as well please

  5. The first time I received the approval sms I enter my account details,is letter on I was told that the account is small for the money so I can’t have access to the money but now I have upgrade my account,what is the next stage?

  6. Pls I apply for the loan since last year, but when ever I check on my status for me to put on my BVN it keeps telling me BVN details does not exist. Is there any hope to get dis loan

  7. Good morning sir since June no approval for me I apply under households if I put my Bvn it shows Don’t exist thank you from tanko Mahmud nasarawa lafia

  8. I collected the money since September2020 200,000 repayment will commence on what date ?

  9. I apply for the covid19 loan on 24/6/2020 I even received your response that you have received my application but even today no any approval message,I don’t may be I apply the money is too much?

  10. I apply for it, and received a message successfully but someone mistakenly reject it so pls is their any opportunity. For me

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