See Reasons why Your CBN/NIRSAL COVID-19 Loan has not been Approved And How To Resolve It.
We have received several calls, emails texts, and WhatsApp messages from our subscribers asking why their CBN/NIRSAL loan is not yet approved.
Well, if you’re among this set of persons we have good news for you. In this article, we will explain in detail the reasons behind your loan delay.
Don’t be in a hurry to leave this page without reading to the end of this article to enable you to see the reason why your loan is not yet approved and how to proffer a solution.
Many Nigerians seem to be worried over why their COVID-19 Loan was not approved by NIRSAL/CBN. Some people are even beginning to think that the loans are only available to Nigerians with Political Influence.CBN
To be clear, the Federal Ministry of Youth and Sports Development disclosed the reasons some applicants’ loans might not be approved.
Below are the reasons some applicants were not pre-qualified for loan disbursement:
- steps in the loan application.
- The applicant has an existing AGSMEIS or COVID-19 Loan.
- The applicant is over 35 years old, which puts them beyond the age bracket for youths.
- The applicant has a poor credit rating or currently has a non-performing loan.
- The applicant failed to provide a valid BVN.
- The applicant provided incomplete or incorrect BVN.
What you should know about NYIF
5,200 youth amounting to about N1.63 billion.
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This was revealed in the latest update provided to the Ministry by the NIRSAL Micro Finance Bank (NMFB), which disburses the loans. The update also showed that it was prepared to disburse to another batch of 25,000 youth as soon as their loan applications were approved.
In a statement issued by the Ministry and seen by Mediangr.com.ng, it stated, “Total eligible applications approved stood at 6054 out of which the 5,200 disbursements were made, leaving the number of those that have been approved but yet to get disbursement, at 854. The number of unqualified applicants for the batch stood at 721.
A source from the Ministry revealed that some applications were turned down because the applicants did not provide valid information as listed above.
The Ministry wishes to further remind beneficiaries and applicants that the monies disbursed by the Nigeria Youth Investment Fund (NYIF) to the youth are not grants, but repayable loans.”
Meanwhile, another batch of 25,000 youth has been pre-qualified for training ahead of final clearance for disbursement, with the Ministry disclosing that it was in consultations with other partners to expand the loan disbursement platform to fast-track access to the funds.
Only N3 billion has been provided by the Central Bank of Nigeria (CBN) out of the N12.5 billion approved for the first tranche of the NYIF. So far, only 54.6 % of the N3 billion has been disbursed.
About 25,000 are lined up for approval, training, and eventual disbursement.
Hope this information was useful?
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