Are you a Corps member or an ex Corps member looking for a loan to start up a business in Nigeria? If your answer is ‘yes’, then you are on the right page. In this post, we will show you how to access NYSC business loan in Nigeria, either as a corps member or ex Corps member. Kindly read this post in between the lines till the end as we walk you through the processes.
The National Youth Service Corps (NYSC) can be your lucky ticket to get a loan from the Central Bank of Nigeria (CBN), through Heritage Bank, in partnership with Youth Innovative Entrepreneurship Development Programme (YIEDP).
One of the reasons CBN gives loans to graduates is to help them start a business, be self employed, and to enable them create employment opportunities for other people around them. Just before we continue, check out the list of federal government free interest loans that are open to youths.
According to YIEDP, a youth can apply for a loan of up to N3 million, and a group of 3 – 5 persons can apply for a loan of up to N10 million.
Eligibility For NYSC Loan
To be considered for this loan, you must meet the following requirements;
- Applicants must be between the age bracket of 18 and 35 years,
- Must be a serving Corps members, or ex-Corps members (but not over 5 years after completion of NYSC),
- Must have a business idea.
It is important to know that Heritage Bank has been chosen by the Central Bank of Nigeria to oversee YIEDP.
YIEDP is an innovative scheme aimed at harnessing the entrepreneurial skills among the teeming Nigerian youths by providing quick and affordable loans to help them implement their business ideas.
Like said earlier, a single qualified applicant can get a loan of up to N3million, while a group of 3-5 qualified applicants can get up to N10million.
Business sectors eligible for the loan
For you to qualify for the loan, you must have a business or business ideas related in any of the following fields:
- Technology (ICT),
- Power & Energy,
- Film and Photography,
- Construction Support,
- Education and Financing,
- Food Processing,
- Information and Communication Technology(ICT),
- Cottage Industry,
Nigerian youths who have served or are serving in NYSC can apply for the loan via online. If you are eligible to get this loan, then you need to adhere to the following Instructions:
- All eligible applicants can apply for the programme through the official portal.
- To apply for this online loan in Nigeria, use your NYSC State Code.
- All applicants can make an individual loan request or as a group of 3-5 people
- A single applicant can acess up to N3million, while a group of applicants can access up to N10million.
- Applicants can submit only one business idea at a time.
- All applicants can track their application process through the same portal.
Collateral for obtaining the loan
According to the request of the Heritage Bank NYSC loan scheme, all applicants must provide the following list of documents:
- Tertiary Institution Certificate,
- NYSC discharge certificate or pledge your discharge certificate if you are still serving,
- If you have a legal ownership of assets financed by other Bank, then you need to provide additional documents upon the request of the Heritage bank.
Note: The application portal will be opened for a limited time period. You need not be registered with the Corporate Affairs Commission (CAC) before you can apply. All successful candidates will be guided through the application process.
How to apply for NYSC business loan in 2021
To apply for the NYSC business loan, go to the official portal, register by filling online form, submit your application and wait for official review from the Heritage Bank. You will be contacted, and the money will be paid into your bank account if your application is approved. The whole registration process is free.
The official portal to visit is https://www.yiedp-hbng.com/