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Why Your NMFB COVID-19 TCF Loan Application Is Returning Rejected

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Latest News On Nirsal Microfinance Bank Loan For Today 26th May 2022

Why Your NMFB COVID-19 TCF Loan Application Is Returning Rejected

If you have been applying for Nirsal Microfinance Bank Covid-19 TCF Loan but it always returns rejected or declined, you don’t need to panic, there are some things you need to know about the scheme to avoid your loan from being rejected or declined, so keep reading.

Before we continue, if you are finding it difficult to apply for NMFB Covid-19 TCF Loan due to the issue of Invalid BVN. kindly click HERE to see how to solve the issue.

Many applicants have been complaining about why their COVID-19 Targeted Credit Facility loan was approved but at the same time “rejected” on the loan agreement form.

The reason is simple and every applicant of the loan facility should strive to avert this occurrence.

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After reviewing of Loan application by Nirsal Microfinance Bank, the Central Bank of Nigeria  (CBN), is mandated to disburse the COVID-19 Targeted Credit Facility Loan to the beneficiaries who are selected in batches. NMFB then notifies the approved beneficiaries (through text messages) to proceed to accept their loan offers which must be done within 1 week of approval.

If the beneficiary due to one reason or the other fails to accept this offer within this specified period, it will automatically reverse and will be treated as “Rejected” or “Declined”.

One may wonder why such a decision should become formal in the Scheme. The fact is, there are thousands of Nigerians who are interested and ready to bribe their way to get this offer. It would be unkind to waste such an opportunity on one who does not care to have it and that’s why the auto-reverse was activated which paves way for another Nigerian to grab the offer.

When your Loan is treated as “Rejected or “Declined” there is nothing possible to be done, even as visiting the NMFB office has not yielded any result. This is why you should make checking your loan application status a daily routine without waiting for massive approval or text notification.

How To Check Your NMFB COVID-19 TCF Loan Approval Status

1. Firstly, Visit the loan’s official website https://covid19.nmfb.com.ng

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2. When it loads, select the type of Loan you applied for. Either SME or Household or use https://covid19.nmfb.com.ng/HomeLoans (for Household) and https://covid19.nmfb.com.ng/SmeLoan (SME).

3. Then input your BVN.

4. A response will be displayed when you enter your BVN.
(A) If it says your Loan has been approved, it will load your details asking you to accept your loan offer. Proceed to complete the process and enter your bank name and your account number. Ensure to avoid mistakes here.

(B) If it says ‘Your loan has not been approved, check back later”, kindly check back later as they said.

(C) If it however displays “BVN does not exist“, do not panic. Just keep checking back from time to time as approval is ongoing and hope is high.

However, the NMFB Covid-19 TCF Loan portal is still open for new applicants, interested applicants are to visit the NMFB official website https://nmfb.com.ng/covid-19-support/ to apply.

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Note: All Nirsal Microfinance Bank loans are free to access, ignore anyone requesting money to help you fast track the approval of your loan in order to avoid being scammed.

Why Your NMFB COVID-19 TCF Loan Application Is Returning Rejected

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