As a beneficiary of the CBN loan scheme for households and businesses affected by the COVID-19 pandemic. Do you want to know how to check your loan status and repay your loan online? If yes, then what’s in this article is for you.
In this article, I will explain what the CBN loan code is, how to use it, and what benefits it offers. I will also share some tips and tricks to avoid defaulting on your loan and enjoy the full benefits of the scheme.
Read also How to Apply for NIRSAL CBN Loan 2024 (A Complete Guide)
What is the CBN Loan Code?
The CBN loan code is a USSD code that enables beneficiaries of the CBN loan scheme to access and manage their loan accounts on their mobile phones. The CBN loan code is *997# and it works on any network and any phone.
The CBN loan code was introduced by the Central Bank of Nigeria (CBN) in collaboration with the Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL) Microfinance Bank (NMFB) to make the loan scheme more accessible and convenient for Nigerians.
The CBN loan scheme is a stimulus package of N50 billion to support households and micro, small, and medium enterprises (MSMEs) affected by the COVID-19 pandemic. The loan scheme is part of the CBN’s intervention programs to boost the economy and reduce poverty.
The loan scheme offers up to N10 million for individual applicants and up to N50 million for group applicants. The loan has a tenor of up to 36 months and an interest rate of 9% per annum.
How to Use the CBN Loan Code
To use the CBN loan code, you need to have a bank verification number (BVN) and a bank account with any of the participating financial institutions (PFIs). You also need to have applied for the loan and received a loan offer letter and a loan code from the NMFB.
To use the CBN loan code, follow these steps:
- Dial *997# on your phone and follow the prompts.
- Select the option that corresponds to your loan category, such as household, SME, or AGSMEIS.
- Enter your loan code and confirm your details.
- You will see various options, such as check balance, repay loan, request statement, and others.
- Select the option that suits your needs and follow the instructions.
What are the Benefits of the CBN Loan Code?
The CBN loan code offers several benefits to the beneficiaries of the loan scheme, such as:
- It enables you to check your loan balance and repayment schedule at any time and anywhere.
- It enables you to repay your loan online using your debit card, bank account, or eNaira wallet.
- It enables you to request and receive your loan statement via email or SMS
.
- It enables you to access other services, such as DSTV renewals, recharge card payments, air travel ticket payments, and others.
- It enables you to enjoy a seamless and secure loan management experience.
Tips and Tricks to Avoid Defaulting on Your Loan
The CBN loan scheme is a great opportunity for Nigerians to access affordable and flexible financing for their businesses. However, you have to be responsible and diligent in repaying your loan to avoid defaulting and facing sanctions.
Here are some tips and tricks to avoid defaulting on your loan:
- Adhere to the repayment schedule and pay your monthly installments on time.
- Use the CBN loan code to monitor your loan balance and repayment progress.
- Contact the NMFB or your PFI if you have any issues or challenges with your loan account or repayment.
- Seek financial advice or counseling if you are facing difficulties in managing your finances or business.
- Avoid taking multiple loans or borrowing more than you can afford to repay.
Conclusion
The CBN loan code is a USSD code that enables beneficiaries of the CBN loan scheme to access and manage their loan accounts on their mobile phones. The CBN loan code is *997# and it works on any network and any phone.
The CBN loan scheme is a stimulus package of N50 billion to support households and MSMEs affected by the COVID-19 pandemic. The loan scheme offers up to N10 million for individual applicants and up to N50 million for group applicants. The loan has a tenor of up to 36 months and an interest rate of 9% per annum.
To use the CBN loan code, you need to have a BVN and a bank account with any of the PFIs. You also need to have applied for the loan and received a loan offer letter and a loan code from the NMFB.
The CBN loan code offers several benefits, such as checking your loan balance and repayment schedule, repaying your loan online, requesting your loan statement, and accessing other services.
To avoid defaulting on your loan, you have to adhere to the repayment schedule, use the CBN loan code to monitor your loan account, contact the NMFB or your PFI if you have any issues, seek financial advice or counseling, and avoid taking multiple loans or borrowing more than you can afford.
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