Are you a Member of the National Youth Service Corps (NYSC) or ex member seeking a government loan to kickstart a business in Nigeria? If ‘yes’, this article provides you with the guide on how to apply for the NYSC business loan in Nigeria. Read on to discover the eligibility criteria, benefits, and the application process. You may also like to read how to apply for NYSC foundation loan in Nigeria.
What is NYSC Loan?
The NYSC business loan is a unique opportunity facilitated by the Central Bank of Nigeria and Heritage Bank, in collaboration with the Youth Innovative Entrepreneurship Development Programme (YIEDP). This initiative aims to empower graduates by providing financial support to start businesses, fostering self-employment, and creating job opportunities.
Eligibility Criteria
To qualify for the NYSC business loan, applicants must meet the following criteria:
- Age bracket of 18 to 35 years.
- Serving Corps members or ex-Corps members (within 5 years of post NYSC).
- Must have a feasible business idea.
Loan Amounts and Categories
Individual applicants can access up to N3 million, while a group of 3-5 applicants can apply for a loan of up to N10 million.
Eligible Business Sectors
The loan is available for businesses or business ideas in various sectors, including Agro-allied, Technology (ICT), Automobile, Power & Energy, Film and Photography, Construction Support, Education and Financing, Food Processing, Information and Communication Technology (ICT), Manufacturing, Cottage Industry, and others.
Application Instructions
1. Apply through the official portal.
2. Use your NYSC State Code for the application.
3. Apply individually or as a group of 3-5 people.
4. Individual applicants can access up to N3 million, while groups can access up to N10 million.
5. Submit one business idea at a time.
6. Track your application process through the portal.
Collateral Requirements
Applicants must provide specific documents, including Tertiary Institution Certificate, NYSC discharge certificate, or a pledge if still serving, and additional documents if assets are financed by other banks.
Application Process
1. Visit the official portal: https://www.yiedp-hbng.com/
2. Register by filling out the online form.
3. Submit your application.
4. Await an official review from Heritage Bank.
5. Successful applicants will be contacted, and funds will be deposited into their bank accounts.
Conclusion
The NYSC business loan is a golden opportunity for young entrepreneurs to turn their business dreams into reality. Act now by visiting the official portal and applying for this transformative program.
Remember, the application process is free, and the portal will be open for a limited time. For more information, check out the NYSC Foundation Loan program. Seize the chance to kickstart your entrepreneurial journey.
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I am Nigeria man in yobe state I graduated. in college of administration & business study I finish 2005 h.n.d.in local government administration
I want a loan money
Good afternoon all..the site to apply is not opening for me…what should I do?
I am a graduate of mass communication and self employed (professional photographer) looking for empowerment
Hello!
I would be very grateful if you will be alerting me on any recruitment job. Especially for a well paid agencies, parasitatal, etc.
Thank you a trillion times
I don’t possess my tertiary certificate yet but can I provide my statements of results??
How will i apply
What is the interest rate and someone comment that he applied since 2015 the loan has not been given to him, so how long does it take to get the loan, and you made mention of institution certificate and NYSC discharge certificate, so are we given them out till the duration of the seven years before we can get them back?
If this is accessible, it would go a long way empowering many citizens and as well reduce the rate of unemployment. NYSC has good initiatives but I don’t actually know where the problem is.
how to apply and at which rate of interest charges?
2016 batch are yet to collect the loan after all the hustles.
Please how can they access it?
Thank you For this opportunities
Can a serving corp member apply?
Is it my original cert am given as collateral ? What is my faith for appointment or work please .or is it the photocopy you need .
I’m really interested
i just hope its for real.
This is a great plan to eradicates unemployment
Thanks for this post.
However, what is the interest rate on the loan and the maturity date?
It a good opportunity to Nigerians in reduceing uneployment.
Can a 2013C who finished their service October 2014 be eligible?
Please is there interest rate if yes, how much?
What is the maturity date