Are you an ex-copper or a member of the National Youth Service Corps (NYSC) and you are looking for a government to start up your business?
If your answer to that question is ‘yes’, then you are on the right platform to get the right answer to the question.
This article is for you. All you have to do is carefully go through this article for it contains in detail all the pieces of information necessary that you need to know about the ongoing Federal government NYSC Business loan.
Meanwhile, as you go through this article you will get to see how to access NYSC business loans in Nigeria. being it that you are a corps member or ex-corps member.
All it will take you is a few minutes of your time so that you can carefully read the processes involved in the loan as we walk you through it step by step.
If you carefully follow the guidelines on this page, then you are likely a few steps away to grab this life-changing opportunity of the ongoing NYSC Business Loan – How To Apply For NYSC Business Loan.
Meanwhile, The National Youth Service Corps (NYSC) is likely going to be an added opportunity for a corps member or an ex-corps member to obtain the Loan from the Federal Government, through the Central Bank of Nigeria (CBN), in partnership with Youth Innovative Entrepreneurship Development Program (YIEDP).
To help graduates start up a business and reduce unemployment is one of the reasons CBN in conjunction with the Federal Government is giving out loans to graduates.
Not only, once the beneficiaries of the loan start up their business, but they are also automatically self-employed and have the potential to create employment opportunities for those around them.
Therefore, according to YIEDP, there is a minimum of N3 million CBN business loan per youth that want to apply, while a group of 3-5 persons can apply for a loan of up to N10 million.
Qualifications For the NYSC Loan
Before you can be able to successfully apply for the NYSC loan, there are criteria you are expected to meet which includes the ones mentioned above.
- Applicants must be between the ages of 18 and 35 for him or to qualify for the NYSC loan
- Applicants must be servicing corps members or ex-corps members with not more than five (5) years of post-service.
- Applicants must present a good business idea to qualify for the NYSC loan
Only business ideas in the following sector/field will be considered for the NYSC loan:
- Food Processing
- Power & Energy
- Education Financing
- Cottage Industry
- Technology (ICT), etc.WAEC res
- Information and Communication Technology
- Construction Support
- Film & Photography
However, there are a series of information that will be required from you as you proceed with the NYSC CBN Loan Application.
Requirements for the NYSC Loan
Hope that you have met the eligibility criteria for the NYSC loan, you are expected to possess the following documents for you to access the NYSC loan.
Possessing these requirements will facilitate your application and it will play an important role in making sure that your application is attended to in time.
- Written and signed a letter of undertaking by the corps member
- Passport photograph
- A clear photo of yourself in the complete NYSC Regalia
- Tertiary Institution Certificate
- NYSC discharge certificate, or if you’re still serving, you’ll pledge your discharge certificate
- Any legal assets financed by other banks
- NYSC Identification Card
- Valid ATM Card
- PPA Posting letter
- NYSC state code
You must possess or provide the above requirements for your application to be successfully attended to.
All Nigerian prospective corps members both current or ex-members of the NYSC can apply for the loan through the online application portal.
If you are qualified or eligible to get this loan, then you must adhere to the instructions below:
- All Eligible applicant is free to apply for the program via the official application portal.
- Ensyou you use your NYSC State Code to apply for the online loan in Nigeria.
- All applicants are allowed to make an individual loan request or as a group of 3-5 persons.
- A group of applicants can access up to N10 million while a single applicant can access up to N3 million.
- Applicants can only submit one business idea at a time.
- Applicants can keep track of their application process via the same portal.
Collateral for Obtaining the Loan
- NYSC-issued certificate or pledge your discharge certificate if you are currently serving.
- Tertiary Institution Certificate
- If you have legal ownership of assets financed by any financial institution, then you need to provide further documents upon the request of the Heritage bank.
NOTE: The application portal will be open for a limited period of time. Before applying, make sure you have already registered with the Corporate Affairs Commission (CAC).
If you are among the successful candidates, you will be guided through the application process.
How to Apply for the NYSC Loan
Follow the guidelines provided below to successfully apply for the loan and start your entrepreneurship journey.
- To apply for the NYSC loan, visit the NYSC loan portal by tapping on this Link
- Click tap on the “Register” button
- Fill out the form displayed on the screen
- Click or tap on the “submit” button after filling out the form
- Now wait for your application to be reviewed by Heritage Bank
- Once the review is completed, you will be contacted, and the loan will be disbursed into your bank account.
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