How To Check NIRSAL Loan Approval

How To Check NIRSAL Loan Approval

The Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL Plc.) is a US$500 million Non-Bank Financial Institution owned entirely by the Central Bank of Nigeria (CBN) that was established to redefine, dimension, measure, re-price, and share agribusiness-related credit risks in Nigeria.

See also: How To Apply, Repay & Extend Migo Loan

How To Know If Your NIRSAL Loan Has Been Approved

To be honest, just because you applied for the loan doesn’t mean you’ll get it so you must keep checking to see if you were approved.

One simple way to accomplish this is to use the portal; the portals for individuals and business owners differ.

To get started, follow the steps outlined below:

Step 1: Individuals and households should click here to access the login portal, while business owners and entrepreneurs should click here.

Step 2: To verify your identity, enter your login information and complete the BVN.

Step 3: If your loan request is approved, a window will appear informing you of your approval and the amount you are eligible for.

Step 4: Locate and click the “claim loan” button to accept the loan amount.

Step 5: Provide your bank account information and any other relevant information as requested. 

Step 6: Read the terms and conditions of the loan.

Step 7: Contact the director in charge of your account on the loan.

See also: Best Loan Apps In Nigeria 2022

How To Repay NIRSAL Loan

Please keep in mind that 5% of the total amount received will be deducted before payment is made to you. The most important thing here is to make sure you do not fall behind on your payments.

The loan is due to be repaid in three years, because your BVN is linked to all of your accounts, if you fail to repay, the amount will be deducted from your account on a monthly basis.

Originally posted on March 23, 2022 @ 6:15 pm

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