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.
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
- Ex-Corps members (but not more than 5 years after completion of NYSC),
Must have business idea.
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:
- 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.
- 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.
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/