How to Check NIRSAL Loan with BVN: Do you want to check your NMFB loan status using BVN only? We’ve got a solution for you!
Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL) is a government-led initiative aimed at supporting agriculture, healthcare, and small businesses in Nigeria by providing affordable loans to eligible individuals and enterprises.
NIRSAL loan comes with flexible repayment terms, a low-interest rate, and a collateral-free option. One of the essential things you need to do when you apply for a NIRSAL loan is to check your loan application status.
This is where your Bank Verification Number (BVN) comes in. In this article, we will guide you on how to check NIRSAL loan with BVN and provide you with tips on a successful loan application.
So, without a waste of time, let’s dive straight in!
What is NIRSAL Loan?
Also known as NMFB, NIRSAL loan is a federal government initiative designed to support agriculture, healthcare, and small businesses in Nigeria. The bank provides loans to individuals and small businesses at a low-interest rate.
NIRSAL loan comes with various features such as a low-interest rate, flexible repayment terms, and collateral-free loan. This means you can access funds to support your business without worrying about providing collateral.
However, you must meet the bank’s eligibility criteria, which include being a Nigerian citizen, having a valid means of identification, and having a viable business plan.
Once all that is available, you can apply for the loan via their official website. But since you are seeking how to check NIRSAL loan with BVN, we believe you’ve already applied, so let’s continue.
Related: Loan Apps without BVN in Nigeria
What is BVN?
Bank Verification Number (BVN) is a unique 11-digit number that serves as a universal identification number in the Nigerian banking system.
BVN is a requirement for opening a bank account in Nigeria, and it helps to curb fraud and money laundering in the banking system. BVN is a critical requirement for loan applications in Nigeria, including NIRSAL loan application.
Having understood what the NIRSAL loan is, and how BVN is related to the loan, let’s now take a look at how to check NMFB loan with BVN.
Check Out: Loan Apps with BVN Only
How to Check NIRSAL Loan with BVN
Checking your NIRSAL loan application status with BVN is easy and straightforward. Here are the steps to follow:
1. Visit the NIRSAL Website
The first step to check your NIRSAL loan status with BVN is to visit the NIRSAL Microfinance Bank (NMFB) website. The bank’s website is www.nmfb.com.ng.
NOTE: Before you can check your loan application status, you must have registered and applied for a loan on the NMFB platform.
If you haven’t received any email saying your loan has been approved, then visit https://agsmeisapp.nmfb.com.ng/ to check your loan status.
2. Select the Appropriate Loan Type
On the NIRSAL Microfinance Bank website, navigate to the “Loan” tab, and select the loan type you applied for, including SME or Individual loan. After that, you’ll be redirected to the loan status page.
3. Enter your BVN
Now, to the next step in checking NIRSAL loan using BVN. On the loan application status page, enter your BVN in the space provided. Ensure that the BVN you entered is correct to avoid any errors.
4. Submit BVN
After entering your BVN, click on “Submit.” The bank will verify your BVN and display your loan application status.
5. Check your NIRSAL Loan Application Status
After submitting your BVN, the bank will display your NIRSAL loan application status. You will see whether your loan application is still processing, approved, or rejected.
That’s simply how to check NIRSAL loan approval with BVN.
Tips for Successful NIRSAL Loan Application
To increase your chances of a successful NIRSAL loan application, here are some tips to follow:
Ensure BVN and other details are correctly entered
One of the primary reasons loan applications get rejected is incorrect details. Ensure that your BVN and other details are correctly entered to avoid any errors.
Check every digit, and other personal information to ensure they are correct. This will help especially in NIRSAL loan checking.
Meet eligibility criteria for NIRSAL Loan
To be eligible for NIRSAL loan, you must meet the bank’s eligibility criteria. Some of the criteria include being a Nigerian citizen, having a valid means of identification, and having a viable business plan. Ensure that you meet all the requirements before applying for the loan.
See Also: Loan Apps without ATM Card
Provide accurate and up-to-date information
Ensure that the information you provide in your loan application is accurate and up-to-date. Provide all the necessary documents to support your application, such as a valid means of identification, business registration documents, and bank statements.
Ensure that the information provided is consistent across all the documents. This will help avoid any issue with NIRSAL covid-19 loan BVN check.
Have a viable business plan
Having a viable business plan is a crucial requirement for NIRSAL loan application. Your business plan should clearly state the nature of your business, your target market, your marketing strategy, your sales projections, and your financial projections.
The bank needs to see that your business is profitable and has the potential to repay the loan.
Maintain a good credit score
Your credit score is a significant factor in loan application evaluation. A good credit score indicates that you are creditworthy and can repay the loan. Ensure that you have a good credit score by paying your bills and loan repayments on time.
NIRSAL Loan Checking – FAQs
How to check NIRSAL AGSMEIS loan approval?
To check NIRSAL AGSMEIS loan approval, visit the NMFB website, select the appropriate loan type, and click on the “Check Loan Status” option.
How do I check my NIRSAL account?
To check your NIRSAL account, simply visit the NMFB website.
How to check NIRSAL Covid-19 loan approval?
To check NIRSAL Covid-19 loan approval, visit the NMFB website, select the appropriate loan type, and click on the “Check Loan Status” option.
How to check NIRSAL loan approval using BVN?
To check NIRSAL loan using BVN, visit the NMFB website, select the appropriate loan type, and click on the “Check Loan Status” option.
What is the code to check NIRSAL loan approval?
As of now, NIRSAL doesn’t have a USSD code to check loan approval. NIRSAL loan checking can only be done via their website.
Checking your NIRSAL loan approval status with BVN is an easy and straightforward process. Follow the steps provided in this article to check your loan application status.
To increase your chances of a successful NIRSAL loan application, ensure that you meet the bank’s eligibility criteria. Also, provide accurate and up-to-date information, have a viable business plan, and maintain a good credit score.
With these tips, you can increase your chances of accessing NIRSAL loan to support your business. Also, easily check NIRSAL loan with BVN number.