If your account has been credited with the nmfb covid-19 loan, congratulations but please note that you have not gotten free money.
* You are going to pay back with no one policing you. You have sign agreement with NMF to take any money in your account should you do not payback.
* It means the only condition for not paying back is if no money comes into your other accounts link with your BVN.
* So, use the money well, it is a loan, not a grant. NIRSAL through CBN will take everything that passes through your account including your salary if you do not payback.
Interest rate under the intervention shall be 5% p.a. (all inclusive) up to 28th
February 2021 and thereafter, the interest on the facility shall revert to 9% p.a. (all
inclusive) as from 1st March 2021.
Working capital shall be for a maximum period of one year, with no option for
Term loan shall have a maximum tenor of not more than 3 years with, at
least, one-year moratorium.
* Secondly, what you see as credit alert is not what you borrowed, 4% interest and administration fee have been taking upfront if, for example, you see N425,100 what you are paying back is N450,000.
* The moratoriums are the grace period before deduction will begin and the repayment period is the no of instalments. If it is 12 months, it means N450,000 not N425,100 divided by 12 and that is what you will start paying monthly from September.
* Another strong Warnings on CBN Covid-19 Loan Repayment is that you cannot escape the repayment, not even death. Even when you change your name, you can NEVER change your fingerprints.
Good side is,there is no collateral or guarantor to contact. Cbn will only have access to your bank accounts linked with your bvn.
Please use the loan to grow your business.
Repayment shall be made on installment basis by the beneficiaries to the NMFB
according to the nature of enterprise and the repayment schedule/work plan
provided at the application stage.
Are you yet to apply –