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Stats: 2,593,578 members, 6,016,063 topics. Date: Thursday, 26 November 2020 at 10:51 AM
Nairaland Forum / Nairaland / General / Business / CBN’s N50bn COVID-19 Fund Disbursement Begins Thursday (215680 Views)
How To Apply For NIRSAL Microfinance Bank CBN N50bn COVID-19 Loan. / Msmes To Access N50bn COVID-19 Stimulus With Bankable Plan, Others – CBN / How To Access N50bn COVID-19 Intervention Fund – CBN (2) (3) (4)
|Re: CBN’s N50bn COVID-19 Fund Disbursement Begins Thursday by Prince202020(m): 8:16pm On Nov 21|
Got approval day before yesterday (19th) and alert don enter this evening
Oh mehn thank God oh, I registered for this loan since June and forgot about it only to be awakened by the approval text and today I've been paid, I Bless God as the money will help me greatly in my business this festive season.
Thank You all.
|Re: CBN’s N50bn COVID-19 Fund Disbursement Begins Thursday by mashad(m): 8:24pm On Nov 21|
I was approved of 200k and I got alert of 187k from nisral microfinance. I don't even understand the whole thing. Who has an idea of the covid 19 loan repayment methods and how long??thanks
|Re: CBN’s N50bn COVID-19 Fund Disbursement Begins Thursday by mashad(m): 8:36pm On Nov 21|
Please enlighten me more....how much deduction per month on 200k approved loan. I just got credited not long now
|Re: CBN’s N50bn COVID-19 Fund Disbursement Begins Thursday by Cocolatti(m): 8:56pm On Nov 21|
kaiceecool:congratulations. Pray for us. Still believing God for approval and payment
|Re: CBN’s N50bn COVID-19 Fund Disbursement Begins Thursday by Cocolatti(m): 9:06pm On Nov 21|
Prince202020:CONGRATULATIONS. E remain we wey never see approvals
|Re: CBN’s N50bn COVID-19 Fund Disbursement Begins Thursday by halogate: 9:58pm On Nov 21|
#To God be the Glory!!
.. I have received my loan.
..got the approval msg on 19th Nov.. accepted the same day.
..applied for 300k, received 282k today, 21st Nov.
I told my friends when applying back then, that if this loan clicks..I'd use 10k out of it to eat chicken at Chicken Republic. Im going to do just that come Monday.
God knows i went through a lot during Corona period.
|Re: CBN’s N50bn COVID-19 Fund Disbursement Begins Thursday by emmaak2(m): 10:04pm On Nov 21|
1K go a long way 4 me o
congrats to u.
|Re: CBN’s N50bn COVID-19 Fund Disbursement Begins Thursday by uthlaw(m): 10:57pm On Nov 21|
halogate:dash me 2k na!
|Re: CBN’s N50bn COVID-19 Fund Disbursement Begins Thursday by Shampoo77: 11:05pm On Nov 21|
The repayment details were included on the acceptance/approval page they sent to you.
|Re: CBN’s N50bn COVID-19 Fund Disbursement Begins Thursday by Shampoo77: 11:13pm On Nov 21|
Just relax, you will get it, that was how my brother and his wife own kept on say the bvn does not exist but this afternoon they were sent sms and the both got approval of 400k each, so there is hope for you.
|Re: CBN’s N50bn COVID-19 Fund Disbursement Begins Thursday by Shampoo77: 11:15pm On Nov 21|
Relax, mine was on the 2nd of April, I only got approval this afternoon, so don't worry much it will eventually be approved.
