The Nirsal Microfinance Bank has issued advice to the applicants of the COVID-19 Loan Programme as it continues the disbursement of the loan to the beneficiaries.
NMFB in a Statement on Friday noted that given the average value of the TCF Covid-19 loan, ONLY Tier 3 Savings and Current accounts can be successfully credited.
The bank advised the applicants whose loans were approved but had had difficulty accessing their loans to upgrade their Bank Accounts to either a tier 3 Savings Account or a Current Account, and inform the nearest branch of the NMFB
“Did you know that failure to upgrade the category of your savings account from Tier 1 to Tier 3 can prevent receipt of your NMFB loan amount?
“Given the average value of the TCF (covid-19) loan, ONLY Tier 3 Savings and Current accounts can be successfully credited.
“To avoid or correct this problem, go and check/upgrade the status of your account with your bank today.
“Ensure you obtain confirmation of the upgrade from your bank and notify the NMFB branch closest to you”, NMFB advised.
The Nirsal Microfinance Bank has given the COVID-19 Loan Applicants with issues of Failed Disbursement till 31st July 2022 to upgrade their Bank accounts and report back to the Bank for their Loan Disbursement.
According to NMFB, from 1st August 2022, unpaid approvals will be nullified/invalidated after the stated deadline.