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.

The reason CBN gives loans to Nigerian youths is to help them start a business that will generate income and create employment opportunities for those around them.

I’ll 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 Nigerian youths can apply for a loan of up to N3 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:

  1. Tertiary Institution Certificate,

  2. NYSC discharge certificate or pledge your discharge certificate if you are still serving,

  3. 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

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/

Updated: September 1, 2019 — 2:36 pm

The Author

Humphery

I'm a webmaster, and an internet entrepreneur by the mind. I graduated from Nnamdi Azikiwe University, Awka. I 'hanged' my NYSC boots in 2017. I'm presently NYSC info ambassador. Feel free to contact me if you need my assistance.

106 Comments

Add a Comment
  1. Oladipo Najeem Abimbola

    Thanks for the information, I pray to be among the chosen ones.

  2. Ejere Emenike ThankGOD

    How can one apply for the the loan??

  3. Nwafor Sopuruchi

    Thank you very much, sir. From your post, you said serving Corp members can as well access the loan. Secondly, you added discharge later as part of the requirements. My question now is how can a serving Corp member who has not completed his service year get a discharge later?

    1. You will pledge your discharge certificate, so that immediately you complete your service, your discharge certificate will be transferred to the bank by NYSC.

      1. Please am looking for a way and how to apply this loan now and I wan to know the exactly time they will star the application, also pls I really wan u to inform me on time through DM, nums 07066107160 that is my nums ,I have a business idea and business plan sir as well u can sent me ur center pls so we can talk on phone.

  4. Abdul-Azeez Zainab

    Please, what are the steps and guidelines to follow in order to get the business loan?

  5. How can i apply

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