How To Get NYSC Loan From Central Bank Of Nigeria (CBN)

Spread the love

It was early this year, the Nigerian Government reiterated their promises on reducing unemployment in the country by providing NYSC loan to qualified corps’ members.

Graduates are being piled up without the working environments for them to thrive. The moment they start getting closer to their passing out parade, there are questions popping up with each trying to be the most dominant. Survival is now the priority as the new level begins to emerge.

Getting a job in Nigeria is more like finding a needle in a haystack, at least for most graduates. Only a few manage to get a decent one while others settle for any amount the job offers.

Imagine living in a country like ours, where the average graduates receive N30,000 as monthly salary? Getting a huge loan for business may be the best alternative.

Although, there are loan apps found on play store and ios store, which most of them are never enough. With NYSC loan, you can get up to N3,000,000 as an individual. Groups get up to N10, 000, 000.Nysc loans

 

Table of Contents

How Does NYSC Loan Work

Before going further, let us take a quick stroll on how this came on board. The story began in 2016 when the government saw the need to tap into the creativeness of the Nigerian youths and help them achieve their greatness. The program is called Youth Innovation Entrepreneurship Development Program (YIEDP)

A smart choice I will say, a country that invests in the youths will result in the general growth of the economy. A business set up in any community means more youths will be taken off the street.

Look at the case of the Chinese government, I am always jealous of how they always put their youth as the frontier of investment. In technology, they are arguably the best out there. It is about time African countries start emulating them.

Youth Entrepreneurship Development Program (YEDP) is targeted towards the NYSC Corps Members who are currently serving and ex corpers of not more than 5 years since they passed out.

As I said earlier, one person can access loan up to N3,000,000 while a group of 3-5 people can get up to 10,000,000 but there are other conditions I am yet to put through to you.
You will need to provide your original school certificates, NYSC Certificate, collaterals and third-party guarantees. The interest is 9% in each year and payable in 7 years.

Having just a certificate is not enough, beneficiaries must be within the age bracket of 18 to 35 years and must have a detailed business proposal. Don’t think they will just roll to you easily, you are going to be interviewed!

It is not my intention to scare you but to prepare your mind for what to come.

Craftsperson can also apply too but they will need to provide their first school leaving certificate or certificate from NBTE.

Some Businesses You Can DoNysc loan

There are more than a thousand business you can start in Nigeria as an ex-corps member or serving corp member. Craftspersons already know what they want to do, there is no need making a choice for them.

You have probably have heard that onions and cows are cheap in kano, bringing them to abuja, port harcourt or lagos could bring much profit. We have seen people starting manufacturing industry, fish and snail farming, film and photography, automobile, creative industry, ICT, agro-allied and they are doing pretty well there. Fortunately, it is among qualified and supported businesses under the Youth Innovation Entrepreneurship Development Program (YIEDP).

If you have engaged yourself as a student while in school, you probably have a different idea, not bad but make sure you invest in a business you have knowledge about.

Not enough? Check my articles on proven ways you can make money online and other skills you can learn within a few months.

How To Apply For The NYSC Loans

Applying for nysc loans only take a few hours. In order to avoid having to go back to the bank again, make sure every document is in place, not photocopies but original documents.

Walk into any of heritage bank or sterling bank and ask them to provide you with details on how to take the NYSC Yiedp Loan.

Make sure you state the type of loan you want because they may think it is short term loan. On second thought, I will advise you to stick with heritage bank, they are the forerunner among the financial institutions with the directives to give loans to deserving serving corps members and ex-member of the program.

At the time of writing this article, the old link for the NYSC online application, http://www.yiedp-hbng.com/, is currently not working. I believe things will be sorted out soon. In the absence of that, walk into any of the participating banks with the documents and the customer care agents will advise you accordingly.

For further inquiries about the arrangement, Central Bank Of Nigeria will be available to provide you with any information you might need.

Phone: +234 700 225 5226
Email: contactcbn@cbn.gov.ng
Website: www.cbn.gov.ng

Conclusion

Recession is hitting hard on the country every day, businesses are being shut down due to inability to cope with the high cost of raw materials and other miscellaneous costs. This initiative will definitely go a long way in sustaining economic development.

Good news for ex corps members also, they no longer need to commit themselves to the street, looking for jobs. With the information provided on this post, they should be able to get loans to start up to large scale business.

With this arrangement, there is no reason why you can’t be a catalyst for a change.


About the Author: Ayobami Ola

Hi there! My name is Ayobami and I am a writer. I provide quality reviews and more simplified information about products and services. I am your number one stop source for all you missed.

You May Also Like

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.