CaSttLe:


Na 2 go Nirsal office nearest 2 u be that. Will still try at midnight. I had even forgotten about d loan only 4 text 2 enter my phone..not like i even applied big money na suya money i applied for

nirsal office is a distance from here.

prince4pro2:

U guys should relax is network issues,it will surely go Tru. Congrats in advance

I told her that as well. Thanks

Na alert me dey wait for.....my source gave me this secret info - 28th day of January, expect massive disbursement!!

Fg warned Nmfb against holding onto beneficials money till next month.

ausproxi:
Where are the accountants in the house.
Please explain this interest rate to us.

Seem nobody have an answer to this. Nawa o

jamesbridget13:
my neighbor is in same boat. She got d text this evening but her BVN still doesn't exist

let this kind thing not happen to me ooo, smooth sailing I pray like the majority.
which kind wahala be that

ausproxi:
Where are the accountants in the house.
Please explain this interest rate to us.

you're lucky ooo.
if I dey your shoe now na to dey thank God

CaSttLe:
StacyAdams and Arewawife urs is coming soonest. Remember we were in this together

I got mine last year bro

mtcheew.

Stacyadam my person! I just check ooo but still BVN does not exist.

Kabiyesi12:
Stacyadam my person!
I just check ooo but still BVN does not exist.

No worries bro..its on the way....kip checking

omojesu202:


let this kind thing not happen to me ooo, smooth sailing I pray like the majority.
which kind wahala be that

my brother. It's so unfortunate honestly. Her joy just melted when she saw does not exist

God when will our own approve, BVN details doesn't exist, Haba Baba God of Approval locate us please

ausproxi:


Seem nobody have an answer to this. Nawa o

I don't know what you want to know. is it the calculation?
assuming you received N500,000.00 as a loan and to be paid in 3 years that is 36 months.
your monthly principal repayment will be 500,000÷36months=13,888.89
every months for 36 months this what you are paying it doesn't change. it is your principal the money you collected from them.

now interest on 500,000.00
the first month of 36 months you will pay 4%
500,000x4/100 =20,000
13888.89+20,000=33888.89 first month
2nd month
500,000-13,888.89=486,111.11
486,111.11*4/100=19,444.44
19,444.44+13888.89
33,333.33 for 2nd month and so till 36 months expires. this how commercial banks calculate their interest and make people to complain seriously.
but may be NIRSAL will decide to take only 4% at the end of each year is not what I don't know. ie they take first calculation for the first year and 2nd calculation for the 2nd year until 3 years elapse which favourable.
Note: principal is constant while interest changes by decreasing
you can prove this by using Excel sheet

thank you

meetgaya:

I don't know what you want to know. is it the calculation?
assuming you received N500,000.00 as a loan and to be paid in 3 years that is 36 months.
your monthly principal repayment will be 500,000÷36months=13,888.89
every months for 36 months this what you are paying it doesn't change. it is your principal the money you collected from them.

now interest on 500,000.00
the first month of 36 months you will pay 4%
500,000x4/100 =20,000
13888.89+20,000=33888.89 first month
2nd month
500,000-13,888.89=486,111.11
486,111.11*4/100=19,444.44
19,444.44+13888.89
33,333.33 for 2nd month and so till 36 months expires. this how commercial banks calculate their interest and make people to complain seriously.
but may be NIRSAL will decide to take only 4% at the end of each year is not what I don't know. ie they take first calculation for the first year and 2nd calculation for the 2nd year until 3 years elapse which favourable.
Note: principal is constant while interest changes by decreasing
you can prove this by using Excel sheet

thank you

note also if NIRSAL is going calculate at the end of the year your principal is got to be divided by 3 years not 36 months ie 500,000÷3
166666.67 every year
I stand to be corrected
thank you

meetgaya:

I don't know what you want to know. is it the calculation?
assuming you received N500,000.00 as a loan and to be paid in 3 years that is 36 months.
your monthly principal repayment will be 500,000÷36months=13,888.89
every months for 36 months this what you are paying it doesn't change. it is your principal the money you collected from them.

now interest on 500,000.00
the first month of 36 months you will pay 4%
500,000x4/100 =20,000
13888.89+20,000=33888.89 first month
2nd month
500,000-13,888.89=486,111.11
486,111.11*4/100=19,444.44
19,444.44+13888.89
33,333.33 for 2nd month and so till 36 months expires. this how commercial banks calculate their interest and make people to complain seriously.
but may be NIRSAL will decide to take only 4% at the end of each year is not what I don't know. ie they take first calculation for the first year and 2nd calculation for the 2nd year until 3 years elapse which favourable.
Note: principal is constant while interest changes by decreasing
you can prove this by using Excel sheet

thank you

Thank you very much for this. But what of the 4% that was removed from the initial principal during disbursement. Will that have any effect on the payback? I don't seem to understand that.

