Do you need a loan to start up a business? Do you have NYSC Certificate? If you answer “yes” to both questions, then you are on the right page. Here we will show you how to get loan from Bank of Industry with Certificate of National Service (CNS) or NYSC Certificate.
Kindly note that Certificate of National Service (CNS) is the same thing as NYSC Certificate. Now, let’s look at how you can easily get loan from Central Bank of Nigeria (CBN) through Bank of Industry (BOI) with your NYSC Certificate.
A lot of graduates are without a job due to the high rate of unemployment in Nigeria, now worsened by COVID-19 pandemic.
Many of them have applied for several jobs both online and offline, but no success. You can check out list of trusted job sites to apply for jobs in Nigeria.
So, if you are searching for a job, we advise you to consider venturing into a profitable business. The problem is not fund as you can take a loan. There are many loan opportunities you can access, including the federal government free-interest loans.
Whenever it comes to getting a loan in Nigeria, your NYSC Certificate can be your lucky ticket. All you need to get started is to be a serving corps member or have your NYSC Certificate, and also have a good business idea. If you are still serving as a Corps member, you can pledge your NYSC Certificate.
So, this post focus on how to get business loan by using your NYSC Certificate as collateral. In case you are looking for other free-interest loan, check out list of federal government free-interest loans.
The main objective of Bank Of Industry is to provide financial assistance businesses and to help modernize and rehabilitate existing enterprises. So you don’t need to worry about fund if you have a good business idea.
1) Register a company: Bank of industry does not give loan to individual, but to businesses, so you must have a registered business name.
To register a business is very simple, just choose a name and go to any Corporate Affairs Office (CAC). With a token you will pay, your business will be registered in few weeks.
2) Business plan: You must submit a good business plan. It is very important. If your business idea is ‘soap production’, you can Google the teem “business plan for soap production” to get idea on how to prepare a good business plan.
3) NYSC Certificate: You must present your NYSC certificate as collateral. Your Certificate will be returned to you whenever you pay back the loan.
4) You must be between the age of 18 and 35 years.
Eligible business sectors
Not every kind of business, the loan is given, there are areas of interest. Your business must not be outside the following field;
- Agro Allied
- Manufacturing industry
- Information and technology
- Craft and Art.
- Film and photography
- food processing
- Power and energy
- Bank of industry does not give 100% cash need for your business. For example; if you need N1million for the business, you may only get N900,000 loan.
- Your NYSC Certificate and Degree or HND may be required as collateral for the loan. You get back your Certificates whenever you back the money.
- Serving Corps members who don’t have CNS yet, can pledge their NYSC Certificate.
- Repayment may be extended to up to 6 years.
- The loan low interest but the business will be monitored.
If you you want to apply for loan, see below.
Hot loans you can apply
- ₦75 billion NYIF Loan
- NYSC Business Loan
- CBN MSMEDF Loan 2020
- CBN NIRSAL COVID-19 Loan
- NHF Loan from Federal Mortgage Bank of Nigeria
- CBN CIFI loan through GTBank
- MarketMoni Loan 2020
- Npower GEEP Loan
If you have applied for loan before, kindly share your experience in the comment section below.