|Re: CBN’s N50bn COVID-19 Fund Disbursement Begins Thursday by essay007(m): 12:19am On Nov 22|
Prince202020:Congrats mate! Do business o, and pay their money bck jejely
|Re: CBN’s N50bn COVID-19 Fund Disbursement Begins Thursday by onyi4classic(f): 5:58am On Nov 22|
Exactly as mine.... Please anyone that understands the payment structure should please use a layman's terms and explain to us... 12400 was deducted already,is that the only interest dey would deduct or would it b deducted every month?... Please someone should really explain this to me... And when will dey start deducting and how much would they deduct.... Thanks.... Make I no go chop wetin I no fit pay
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|Re: CBN’s N50bn COVID-19 Fund Disbursement Begins Thursday by Osaro4u2k(m): 6:45am On Nov 22|
Any amount that you have divide by 36 eg 200,000 / 36 = 5,555 each month you are to return 5,555 till 36 months
|Re: CBN’s N50bn COVID-19 Fund Disbursement Begins Thursday by DeckeyLyrical(m): 6:55am On Nov 22|
|Re: CBN’s N50bn COVID-19 Fund Disbursement Begins Thursday by hiplus: 7:34am On Nov 22|
|Re: CBN’s N50bn COVID-19 Fund Disbursement Begins Thursday by Jameek(m): 9:31am On Nov 22|
A few days ago, I wrote that what they state on one of the pages that pops up when you see your approval is a tenor of 36 months and moratorium of 12 months.
But on the acceptance page (where you agree to the terms and conditions of the loan), there's a lengthy memo which I believe that a lot of people don't bother to read. It's stated therein, REPAYMENT STRUCTURE: Fixed amount per month (covering both principal and interest) TENOR: 12 months from Disbursement Date. MORATORIUM: 3 months moratorium on both principal & interest
This means that after disbursement, the borrower is expected to start paying back after three months and has a period of 12 months to pay back the loan.
I didn't study economics or accounting or anything related, neither do I work in any financial institution. I ALSO DO NOT WORK WITH NIRSAL OR CBN.
But I'll try as much as possible to give a breakdown of the repayment structure according to my understanding from the little research that I have done online.
First off, anyone who took time to read the terms and conditions on the acceptance page must have noticed that they wrote "9% per annum (all-in) effective March 1st, 2021 till maturity (subject to money market condition)"
Now here's an example: If 200k is the amount approved for you at the interest rate of 9% per annum, plus you have a period of 12 months to pay back, then your monthly payment will be around 17, 490.3.
This means that your total payment at the end of the 12 months should be 209, 883.54. Meaning that the total interest accrued should be 9,883.54.
But if you have 36 months to pay back a loan of 200k (at the same 9% per annum), then your monthly repayments should be around 6359.95. And this means that your total payment should be around 228, 958.08. And that's a total whooping interest of 28, 958.08 in 36 months.
I could be wrong, but this is according to my research.
There's an online financial calculator (the link is https://www.gtbank.com/financial-calculators) that you all can use to get an idea of the monthly repayment for your respective loans. You can use the amount approved for you or the amount disbursed to you for the calculation. Whatever suits you, but I think its better to do the calculation using the amount approved (and not the amount disbursed).
Once again, my advice is this: Please beneficiaries should endeavour to read terms and conditions of loan applications in order to fully understand what they are signing up for.
Below are the links to loan calculators:
I hope this helps.
|Re: CBN’s N50bn COVID-19 Fund Disbursement Begins Thursday by jsnowy98: 10:42am On Nov 22|
Is it possible for those that got the loan earlier to give us a breakdown of how they've been repaying so far?
|Re: CBN’s N50bn COVID-19 Fund Disbursement Begins Thursday by promisedwealth(m): 11:30am On Nov 22|
jsnowy98:I don't think the window for repayment has started.
|Re: CBN’s N50bn COVID-19 Fund Disbursement Begins Thursday by peeps4u: 11:32am On Nov 22|
danniyal:Covid19 loan application ended on June 30th.
|Re: CBN’s N50bn COVID-19 Fund Disbursement Begins Thursday by hardeyeanc(m): 11:33am On Nov 22|
I don't think anybody have started paying..even those that was paid in June. I stand to be corrected
|Re: CBN’s N50bn COVID-19 Fund Disbursement Begins Thursday by peeps4u: 11:36am On Nov 22|
5% of 200k is 10k. You will pay 210k over the period of duration.
