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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.
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.
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To calculate how much a beneficiary needs to pay monthly, the following guidelines give direct results:
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The NMFB Loan calculator displays the following:
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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