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.

SEE ALSO:  How To Get Car Loans In Nigeria Without Stress

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

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

  2. Must have business idea.

SEE ALSO:  CBN promises seven years loans for Corps members

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
SEE ALSO:  Why you should accept N50k job offer after your NYSC

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.

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!

183 Comments

Add a Comment
  1. Please how can I get a job in ncc

  2. Please I need this loan, I served in 2017/18 up till now I am still unemployed. Please how can I go about this loan?

  3. Pls I want to apply how will go about it . thanks

  4. I will be glad if I could get this loan to start a business

  5. Bashir Ali Abdullahi

    I am currently a farmer, farming rice and maize, I need the loan to expand my farm.
    Thank you.

  6. Shuaibu Umar Chikito

    Iam interested pls

  7. Machi Celestine Chizoba

    I would need the loan for agro business. Importantly this rainy season.

  8. The publisher of this news is a responsible fool. This is how u guyz confuse ppl, taken every single serious bizness for granted. How can u be joking with pple at dis critical tym wit a fake domain portal dt doesn’t exist. Zoo country with zoo mentality

  9. business

Leave a Reply

Your email address will not be published. Required fields are marked *