Business & Loans

How To Know Your NMFB Loan Monthly Repayment Plan

Published

1 year ago

February 7, 2022

NMFB Sends New Important Notice To All Loan Applicants

How To Know Your NMFB Loan Monthly Repayment Plan

It’s no longer news that Nirsal Microfinance Bank has started contacting its loan beneficiaries such as COVID-19 Targeted Credit Facility Loan, AGSMEIS Loan, and Nigeria Youth Investment Fund (NYIF Loan) for repayment of their loan, so it will be nice to walk you through how to calculate your loan repayment plan.

You may also want to read How To Repay Your Nirsal Microfinance Bank (NMFB) AGSMEIS Loan

The Managing Director of the Nirsal Microfinance Bank, Mr. Abubakar Abdulahi Kure, stated clearly in his recent interview that NMFB is not a national cake, that beneficiaries must make sure to repay their loan which beneficiaries signed an agreement with the Nirsal Microfinance Bank to abide by the repayment order of the loan scheme.

Beneficiaries should note that anyone 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.

How To Know Your NMFB Loan Monthly Repayment Plan – NMFB Loan Calculator

The below steps will walk you through how to calculate how much a beneficiary needs to pay monthly

1. Open https://loancalculator.nmfb.com.ng/Benficiary

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.

You may also want to read NMFB Start Sending Of Loan Repayment Notice To TCF Beneficiaries

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 the 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.

It can also enable Applicants (Non-Beneficiaries) to calculate expected loan features based on the amount one intends to borrow from Nirsal Microfinance Bank.

For Non-Beneficiaries/Prospective loan Applicants

1) Go to https://loancalculator.nmfb.com.ng/NonBenficiary
2) Enter your loan amount and the loan term ( number of years) and click calculate loan.

Your loan result will be displayed in the following format: Loan amount, total Interest, 4% upfront charge, total Interest after upfront charge, and monthly amount due.

How To Know Your NMFB Loan Monthly Repayment Plan