NIRSAL Microfinance Bank to Begin Direct Deductions from Defaulters’ Accounts on August 18
NIRSAL Microfinance Bank has warned defaulters of COVID-19 and other loans that the bank will begin direct deductions from their accounts on August 18, 2023.
The bank said that it has given borrowers several opportunities to repay their loans, but that many have still not made any payments. As a result, the bank is now taking steps to recover its money….CONTINUE READING
“We have been very patient with borrowers, but we can no longer wait,” said a spokesperson for NIRSAL Microfinance Bank. “We need to recover our money so that we can continue to provide loans to other Nigerians who need them.”
The bank said that it will begin by deducting the minimum monthly repayment amount from defaulters’ accounts. If the borrower does not make a payment within 30 days, the bank will increase the amount of the deduction.
In addition to direct deductions, NIRSAL Microfinance Bank said that it will also report defaulters to credit bureaus. This will make it difficult for defaulters to obtain loans in the future.
The bank urged all borrowers to repay their loans as soon as possible. “We don’t want to take any drastic measures,” said the spokesperson. “But we will if we have to.”
If you are a borrower who is struggling to repay your loan, NIRSAL Microfinance Bank has a number of repayment options available. You can contact the bank to discuss your options.
The bank also has a hardship fund that can be used to help borrowers who are facing financial difficulties. To apply for the hardship fund, you will need to provide documentation to support your claim.
NIRSAL Microfinance Bank is committed to helping borrowers repay their loans. However, the bank also has a responsibility to its shareholders to recover its money. As a result, the bank is taking steps to collect payments from defaulters….CONTINUE READING