How to Apply for NYSC Business Loan
How to Apply for NYSC Business Loan – Are you a Member of the National Youth Service Corps (NYSC) or an ex Corper looking for a government loan to start up a business? If your answer is ‘yes’, then carefully read this piece as we walk you through the step-by-step guide to applying for NYSC loan in Nigeria.
In this post, we will show you how to access the NYSC business loan in Nigeria, either as a corps member or ex Corps member. Before we proceed, you may like to also check NYSC Trust Fund Registration Portal for both ex and serving Corpers.
The NYSC loan
NYSC can be your lucky ticket to get a loan from the federal government, through the Central Bank of Nigeria and Heritage Bank, in partnership with Youth Innovative Entrepreneurship Development Programme (YIEDP).
One of the reasons CBN gives loans to graduates is to help them start a business, become self employed, and to
enable them create employment opportunities for other people around them.
According to YIEDP, a youth can apply for a CBN business loan of up to N3 million, and a group of 3 – 5 persons can apply for a loan of up to N10 million. You may like to check the list of federal government free interest loans that are also open to NYSC members.
Eligibility for NYSC Loan
To be considered for NYSC business loan, applicants must meet the following requirements;
- Applicants must be between the age bracket of 18 and 35 years,
- Must be a serving Corps members, or ex-Corps members (but not over 5 years of post NYSC),
- Have a feasible 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 among the teeming Nigerian youths by providing quick and affordable loans to help them implement their business ideas.
Like said earlier, a single qualified applicant can get a loan of up to N3million, while a group of 3-5 qualified applicants can get up to N10million.
Business sectors eligible for NYSC loan
For you to qualify for the loan, you must have a business or business ideas related in 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.
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 need 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, use your NYSC State Code.
- All applicants can make an individual loan request or as a group of 3-5 people
- A single applicant can acess up to N3million, while a group of applicants can access up to N10milln.
- 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 a limited time period. You need not be registered with the Corporate Affairs Commission (CAC) before you can apply.
All successful candidates will be guided through the application process.
How to apply for NYSC business loan
To apply for the 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.
The official portal to visit is https://www.yiedp-hbng.com/.
