NIRSAL has warmed the beneficiaries to use the loan judiciously as is not for free.
The statement from NIRSAL reads:
” CBN COVID-19 LOAN REPAYMENT.
If your account has been credited, congratulations but please note that you have not gotten free money.
– You are going to pay back with no one policing you. You have signed agreement with NMF to take any money in your account should you do not payback.
– It means the only condition for not paying back is if no money comes into your other accounts link with your BVN.
– So, use the money well, it is a loan, not a grant. NIRSAL through CBN will take everything that passes through your account including your salary if you do not payback.
– Secondly, what you see as credit alert is not what you borrowed, 4% interest and administration fee have been taken upfront if, for example, you see N425,100 what you are paying back is N450,000.
– The moratoriums are the grace period before deduction will begin and the repayment period is no instalments. If it is 12 months, it means N450,000 not N425,100 divided by 12 and that is what you will start paying monthly from September.
– Another strong Warnings on CBN Covid-19 Loan Repayment is that you cannot escape the repayment, not even death. Even when you change your name, you can NEVER change your fingerprints. They would locate your guarantors to continue servicing the loans from where you left it.
– They can only give your guarantors some time to start paying should in case there is an eventuality of death.
Please use the loan to grow your business. Allah will multiply it and you will happily payback.