Updated on November 7, 2023
Did you apply for a Household loan from the Nigerian government? If it’s the NMFB Household loan you applied for, here’s how to check NMFB loan status.
The NMFB Household Loan is a scheme introduced by the Nigerian government to support households affected by the economic challenges caused by the COVID-19 pandemic.
The NMFB Household Loan is provided by the Nigerian government through the Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL).
This loan is interest-free and has a tenor of up to 36 months. The loan amount is up to N1 million, and the repayment is structured in a way that is affordable and convenient for borrowers.
This loan is designed to provide financial assistance to households in Nigeria to help them manage the economic impact of the pandemic. If you have applied for this loan, you might be wondering how to check your NMFB loan status. Here’s how you do just that.
How to Check NMFB Household Loan Status
If you’ve applied for an NMFB Household Loan, you might be wondering how to check your loan status. Here’s how:
- Visit the NMFB household loan page
- Click on “Check Application Status“
- Enter your reference number and phone number
- Click on “Check Status“
- If your loan application has been approved, you will see the status of your loan application on the screen. You will also receive an SMS and an email notification confirming the approval of your loan application.
If your loan application has not been approved, you will see the reason for the rejection of your loan application on the screen. You can also try to apply again after addressing the reason for the rejection of your loan application.
Checkout: How to Apply for SMEDAN Loan in Nigeria
How to Apply for NMFB Household Loan
To apply for the NMFB Household Loan, you need to meet the following criteria:
- You must be a Nigerian citizen
- You must have a verifiable means of identification
- You must have a valid bank account
- You must have a BVN
- You must have a business or be employed
If you meet these criteria, you can apply for the loan by following these steps:
- Visit the NMFB household loan page
- Click on “Apply Here” under the “Household” section
- Fill out the application form with your personal and business information
- Submit the application form
- Wait for the loan approval
- How to Check NMFB Loan Status
NMFB Loan Disbursement Process & Repayment Process
Once your loan application has been approved, the next step is the disbursement of the loan. The NMFB Household Loan is disbursed through the bank account you provided during the loan application process. You will receive the loan amount in your bank account within a few days of loan approval.
The NMFB Household Loan has a tenor of up to 36 months, and the repayment is structured in a way that is affordable and convenient for borrowers. The loan repayment is done through monthly instalments, and the repayment amount is deducted automatically from the bank account you provided during the loan application process.
Also See: Where to get Instant Loan in Nigeria
Verdict on NMFB Household Loan
The NMFB Household Loan is a great opportunity for households in Nigeria to get financial assistance to manage the economic impact of the COVID-19 pandemic.
If you have applied for this loan, you can check your loan status by following the steps outlined in this article. Remember to provide accurate information during the loan application.
NMFB Household Loan: Maximum Amount to Borrow & Time to Approve Loan Application
The maximum amount you can borrow through NMFB Household Loan is N5 million. It takes between 7 to 14 working days for NMFB to approve a household loan application, provided all necessary documents have been submitted.
Yes, you can also apply for NMFB Household Loan online through the NMFB website or by visiting any of the NMFB branches nationwide.
Is Collateral required for the NMFB Household Loan?
No, collateral is not required for NMFB Household Loan.
NMFB Household Loan Repayment & Default?
Yes, you can repay your NMFB Household Loan before the end of the loan tenure without any penalty.
If you default on your NMFB Household Loan repayment, your loan may be classified as non-performing, and NMFB may take legal action to recover the loan.
What is the Interest Rate on NMFB Household Loan?
The interest rate on NMFB Household Loan is 5% per annum.
NMFB Household Loan Check Status using my Mobile Phone?
Yes, you can check your NMFB Household Loan status using your mobile phone by texting “STATUS” followed by your loan reference number to 09010026900.
Final thoughts on NMFB Household Loan
For those asking who can I Apply for NMFB Household Loan More Than Once?
Yes, you can apply for an NMFB Household Loan more than once, provided you have fully repaid any previous loans.
In conclusion, NMFB Household Loan is a great initiative by the Nigerian government to provide financial support to households and small businesses in the country. By following the simple steps outlined in this article, you can easily check the status of your NMFB Household Loan application and receive the funds you need to support your family or grow your business.
Remember to always repay your loans on time to maintain a good credit score and increase your chances of being approved for future loans.