How to apply for covid 19 TCF Loan & Check Status online [2024]?

What is TCF loan application?

COVID-19 brought financial challenges for many independent and singular business entities. Several benefitting schemes were put forth by various governments across different nations. Loans, grants, and compensations are being offered directly by the government and by banks in these times.

One such scheme was brought forth by the Central Bank of Nigeria. It is aimed at MSMEs (micro, small or medium enterprises) and even targets households. A total of N50 million was put up for the non-interest targeted credit facility (TCF) stimulus package. The grace period offered for the loan is 3 years 6 months by the bank for a 9% profit margin. 

How to apply for covid 19 TCF Loan Application?

Once you have decided to go for the COVID-19 TCF loan, these are the few steps you must follow.

• Click on the given link. It will directly take you to the loan application page.
• The first question to answer is if you’re a new or returning candidate.
• Once you click on new, you can find the loan details mentioned in a pop-up slip. Click on the Continue tab.
• Again it would ask you if you’re a new or returning candidate.
• Add the BVN (bank verification number) details and seek validation.
• Follow the instructions next to fill the bank details in the form entirely.
• Understand and acknowledge the terms and conditions in the form.
• After acknowledging the terms, click on the Submit tab.

Application Requirements/Eligibility

There are just a few requirements in place.

• Those households which are severely impacted by the COVID-19 pandemic need to provide evidence. Usually proof of a decline in income pattern is sufficient to apply for the loan.
• Business activities if hampered can also apply for a loan under the MSME structure.
• Citizens of Nigeria are alone entitled to apply for the loan.

How to check covid 19 tcf loan application status?

If you have applied for the loan, you must have created an account.

• Go to your account and log-in with the credentials.
• Now search for the application status tab.
• Further, add your BVN reference number and your verified mobile number.
• Click on the check status tab.

In a matter of seconds, you can see the COVID-19 TCF loan application status.

Is tcf loan application real?

Yes, TCF loan application is being given for real.

Covid 19 tcf loan application portal

The loan portal for COVID-19 is available directly online.

Conclusion

Many banks have offered loans for people who suffered monetarily due to the COVID-19 pandemic. One such handy loan policy is being put forth in the name of TCF loans by the Nigerian Central Bank.

To avail of the loan you have to show proof of the damage caused to your business. Here’s a small guide about the loan. Read it before you go for it.