It has come to our notice that many has been successfully given the CBN loan, and most of them think it's a free money or a sort of grants. Please it is not a free money! Every dime of the money must be paid back completely.
If your account has been credited, congratulations.
However, 9japarrot has compiled the following 7 things you need to know about the loan, just for you to note that you have not gotten free money. Do Carefully read through and ensure to adhere.
1. You are going to pay back with no one policing you. You have sign agreement with NMF to take any money in your account should you do not payback.
2. It means the only condition for not paying back is if no money comes into your other accounts link with your BVN.
3. 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.
4. Secondly, what you see as credit alert is not what you borrowed, 4% interest and administration fee have been taking upfront if, for example, you see N425,100 what you are paying back is N450,000.
5. The moratoriums are the grace period before deduction will begin and the repayment period is the no of 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.
6. 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.
7. They can only give your guarantors some time to start paying should in case there is an eventuality of death.
Please spend and use the money wisely!
9japarrot Management cares
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