Are you a young talented Nigeria? Do you have a business idea? Do you need fund from CBN to start a business? In this post, I will show you how to apply for NYSC loan.
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 (CBN).
How to apply for NYSC loan
Actually, this post will show you how to apply for NYSC loan.
There is an opportunity given to every Corps member to ask for a loan to start a business.
This loan is provided by CBN through Heritage Bank’s scheme, Youth Innovative Entrepreneurship Development Programme (YIEDP).
A single Nigerian youth can apply and get a loan of up to N3 million.
Requirements for NYSC loan scheme
1. Applicant must be a young Nigeria between 18 and 35 years old
2. Serving Corps Members or
3. Ex-corps member no more than five (5) years after NYSC
4. Artisans of Nigerian Descent.
Who gives the loan?
The loan is provided by CBN through Heritage Bank, through YIEDP.
The loan is with the purpose to help young Nigerians start-up business with quick and affordable loans.
According to YIEDP, one person can get a quick loan of up to N3 million, while 3-5 qualified beneficiaries can get up to N10 million loans.
Business Sectors that qualify for the loan
- Arts and Crafts
- Cottage Industry
- Construction Support
- Education and Financing
- Food Processing
- Film and Photography
- Information Technology
- Power and Energy
Guidelines to apply for NYSC loan
Apply online at the official website by following instructions below;
- You can apply for the program through the official online portal
- Applicant must use their NYSC state code or identity number
- You can make an individual NYSC loan request or as a group of 3-5 people
- As a single applicant, you can apply for a loan up to N3 million
- As a group of 3-5, you can apply for up to N10 million
- Applicants can track their application process through the same portal
- Be informed that Heritage Bank NYSC loan implements security measures against any kind of fraud.
Collateral for collection of the loan
- Tertiary Institution Certificate
- NYSC Discharge Certificate
- Pledge your Discharge Certificate for those are still serving
- If you own business financed by other Bank, then you will provide additional documents upon the request of the Heritage bank.
- The application portal will only open for a limited time period.
- No need to be registered with the Corporate Affairs Commission.
- All successful candidates will be guided through the application process.
- You can only submit one business idea.
- Application and registration process is free.
How to apply for NYSC loan
To apply for this loan go to www.hbng.com/yiedp