How To Check NIRSAL Loan Approval With BVN Number
The Nigeria Incentive Based Risk Sharing System for Agricultural Learning is a very good body set up in order to help people who are facing some difficulty in their business because of the COVID 19 pandemic that plagued businesses. However, in as much as assisting businesses, they offer help to Farmers, agronomists, and agriculturists who are interested in getting loan approval. Fortunately for some they at get the loan, while they would have to apply again. The most interesting part of this loan is that you can get this loan just with your bvn. Isn’t that awesome? On the other hand, many still find it difficult to check if their loan request has been granted. Today’s article is designed to tackle the topic ‘ How to check nirsal loan approval with bvn number’. Have a good read!
What is NIRSAL?
Nirsal is a short form for Nigeria Incentive Based Risk Sharing System for Agricultural Learning. It is a non banking institution in Nigeria developed in 2013. The objective of NIRSAL is to help in the flow of cheap funds to the farming sector of Nigeria – Agriculture.
Also, NIRSAL was established solely for redefining the agriculture industry in Nigeria. Also, the operations are used to operate the economy.
NIRSAL Loan Requirements
Just as you know, NIRSAL is meant solely for those in the Agricultural industry. However, these are the requirements:
1. You must be a citizen of the Federal Republic of Nigeria
2. You must possess a registered company in Nigeria.
3. You must have a viable agricultural project or enterprise
4. The person must possess a detailed business plan or proposal.
5. You must possess collectible collateral.
6. You must have your Tax identification number (TIN) or Bank Verification Number (BVN).
7. You must have a good credit score.
How to check NIRSAL Loan Approval with BVN Number
To check your application process for your NIRSAL Loan, kindly follow the procedure below:
Step 1: Enter the Nigeria Incentive Based Risk Sharing System for Agricultural Learning loan portal using the website
Step 2: Tap “Check Loan Status” on the menu bar
Step 3: From the menu, choose the loan option you applied for.
Step 4: Tap your Bank Verification Number in the space provided.
Step 5: Tap ” Submit”. Your loan application would show its status.
When your loan application is approved you would get a message confirming the time of your loan disbursement. On the other hand, if your loan request is not approved, the portal would show a message that your request is not approved.
Who is Eligible for Nigeria Incentive Based Risk Sharing System for Agricultural Learning loan?
Household
The household that was negatively impacted by COVID-19 is those who are qualified for this loan. However, this would be checked and verified in order not to be exploited.
Business Enterprises
Business enterprises that were negatively impacted by the COVID-19 are those qualified for this. Businesses should be able to demonstrate how these pandemics have affected them.
ALSO READ: Loan code in Nigeria, USSD code for loan in Nigeria, short code
Types of Loan offered by NIRSAL Loan
1. NIRSAL Agro Geo Cooperative Formation Programs
The Nigeria Incentive Based Risk Sharing System for Agricultural Learning loan makes it possible for a group of agronomists to finance their business as a cooperative. The objective of the credit facilities is to enable agronomists to access money and inputs for their business. They can use this opportunity to grow their business and boost their customer base.
2. NIRSAL Microfinance Bank (NMFB) Credit Support
This is another opportunity where a credit facility is specifically designed to provide cash to SMEs ( Small and Medium Scale Enterprise) involved in agro-allied businesses. The loan is made in a way that businesses that need capital are their primary target.
3. Asset Based Finance
The Nigeria Incentive Based Risk Sharing System for Agricultural Learning is targeted at enterprises that need large funds for the purchase of capital-intensive assets such as tractors, cranes, harvesters etc.
4. NIRSAL Credit Risk Guarantee (CRG) Scheme
The scheme provides a scheme that provides credit risk to borrowers. This would encourage them to give loans to their colleagues in the farming industry. This help to reduce the risk of the lending process and makes it faster for them to access finance easily.
5. Anchor Borrowers’ Programme (ABP)
This loan, known as the Anchor Borrowers’ Programme (ABP), is intended to assist smallholder farmers by granting them access to financing, improved seedlings, fertilizer, and other inputs.
The loan is intended for farmers who are members of cooperative societies or registered farmers’ associations.
FAQ
How do I check my nirsal number?
Contact the NMFB. Your NIRSAL number is very vital because you would need it for your loan repayment. Of course, the loan granted to you isn’t for free.
How do I activate my NMFB account number?
Step 1: Tap on the sign up button.
Step 2: Input your NMFB account number
Step 3: Tap ‘Register’.
What is the USSD code for NIRSAL bank?
The Nirsal bank USSD code is *646#. With this, you can buy credit, top up data, pay cable bills etc.
What is the USSD code for NIRSAL Loan?
To access the loan, you would need to input the code *646#.
Can I borrow money on Palmpay?
The Palmpay app makes it possible for people to get loans. You can receive the loan within 5 to 10 minutes of requesting for funds. This does not require any contractual agreement or obligations.
Conclusion
At the beginning of this article, many people may wonder if it is possible to get access to a loan facility with just your BVN. Yes, it is possible. Many people have leverage on the opportunity given to them by NIRSAL in order to access this facility. The requirements provided in this article would make it easier for people in the Agricultural sector to access this facility. All in all, this article has shown practical solutions on how to check nirsal loan approval with bvn number.
