Nirsal Microfinance Bank launches Loan Calculator | Learn how to use

The Nirsal Microfinance Bank has launched a Loan Calculation System that enables beneficiaries of the CBN Intervention Schemes such as COVID-19 Targetted Credit Facility Loan, AGSMEIS, Nigeria Youth Investment Fund  (NYIF), Anchor Borowers Program (ABP) calculate their loans features with the Bank.

This became necessary as some beneficiaries could not assertain why the amount disbursed to them differed with the amount approved for them. Also, many beneficiaries needed to know how much they are likely to repay monthly.

Features of the NMFB Loan Calculator

The NMFB Loan Calculator displays the following:

1.  Amount Approved for the Beneficiary 

2. Total Interest on the Loan Amount

3. 4% Upfront Charge (Deducted during disbursement)

4. Total Loan after the 4% Upfront Charge

5. Monthly Repayment Amount (Amount to be repaid per month)

How to use the Loan Calculator

1.  Open https://loancalculator.nmfb.com.ng

2. Select (YES) if a beneficiary

3. Select the Product Type (by selecting the Product containing your Type of Loan)

4. Select Exact Loan Scheme you benefited from (COVID-19 TCF, ABP, AGSMEIS, NYIF)

5. Enter your Bank Verification Number (BVN)

6. Click on Calculate Loan 

7. Your Result displays as in the features described. 

This Calculator can also be used to calculate other loans offered by NMFB apart from the CBN Intervention Programmes.

It can also enable Applicants (Non Beneficiaries) calculate expected loan  features based on amount applied for or expected.

Non Beneficiaries

1. Open https://loancalculator.nmfb.com.ng

2. Select (No) as in not a beneficiary

3. Enter Loan Amount 

4. Enter Loan Term (Loan Duration i.e. Number of Years)

5. Click on Calculate 

6. Result will be displayed based on the Features described