Are you among beneficiaries of CBN COVID-19 Loan? Getting alert is not a guarantee that you will not pay back. Whenever the duration of the Loan expired you will back your loan to federal Central Bank of Nigeria through your BVN.
If your account has been credited, congratulations but please note that you have not gotten free money.
Some said they cannot access the loan portal, the can be access in mobile and desktop or laptop computer. Google Chrome is preferable.
CBN Loan Portal is still opened; apply in any of the followings;
Interest Rate for NMFB COVID-19 Loan Application
Interest rate under the intervention shall be 5% p.a. (all inclusive) up to 28th
February 2021 and thereafter, the interest on the facility shall revert to 9% p.a. (all
inclusive) as from 1st March 2021.
CBN Loan Tenor/Duration
Working capital shall be for a maximum period of one year, with no option for
Term loan shall have a maximum tenor of not more than 3 years with, at
least, one-year moratorium.
How to pay back CBN COVID-19 Loan
All Repayment shall be made on installment basis by the beneficiaries to the NMFB
according to the nature of enterprise and the repayment schedule/work plan
provided at the application stage.
Please note the followings;
You are going to pay back with no one policing you. You have sign agreement with NMF to take any money in your account should you do not payback.
It means the only condition for not paying back is if no money comes into your other accounts link with your BVN.
So, use the money well, it is a loan, not a grant. NIRSAL through CBN will take everything that passes through your account including your salary if you do not payback.
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 instalments. 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.
Another strong Warnings on CBN Covid-19 Loan Repayment is that you cannot escape the repayment, not even death. Even when you change your name, you can NEVER change your fingerprints. They would locate your guarantors to continue servicing the loans from where you left it.
They can only give your guarantors some time to start paying should in case there is an eventuality of death.