How To Apply For NYSC Business Loan (2020)

If you are a Corps member or an 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, we will show you how to apply for NYSC business loan for Nigerian youths.

One of the reasons CBN gives loans to youths is to help them start a business to be self employed and also create employment opportunities for other people around them. See list of all government free interest loans 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.

The Eligibility For NYSC Loan

To be considered for this loan, you must the following requirements;

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

2. Must be a serving Corps members, or

  1. Ex-Corps members (but not over 5 years after completion of NYSC),

  2. Must have a business idea.

SEE ALSO:  How To Apply For CBN Agricultural Development Scheme (AADS) Loan 2020

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.

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:

  • 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
SEE ALSO:  How to access ₦75 billion NYIF Loan - nyif.gov.ng

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 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:

  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.

SEE ALSO:  How to apply for CBN CIFI loan through GTBank - gtbank.com

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

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 https://www.yiedp-hbng.com/ or check other Iinks below.

Updated: August 24, 2020 — 11:39 am

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!

196 Comments

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  1. I guess the loan site is c!osed, cause I’ve been trying to access it but it’s been futile

  2. Please will like to know the correct site/portal for application because the one (domain) provided in this publication is for sale.

    thanks.

  3. Please can someone give us the accurate strategies to apply for this said loan

  4. Please am currently serving how do I asses this load

  5. Please how do I apply for the loan

  6. I’m corper member now idow my servece I so more happy this loan,if I penish my servece I start pultry business in my area have you get shi loan.

    1. Is the loan accessible now if yes please let me know in other not fall into fraudsters I really need this loan

  7. Please is the loan still on if yes how can i apply because i tried opening it but its not opening

    1. Saidu Idris bagana

      I need this loan for setting my business palm oil

  8. Mgbom uchenna Benard

    My name is mgbom uchenna Benard served at akwa ibom please I seriously need need this loan to start foodstuffs business and transportation business 08136021441,08106006122

    1. Bukar bukar abubakar

      Business

  9. Agboola Dare Emmanuel

    I need this loan, how can i register for it/

  10. Please is the portal still open for application

    1. Please is the portal still open,I want to register.

  11. Adoye Simon Agbomile

    How can we apply for the loan

  12. Nwankpa Enyinnaya Sunny

    Please sir is the website open now?

  13. Nwankpa enyinnaya sunny

    Please where can i see the procedures for applying for the loan, as you said that you have shown us how to apply before? Best regards

  14. Nwankpa Enyinnaya Sunny

    please when will this application start and the application website. Am into agro-allied

    1. We have shown you how to apply. The portal will open on 26 June

      1. Please its passed 26 and its not opening what can I do?

      2. Please sir I can’t access the portal, what should I do next

  15. What’s the commencement date for the loan application? Secondly, when is the deadline for the loan application? Let’s I forget, please what’s the link or website for registration? Thank you as I humbly wait for your response.

  16. when does this program started, and when will it end?

  17. Ojabuno Efegomah

    I really do need a loan….am into production of liquid soap …hypo…etc

  18. For North East indigenious corpers; Do not even try. This is not true, wallahi.
    And, even if you keep trying you are just deceiving yourself.

    1. What is the interest rate like if any ??

  19. Can I go to heritage bank and apply for this loan?

  20. Damilare Oluwaseun Victoria

    I’m an ex- corper , finished this year 19A .I’m really interested in the loan , I will so happy if granted !!

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