NYSC Business Loan
Are you an intending corps member, corps member or ex-corp member with intentions of getting a loan for your business? Your dreams of being an entrepreneur are achievable through the NYSC business loan for youths. In this article, you’ll learn how the application for the NYSC loan is made.
The CBN has made it possible for youths to apply for loans in Nigeria to start businesses in order to create employment opportunities. This loan has been made possible through Heritage Bank, in partnership with Youth Innovative Entrepreneurship Development Programme. (YIEDP)
Individuals can apply for loans of up to 3 million, while a group of three to five persons can apply for loans of up to 10 Million. The following explains how you can apply for the NYSC loan.
The YIEDP scheme is aimed at harnessing entrepreneurial skills amongst Nigerian youths by providing accessible loans to help youths implement business ideas.
How to know if you’re eligible for an NYSC loan?
In order to qualify for the NYSC loan, the following must apply to you.
- Only applicants between the ages of 18 and 35 can apply.
- Applicants must be serving corps members
- Ex-corp members not more than five years of post-NYSC can also apply for the loan.
- Present and have a business idea.
The loans are available to specific business sectors. The following listed fields are the qualified business sectors for the NYSC loan.
- Food Processing
- Power & Energy
- Film & Photography
- Cottage Industry
- Construction Support
- Technology (ICT)
- Education Financing
- Information and Communication Technology
- and other fields
How to apply for an NYSC loan
If you’re a serving corps member or an ex-corp member of not more than five years, you can apply for the loan online. Take note of the following information before you apply for your business loan.
- All qualified applicants can apply for the loan through the official portal.
- You’ll need to use your NYSC state code to apply for the loan.
- An individual is eligible for loans of up to three million
- A group application is eligible for loans of ten million.
- Applicants can only submit one business idea at a time.
- The application progress can be tracked through the portal.
What do you need to apply for an NYSC loan?
Apart from meeting the above requirements to qualify for the NYSC loan, you need the following list of documents as collateral for the loan.
The Heritage Bank NYSC loan scheme requires the following documents as collateral to obtain the loan.
- Tertiary Institution Certificate
- NYSC discharge certificate or you pledge your discharge certificate if you’re still serving
- Any legal ownership of assets financed by other banks
The possibility of starting a business as a youth can be daunting without the required capital. The NYSC loan is a good scheme that youths can count on to generate the required funds for their business ideas.
The NYSC loans are also available to corps members who have been discharged within the last five years. There are also other forms of loans in Nigeria available to the general public from which a corps member can benefit from.