How To Check NIRSAL Loan Status

How To Check NIRSAL Loan Status

In the wake of the Covid-19 pandemic, countless individuals and businesses found themselves battling with financial uncertainties. NIRSAL recognized the need for swift and effective support, providing a means for those affected to access essential funding. This initiative is appealing because of its accessibility, with loans ranging from 250,000 to a substantial 25 million Naira. This is why the NIRSAL loan has become one of Nigeria’s most sought-after financial lifelines, breathing life back into enterprises, both big and small.

However, to apply is one thing, but to know is another. While applying for a NIRSAL loan is a crucial step in revitalizing your business, staying informed about the status of your loan application is equally vital. This is where many applicants find themselves in the dark, unsure of how to navigate the process of checking their NIRSAL loan status.

This article will walk you through the process of checking your NIRSAL loan status, ensuring that you remain updated on the progress of your loan application.

How Does NIRSAL Loan Work

In the wake of the global COVID-19 pandemic, the Nigerian federal government swiftly responded to the economic turmoil that came with it by creating the NIRSAL loan platform. Designed as a lifeline for those adversely affected by the pandemic, this initiative has been a beacon of hope for countless Nigerians seeking to rebuild their businesses and regain their financial footing.

In 2023, the NIRSAL loan microfinance bank has already embarked on the disbursement of the COVID-19 Targeted Credit Facility. This development brings great news to all applicants eagerly awaiting approval, as it signals that the time has come to check your loan status online and ascertain whether your application has been successful. However, it’s important to note that the NIRSAL loan application process is divided into two distinct categories, catering to different types of applicants.

Small and Medium-Sized Enterprises (SMEs):

This category is tailored to businesses that fall under the small and medium-sized enterprise bracket. Typically, SMEs apply for higher loan amounts to support their operations and expansion plans. When checking your NIRSAL loan status, it’s important to navigate through this category if your application aligns with the SME criteria.

Households and Individuals

The second category caters to individuals and groups of people who have applied for the loan.

If you have applied as an individual or on behalf of a group, you have to identify your application under this category when checking your NIRSAL loan status.

How To Check NIRSAL Loan Status

Checking the status of your NIRSAL loan is a critical step in the process, and one of the most efficient methods is using your Bank Verification Number (BVN). This method not only ensures speed and reliability but also streamlines the verification process. Here’s a step-by-step guide on how to check your NIRSAL loan status using your BVN.

  • To begin the process, open your web browser and navigate to the official NIRSAL Microfinance Bank website.
  • Once on the website, look for the “COVID-19 Support” link. This link is typically located in the top right-hand corner of the website’s homepage.
  • After clicking on the COVID-19 Support link, you’ll be directed to a new page. On this page, you’ll find two categories, as we’ve discussed earlier: “Household” and “Small to Medium-Sized Businesses.”
  • Depending on your application category, select either “Household” or “Small to Medium-Sized Businesses.” Click on the category that aligns with your application.
  • In the next step, you will be prompted to enter your 11-digit Bank Verification Number (BVN). This number is crucial for verifying your identity and linking your loan application to your BVN.
  • If your loan application has been approved, you will be directed to a new page. On this page, you will find the following important details the approved loan amount, the terms and conditions of the loan agreement, and a section to provide your bank details.
  • If you agree to the terms and conditions, proceed to fill in your bank details accurately. This step is essential for the disbursement of the approved loan amount.
  • Once you’ve filled in your bank details and accepted the terms and conditions, your approved loan amount will be credited to your provided bank account. Be patient as this process may take some time.

Understanding Loan Status

When you check your NIRSAL loan status, you may encounter one of three possible outcomes: “Approved,” “Pending,” or “Declined.” Each status carries its own implications and next steps. We will provide a detailed explanation of what each status means and how to proceed accordingly.


If your NIRSAL loan application status reads “Approved,” congratulations! It signifies that your loan request has successfully passed the evaluation and review process. Your application has met the necessary criteria, and you can expect to receive financial assistance from NIRSAL. Once your application is approved, you will be provided with comprehensive information about your loan approval. This includes the approved loan amount, the terms and conditions of the loan agreement, and instructions on how to proceed.

You will also be required to provide your bank details. This step is crucial for the disbursement of the approved loan amount. Ensure that you provide accurate and up-to-date bank information. After submitting your bank details and agreeing to the terms and conditions, NIRSAL will initiate the process of disbursing the approved loan amount to your provided bank account. Be patient during this phase, as it may take some time for the funds to reflect in your account.

Once the funds are disbursed, you are free to use them according to your business or financial needs. It’s essential to adhere to the terms and conditions of the loan agreement and manage the funds responsibly.


“Pending” status indicates that your loan application is still in the review and evaluation process. While it may not be approved yet, it’s also not declined. The NIRSAL team is still assessing your application, which may involve verifying your provided information and ensuring that it meets their requirements.

It’s crucial to exercise patience when your status is pending. The approval process can take some time, and NIRSAL is diligently reviewing all applications to make informed decisions. There is no immediate action required from you at this stage. Continue to monitor your status regularly for updates, but avoid making changes or amendments to your application without specific instructions from NIRSAL.


If your NIRSAL loan application status reads “Declined,” it means that your loan request has not met the necessary criteria for approval. NIRSAL typically provides reasons for the decline in your application status. Review these reasons carefully to understand why your application was not approved. If the rejection reasons point to errors or discrepancies in your application, consider rectifying them. Ensure that your application is accurate and complete before reapplying.

If you are uncertain about the rejection reasons or require further clarification, don’t hesitate to reach out to NIRSAL’s customer support. They can provide insights and guidance on how to improve your application for future attempts. If your application is declined, it’s essential to explore alternative funding options for your business or financial needs. NIRSAL’s decision is final, but there are other avenues available to secure financial assistance.


The NIRSAL loan platform represents more than just financial assistance; it embodies a lifeline for businesses and individuals seeking resilience and recovery in challenging times. Embrace this opportunity, and let it be a stepping stone toward realizing your financial aspirations. Remember to provide accurate information, safeguard your login details, and adhere to the terms and conditions of your loan agreement. This ensures a smooth and responsible utilization of the funds when they are disbursed.