If you are a young Nigerian who are serving or have served as National Youth Service Corps (NYSC) member, NYSC can be your lucky ticket to get a loan from Central Bank of Nigeria through Heritage Bank in partnership with Youth Innovative Entrepreneurship Development Programme (YIEDP). The purpose of giving Nigerian youths the loan is for them to start-up a small or medium scale business that will generate income and also create employment opportunities for people around them. So, in this article, I’ll be showing you how to apply for NYSC business loan of up to N3million for individual and up to N10million for group of 3-5 persons.
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According to YIEDP, a Nigerian youth can apply for a loan of up to N3 million.
Eligibility For NYSC Loan
Those who are eligible to apply and get the loan are;
1. Must be between the age of 18 to 35 years,
2. Serving Corps members,
3. Ex-Corps members (not more than 5 years after completion of NYSC),
4. Must have business idea.
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It is important to know that Heritage Bank has been chosen by the Central Bank of Nigeria to oversee YIEDP which is an innovative scheme aimed at harnessing the entrepreneurial skills amongst the teeming Nigerian youths by providing quick and affordable loans to help them implement their business ideas.
A single qualified applicant can only get a loan of up to N3million, while group of 3-5 qualified applicants can get up to N10million.
Qualified Business Sectors For NYSC loan.
For you to qualify for the loan, you will have a business or business ideas related to 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 needs to adhere to the following Instructions:
- All eligible applicants can apply for the programme through the official portal which I’m going to show you later. Just keep reading!
- To apply for this online loan in Nigeria, you have to use your NYSC State Code.
- All applicants can make an individual NYSC loan request or as a group of 3-5 people
- A single applicant can apply for a loan up to N3million.
- A group application can be 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,
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 limited time period. You don’t need to be registered with the Corporate Affairs Commission. All successful candidates will be guided through the application process.
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How to apply for NYSC business loan
You can register and ask for a loan from the Heritage Bank! The application and registration process is free of charge.
To apply for NYSC loan go to the official portal at http://www.yiedp-hbng.com/
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