100trillion:
mtcheew.

Thank you sir but I was actually credited 473,500. I don't know how they did their own calculation.

meetgaya:

2nd month
500,000-13,888.89=486,111.11
486,111.11*4/100=19,444.44
19,444.44+13888.89
33,333.33 for 2nd month and so till 36 months expires. this how commercial banks calculate their interest and make people to complain seriously.
but may be NIRSAL will decide to take only 4% at the end of each year is not what I don't know. ie they take first calculation for the first year and 2nd calculation for the 2nd year until 3 years elapse which favourable.
Note: principal is constant while interest

cc: ausproxi

I think you're wrong.
He is going to pay 9% interest...that 4% has been deducted already (read his offer letter)

Btw, the value of interest and principal changes becos it's an amortized loan.

Take note that your monthly payment doesn't changes (I'll refer you to Nmfb offer letter), he is gonna pay N15,899.00 for 36 mnths.

I stand to be corrected tho.

ausproxi:


Thank you very much for this. But what of the 4% that was removed from the initial principal during disbursement. Will that have any effect on the payback? I don't seem to understand that.

as for this you are going to pay the principal. I just answer your question about 4% interest you asked based calculation

100trillion:

cc: ausproxi

I think you're wrong.
He is going to pay 9% interest...that 4% has been deducted already (read his offer letter)

Btw, the value of interest and principal changes becos it's an amortized loan.

Take note that your monthly payment doesn't changes (I'll refer you to Nmfb offer letter), he is gonna pay N15,899.00 for 36 mnths.

I stand to be corrected tho.

I answered him based for 4% interest and based 500k loan and interest calculated in the bank. If you are going to 9% is still the same method

100trillion:

cc: ausproxi

I think you're wrong.
He is going to pay 9% interest...that 4% has been deducted already (read his offer letter)

Btw, the value of interest and principal changes becos it's an amortized loan.

Take note that your monthly payment doesn't changes (I'll refer you to Nmfb offer letter), he is gonna pay N15,899.00 for 36 mnths.

I stand to be corrected tho.

note that there are two payments
1. principal
2. interest
principal is constant while interest decrees except if there is increase in interest rate
I don't know which payment you are talking about

meetgaya:


note that there are two payments
1. principal
2. interest
principal is constant while interest decrees except if there is increase in interest rate
I don't know which payment you are talking about

Read that offer letter again.

Goodbye.

meetgaya:


note that there are two payments
1. principal
2. interest
principal is constant while interest decrees except if there is increase in interest rate
I don't know which payment you are talking about

It's an amortized loan. Principal ain't constant! Interest goes downward.

100trillion:

Read that offer letter again.

Goodbye.

I didn't answered him based on offer letter but on on his questions. I even began with "what do you want to know...." before answering his questions with assumption

100trillion:
It's an amortized loan. Principal ain't constant! Interest goes downward.

please answer his questions since you understood what he asked

O

you too like money, slow down on that.

100trillion:
Disbursement don resume!! People don dey see alert!

No mind am

OgwuEgo:
you too like money, slow down on that.

OgwuEgo:
you too like money, slow down on that.

Imagine life without money........abeg, I'm in love with money, nigga ain't slowing down on it

meetgaya:


note that there are two payments
1. principal
2. interest
principal is constant while interest decrees except if there is increase in interest rate
I don't know which payment you are talking about

Thanks to you bosses for the explanations.

cc: 100trillion

cc: meetgaya

For those getting "BVN does not exit" after receiving approval SMS please try both SME and household, it happened to me and my sister.

We've been paid

Wishing everyone success in the next batch of payment.



Peace

I actually got the approval text, next thing I input my bvn for validation and the page that popped up was saying so and so amount has been approved. My confusion here is I didn't see where to input my account details. Please who has passed through this ��