Ewizard:
Some highlights of the T and C's.
I know most of you all jus clicked i approved without reading.
since i checked mine on my PC and got approved, i quickly copied the T&C's and paste on Ms Word to peruse later.

HIGHLIGHTS

INTEREST RATE: 5% per annum (all-in) up till February 28th, 2021(4% one off interest will be deducted on disbursement; 1% p.a to be charged till February 2021) 9% per annum (all-in) effective March 1st, 2021 till maturity (subject to money market condition)

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 COLLATERAL: 1. Acceptable 3rd Party Guarantor OR 2. Moveable Assets OR 3. Simple deposit of Title documents. (Valued at least 70% of the loan amount for 2&3)
The above is in contrast with the approval i got in dat image above, but who cares we move!


The Borrower consents that the Bank shall, without notice or demand, apply any credit balance (whether then due), to which the borrower is at the time beneficially entitled to in any account with the Bank and/or with any other bank/other financial institutions, in (or towards satisfaction of any sum then due and payable (but unpaid) by the Borrower to the Bank under this Agreement.

b. Sequel to the Borrower’s aforesaid application, the Bank offered the Borrower a Term loan facility of ₦ 400,000 vide a letter titled ‘OFFER OF HOUSEHOLD TERM LOAN FACILITY ‘(COVID-19 TCF)’ and dated 29TH April, 2020, on the terms and conditions specified therein.
They also lied on
the date here. but we still move

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.
Cheers all!

Prince202020:







Got approval day before yesterday (19th) and alert don enter this evening
N230k.
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.

Congrats mate! Do business o, and pay their money bck jejely

Prince202020:


Abeg I need clarification on this cos I don't want to get left behind, as this Money will go a long way to help me stock up my business this period.

Be drinking tea and wait for alert to hit your phone.
Congrats

promisedwealth:
The interest will be deducted before the money it's disbursed, you are to pay the exact amount sent to your Account, Hope this helps

That's not correct at all. Loans don't work that way and I think y'all need to understand repayment before y'all get in trouble.
I think NIRSAL on their part should have attached repayment amount and schedule on the offer letterr for clarity sake so folks don't get confused.

Usually when you get a loan, you start with equity, and then on disbursement, you're charged a certain percentage for cost of service (COS), Loan Application Fee (LAP) and Management fee.
I think this is what NIRSAL is deducting when you get your approval that your loan is approved for so so so amount. e.g those who got 500k are paid I think 475k? (can't recall the exact amount cos I haven't gotten mine) so the offset of 25k is what they deduct for cost of service as explained above (at least that's what I think they're doing). They should have indicated this so pple know exactly what they're getting and paying bck.
So guys Pls calculate ur repayment amount well o before u get in trouble.

P.S: I was a credit officer but lost my job due to covid.

Osaro4u2k:
I just checked my loan application status just now and I got approved of 213,497, awaiting my alert. I almost lost hope. Under PMB things are getting to the common masses...

Chai! How's everyone getting approval but me and my neighbours "bvn details doesn't exist" still showing. So frustrating..

Congrats!!

Becklynn:
Loan approved, I applied on the 15th June. No approval SMS I just used the link.

Congrats to you o. Even if I don't get, lemme be happy for others.

Fibonacci88:
Am from akwa ibom and got approval.. June applicant

Oh that's great to hear. At least it gives the rest of us ground to be hopeful. Cheers for your reply!!

emmaak2:

ME AKWA IBOM YET NOTHING APPLIED JUNE 12

Wow. I applied June 14th. Are we being overlooked?

Guys Pls, has anybody from Akwa Ibom received approval message from June applicants? Cos myself n four others who registered May or June hasn't gotten alert.

Beginning to wonder if those of us in Akwa Ibom aren't being considered....

Which year my "bvn details go exist" NIRSAL? �
I don check and wait tire o

How the f_ck is everybody getting approval but me. I'm so exhausted about this. Why my own things dey like this?

I could really do with the loan this December, enough biz opportunity to make it.

Kabiyesi12:
please what one do if she encounter a situation like this on NYIF.
Error message:
"the supplied name does not match the name associated with your BVN"

Rearrange your names. First name comes middle etc

ideepaul:
are you in Uyo?

No, can easily get there. Eket

Oasis340:
Please my people, mostly those that have received approval sms, did you in anyway(Tru money or having Abraham as a father) influence the outcome of your loan application. Please I want to know, ur answers will be of a great assistance to a frustrated young fellow thanks

Some of the things you guys think in your head eh, goodness me.

ideepaul:

Na seniorman you dey call na , he is the one managing the state govt. farm in okobo. I am not defending him o, but he receives more than hundred calls a day, so maybe overtime, the attitude may show up( though I have never observed such). The next reliable shop is Ekponwa by ukana offot, and someone dropped the no. after my comments...

It's bad to treat a customer that way. Get a new number for your sales reps to handle your business then.

Are all these alerts for household? or is there an SME here

Becklynn:
Pls those that didn't get SMS but when they put their BVN it was approved. Pls if they pay you let us know.