Divide 210k by the total months of your repayment period. I think payment starts by February/March next year.
|Re: CBN’s N50bn COVID-19 Fund Disbursement Begins Thursday by essay007(m): 1:00pm On Nov 22|
Ewizard:Moratorium: Grace period after which loan repayment will start.
Tenor: Loan total repayment period
Note that in the offer letter, the tenor stated is 12 months not 36 as initially stipulated when the covid-19 loan first rolled out in April. Anyone who paid close attention would have noticed that when filling the form.
Now about repayment; the letter say 4% of the approved amount was deducted, this doesn't tally cos 4% of 200k is 8k which should leave you with 192k not 187k.
However, to calculate your repayment for a period of 12 months at 9% interest, simply multiply 1.09 by the amount approved and divide it by 12 (tenor) to get your monthly repayment.
Example: if 200k was approved, 1.09 * 200000 = 218000.
Divide this 218k by 12 (months). 218000/12 = 18166.66 ~ N18170 per month is what you pay back for 12 months.
This formula applies for every amount. So guys calculate and know your repayment.
example 2 : 500k approval. 500000 x 1.09 = 545000
Divide this by 12. 545000/12 = 45416.66 ~ 45418 or just pay 45450.
If you insist your tenor is 36 months, just divide the amount by 36. I.e 545000/36 = 15139 or 15140
Personal opinion: If you have done business with the loan and want to start repaying back asap even if the time isn't due yet, just deposit your repayment in your NIRSAL mfb account before u go chop money leave body. You can get your NIRSAL account by going to their offices if u don't have it. Your NIRSAL account is where ur repayment go.
|Re: CBN’s N50bn COVID-19 Fund Disbursement Begins Thursday by sammirano: 1:06pm On Nov 22|
You guys should acquire some financial literacy and not shaming yourselves here. Note interest rate is per annum, and the rates are different for varying periods.
The fact is that FG is not ready to receive any payment yet. There was deliberation about removing the interest payment overall. So calm down.
|Re: CBN’s N50bn COVID-19 Fund Disbursement Begins Thursday by marygold(f): 1:36pm On Nov 22|
Please who else is also getting the error message
"Sorry you have previously submitted this information"
I get it when I try to input my BVN after the text message sent
|Re: CBN’s N50bn COVID-19 Fund Disbursement Begins Thursday by ManOfCompetence(m): 2:19pm On Nov 22|
I received a text yesterday about my loan been approved, please how long will it take before they credit me?
|Re: CBN’s N50bn COVID-19 Fund Disbursement Begins Thursday by jefy(m): 2:24pm On Nov 22|
marygold:it means you have accepted your offer and probably received your cash,or someone helped you out..
|Re: CBN’s N50bn COVID-19 Fund Disbursement Begins Thursday by marygold(f): 2:27pm On Nov 22|
I have not accepted the offer and I have not received the cash.
This message came in yesterday evening and it has been showing this error
|Re: CBN’s N50bn COVID-19 Fund Disbursement Begins Thursday by olawale002(m): 2:39pm On Nov 22|
Please house, I received SMS for approval on 20/11/2020 and I've accepted the offer around 4:45 same day till now haven't been credited ooo. What can I do now?
Is there anyone accept the offer same day that have been credited ?please I need answer
|Re: CBN’s N50bn COVID-19 Fund Disbursement Begins Thursday by peeps4u: 2:40pm On Nov 22|
ManOfCompetence:Have you accepted the offer and supplied your bank info?
|Re: CBN’s N50bn COVID-19 Fund Disbursement Begins Thursday by peeps4u: 2:42pm On Nov 22|
Just chill bro, you will be paid, probably next week. Disbursement is even fast now, before, it took some people months and weeks to be paid after acceptance of offer
|Re: CBN’s N50bn COVID-19 Fund Disbursement Begins Thursday by OlabodeAjala(m): 2:45pm On Nov 22|
Hello...HV been trying to apply but they keep telling me my name does not match my bvn... And after its saying...am not eligible to apply...pls what is going on? Any explaintion pls... And somebody told me DAT I HV to pay a sum of 10k for a training before I can apply. Pls, how true is dis...
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