The Bank of Industry is offering loan to Nigerians but only to graduates that have received their NYSC Certificate, so if you need a loan and have gotten your NYSC, then read this post till the end, as we teach you on how to get loan from Bank of Industry with your certificate.
Kindly note that Certificate of National Service (CNS) is the same as NYSC Certificate. Now, let’s look at how you can simply get loan from Central Bank of Nigeria (CBN) through Bank of Industry (BOI) with your NYSC Certificate.
Several graduates are without a job due to the high rate of unemployment in Nigeria, now worsened by COVID19 pandemic. Check out Covid-19 Loan Support Form (Steps to apply).
Many graduates have applied for several jobs both online and offline, but no success. You can check out list of authorized job sites to apply for jobs in Nigeria.
So, if you are searching for a job, we urge you to consider venturing into a productive business. The problem is not fund as you can take a loan. There are many loan opportunities you can access, involving 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 begun is to be a serving corps member or have your NYSC Certificate, and also have a good business plan. 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 relief businesses and to help modernize and improve existing enterprises. So you don’t need to worry about fund if you have a good business plan.
Bank of Industry Loan requirements
1) Register a company:
Bank of industry does not offer loan to individual, but to businesses, so you must have a registered business name.
To register a business is quite simple, just choose a name and go to any Corporate Affairs Office (CAC). With a token you will pay, your business will be enrolled in few weeks.
2) Business plan:
You must submit a good business plan. It is very crucial. If your business idea is ‘polish production’, you can Google the teem “business plan for polish 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 offered, 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
Education
food processing
Automobile
Power and energy
What you Need to Know:
Bank of industry does not offer 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 needed 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.
Reimbursement may be extended to up to 6 years.
The loan low interest but the business will be monitored.