Pls guys answer this. And were you later sent the approval msg on phone?

ideepaul:
From what I have seen, the cu986 flowers @ 3weeks, that's a week faster than Saira in most cases! I hope my Oga @safarifarm can update us on happenings over there....and good news to Saira F1 farmers in Akwa Ibom, the price of seeds has finally crashed and it's readily available at most shops within uyo metropolis, thus, before cu986 can convince us to abandon the cheaper Saira, it will have some serious miracles to perform.

Could you plz share address and contacts of sellers?
That AKEES guy you shared his number here the other time has to be one of the worst customer service ever. Called him and he says he was to busy to attend to me on call that I should chat my enquiry to him. Did that and he doesn't bother to reply after several attempts.

emmaak2:


AKWA IBOM DN EVEN COLLECT..BECAUSE AM NT APPROVED

Seriously, are they even approving for anyone in Akwa Ibom?
Myself and about 4 others I know haven't gotten approval messages. But I seriously doubt they're doing it state wise

Oasis340:
Na waooo. This my BVN details does not exist" thing don tire me. I received acknowledgement email that my loan application was successfully submitted on 23th June. Up till now, that is the only thing that reminds me of the loan, no approval massage, nothing. The problem now is that I have rushed and applied for NYIF loan which people are saying that the chances of me getting the tcf household loan is now ruined by NYIF loan which I don't like. I love the covid 19tcf loan better because the amount is bigger and no much stress. Please someone should help clear me on this issue.

Relax. If this one is approved you'd be given it since its the one you registered first. The other one is yet to take effect.
I'm experiencing same bvn does not exist issue too. Which means it's not been approved.

Talking of, which NYIF loan did u apply for? the teachers' one? The formalisation one is opened but not wrking

wale86:
want to apply for formalization support scheme but it was directing me to CAC registration portal to login my username and if I did it will not bring my details. can anyone who has completed it own to help me with guidelines on how he did it.

Exactly same with me, why would they open it and not let people register. Worse of all no information as to how to proceed. Poorly designed webpage.

#EndApprovalDelay
Myself and the person I applied for haven't got approval sms. I applied since 14th, WTF.
So frustrating.

SADYBABA:
Approval sms is being sent to June applicants state by state in Alphabetical order. Abia, Adamawa for instance has been receiving while kano, kogi, Kwara Katsina etc are yet to receive

Am i right or wrong?

That can't be true. It's so difficult knowing what criteria they use for their approval. Get notification or don't get, some still got approval. Business name/TIN or not, some still got approval. Even some who applied twice are getting paid twice. Those who applied later than some are getting approved earlier.
The folks at NIRSAL are just doing things haphazardly.

Meanwhile, I applied on the 14th June and I'm from an "A" state.... still hoping for the message even though I had given up hopes.

ArewaWife:


No info. And now that nobody is complaining/protesting about it, they will feel they dont need to answer us june applicants.

I've given up. I blame myself though. I should have gone ahead and applied that earlier time even with their stringent requirement. I didn't, and the person I told registered with just ID card and got paid.

freemi:
Its happening guys

Why's the payment now so slow? seem like 1 prs per wk

Socialman:
After receiving my covid 19 loan in june, i received another alert from nirsal in august debiting me of certain amount... Then, i decided to visit their branch today for enquiry, i was told to provide my bvn and name which i did.

To my surprise, repayment schedule was given to me starting from November 14th... Am to pay back 45k every month consecutively until my loan is fully settled.

Please who else has experienced same? Share yours let me know if i'm alone on this or we plenty join thanks

I think the moratorium is 3 months? So by that reckoning your payment starts now.

Did they make the deduction from your commercial bnk account or from NIRSAL account?

Idemujoseph:
This is the challenge I am facing in Edo State. No market to take much quantity and nobody is Willing to come to your farm.

I'm quite amazed how farmers in other states can sell even ~30 - 40 bags to customers. I wish that were possible in Akwa Ibom. Plus the price here isn't really encouraging

ArewaWife:


Honestly I'm just getting fed up. I'm only looking forward to the survival fund application that is coming out soon.

Which one is that? Which agency is handling it?

No updates? No one's been credited lately?

ideepaul:
7k? That's a govt subsidized price!

You ever visited the ministry at Uyo before? Do they have quality stuff there?

martinagoha:
When you received that alert, u would have gone to NMFB to update that account bcs they created the account for u and credited it. The money was there and they expected u to come n upgrade it with necessary requirements like NEPA bills, two referees, n valid ID. So, since u couldn't show up, they withdrew it bk. U stil have to go to them n explain.
Meanwhile, if u actually visited them and provided an account where u want the money to b credited, then check the description of the debit alert, if u see 'trf', then wait for 48hrs for ur account to b credited. They said in that situation, they have initiated the transfer but it takes 48hrs to receive. Don't bother asking why this second credit alert, its what we saw!

Really odd reason to transfer "your money" out. Where are they transferring it to? If u resolve the account update, would they now transfer the money back?