How To Apply For NYSC Business Loan

If you are a Corps member or Ex-corps 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). In this post, you will learn how to apply for NYSC business loan for youths.

One of the majore reasons CBN gives loans to youths is to help them start a business that will generate income and create employment opportunities for people around them.

In this article, we will show you how to apply for NYSC business loan of up to N3million for individual, and up to N10million for group of 3-5 persons.

According to YIEDP, a youth can apply for a loan of up to N3 million. And a group of 3 to 5 persons can apply for loan up to N10 million.

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The Eligibility For NYSC Loan

Those who are eligible to apply and get the loan are;

1. Applicant must be between the age bracket of 18 and 35 years,

2. Must be a serving Corps members, or

3. Ex-Corps members (but 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.

YIEDP 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 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:

  • 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
  • Others
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Instructions

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.
  • 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 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 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.

SEE ALSO:  How To Access Loan From CBN In Nigeria

How to apply for NYSC business loan

To apply for 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.

To apply for NYSC loan go to the official portal at http://www.yiedp-hbng.com/

The Author

Humphery

Humphery is a seasoned internet entrepreneur and a life coach. He has been the Nyscinfo ambassador since 2017. He is knowledgeable enough to guide you. Keep following this website for updates, we love you!

170 Comments

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  1. Yes I have idea on my business (communication centre) and am a serving corps member am interested in the loan how can I get it??

  2. Aderemi oluwafemi

    Pls how can I login,the account is not opening sir

  3. Salvation Afemikhe

    Am interested, but the site is not working. How can I get access to this?

  4. Avbenake Rukewe Anthonia

    Am interested in the loan how can I apply?

  5. Lucia Tosin Olaberinjo

    Am a corp member still serving. Please how can I get the loan? And am ready to meet all the criteria stated.

  6. Is a good innovation but the portal is not going through.

  7. Akpai Abdullahi

    Sir I need the loan to start up my leather foot ware production, aside from heritage bank, which other banks are partnering directly with CBN. Please I need this loan, thanks.

  8. Isiaka moruf temitope

    Am interested in the loan and how can apply for it please help me out with it

  9. I am interested in the loan in order to participate in the area of Agriculture as reason approaches. Though, I am an ex-corp member that completed the service in 2019

  10. Am interested in loan please help me to get it

  11. Am interested

  12. Iam also interested.how can apply

    1. I’m interested thanks

    2. ABBAS TANKO ADAMU

      Am also interested

  13. How can I access the NYSC CBN loan?

  14. Please I am interested in the loan and it is urgent for me smto see, how can I apply for it, and when is it going to ready?

  15. If the loan is truely giving to ex corpers or the existing ones it will really help

  16. I am interested in the loan. i tried login to the main site but it is not active. How can i access the loan please?

  17. Interesting, if really Corp members can access the loan it will assist and help this country to reduce the rate of poverty and unemployment. It’s welcoming development.
    …Please how can I apply for this loan?

  18. How can someone get a current business plant?in Automobile.

  19. Odekunle titilayo

    How many months or years will it take before i pay off d loan and how will i return the money

    1. For CBN loan for Corpers, it is usually 7years

      1. Adegbami Olaoluwa

        How can I apply for the loan???

  20. Am also interested on the loan

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