Latest news on COVID-19 Loan

Latest news on COVID-19 Loan

The Managing Director of NIRSAL Micro Finance Bank speaks on TCF Covid19 loan, according to him, the Covid19 loan is a revolving loan, if beneficiaries don’t pay back, others won’t get.

 

He so added that, sustainability is a joint effort, both by the bank and those who took the loans, the federal government has done her bid through the Central Bank of Nigeria by providing cheap and accessible loans.

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The people who took the loans, the beneficial obligation to also pay back, so that the project can be sustainable, by doing that other people can also access the loan, because it’s a revolving loan.

 

If Covid19 beneficiaries don’t pay back, they are penalties around that, he added.

1.    Covid19 beneficiaries BVN can be blacklisted, with these, beneficiaries cannot get loans anywhere.

2.    Global Standing Instruction (GSI) will be activated in all defaulting beneficiary accounts, where ever beneficiaries have credit balance in their bank account, their account will be debited to pay the defaulting loan.

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Beneficiaries can avoid above defaulting penalties by paying their loans. He also added that Covid19 loan is not a national cake.

 

What is Global Standing Instruction (GSI)

Global Standing Instruction is a mandate authorizing the recovery of due loan obligations from any and all deposit accounts maintained by a defaulting borrower with other banks other than the creditor bank.

Latest news on COVID-19 Loan