How to know Monthly Repayment Plan for COVID-19 Loan, AGSMEIS Loan | NMFB Loan Calculator

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Beneficiaries of Central Bank of Nigeria (CBN) Intervention Loan Schemes disbursed by the Nirsal Microfinance Bank, such as COVID-19 Targeted Credit Facility Loan (popularly known as COVID-19 Loan), AGSMEIS Loan and Nigeria Youth Investment Fund  (NYIF Loan), etc have started receiving text messages for the repayment of their loan.

 

CBN Intervention Loans are Loans which must be repaid to enable other applicants to benefit from the programme. CBN Intervention Loans are not Grants. Each beneficiary signed an agreement with the Nirsal Microfinance Bank to abide by the repayment order of the loan scheme.

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A beneficiary who may wish not to pay back the loan should be prepared to keep his/her money away from the Bank. This is because the CBN has given absolute power for banks to deduct directly through BVN, on bank accounts linked to the BVN. Also from spouse, children or guarantors of a loan defaulter.

The one-year moratorium attached to the loan Scheme expired in February 2022. To make it easier and convenient to repay the loan within the stipulated duration of 3 years, beneficiaries can opt for a monthly repayment plan.

SEE ALSO: NFMB commences Non-Interest Loan, approves another batch of Candidates

To calculate how much a beneficiary needs to pay monthly, the following guidelines give direct results:

2. Select (YES) if a beneficiary
3. Select the Product Type (by selecting the Product containing your Type of Loan)
4. Select the Exact Loan Scheme you benefited from (COVID-19 TCF, ABP, AGSMEIS, NYIF)
5. Enter your Bank Verification Number (BVN)
6. Click on Calculate Loan
7. Your Result is displayed in the features described.
SEE ALSO: FG to distribute 311 trillion Naira to the poor Nigerians from World Bank Covid-19 support

 

The NMFB Loan calculator displays the following:

1. Monthly Repayment Amount
2. Amount Approved for the Beneficiary
3. Total Interest on the Loan Amount
4. 4% Upfront Charge (Deducted during disbursement)
5. Total Loan after the 4% Upfront Charge
To calculate amount to be repaid in a year, just multiply the Monthly Repayment Amount by 12. i.e. Monthly Repayment Amount x 12 = Yearly Repayment Amount.

 

This Calculator can also be used to calculate other loans offered by NMFB apart from the CBN Intervention Programmes.

Originally published by myinfoclock.com

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About the Author: Sam Oluwarantimi

Interpersonal Communication Specialist & Graduate (Biology), Obafemi Awolowo University. Join me on Twitter.

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