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

Please check your E-mail inbox or spam to confirm.
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.

JOIN US FOR MORE ON:
or

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

NOW FREE: Telegram SuperGroup Sales Formula: How to use Telegram to Sell Digital Courses



DISCLAIMER: Do not pay or release sensitive financial details to any organizer/recruiter unless futher verified from your end.
Easter Hunt Sale
Easter Sale
Sam Rantimi

About the Author: Sam Oluwarantimi

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

Got a question/Suggestion? Let's talk!

LATEST OPPORTUNITIES:

🕛 Oct 03, 2022
2023 Getty Foundation Pre- and Postdoctoral Fellowships Program
in Fellowships | for Post Graduates

🕛 Oct 03, 2022
Apply: Getty Foundation 2022 Scholar Grants
in Grants & Fundings | for Post Graduates

🕛 Oct 03, 2022
European Patent Office(EPO) Young Inventors Prize 2023
in Awards & Prizes | for Everyone

🕛 Oct 03, 2022
Herbert Scoville Jr. Peace Fellowship 2022 (Fully-funded)
in Fellowships | for Graduates

🕛 Oct 03, 2022
Nigeria Solidarity Support Fund (NSSF) 2022 Graduate Internship
in Internships / Graduate Trainee Progs. | for Graduates

🕛 Oct 04, 2022
2022 Youth Adaptation Solutions (YouthADAPT) Challenge for African Entrepreneurs
in Grants & Fundings | for Africans

🕛 Oct 05, 2022
2022 Graduate Trainee Programme at The Place
in Internships / Graduate Trainee Progs. | for Graduates

🕛 Oct 05, 2022
2023 GBHI Atlantic Fellows for Equity in Brain Health Programme
in Fellowships | for Professionals

🕛 Oct 05, 2022
Google for Africa Small & Medium Businesses Masterclass 2022
in Trainings and Workshops | for Entrepreneurs

🕛 Oct 05, 2022
Nimbus Media Aid Project for MSMEs 2022 (Win N2M Free Advertising)
in Grants & Fundings | for Entrepreneurs

1 2 3 4 5 6 7 8 9 10 11 12