Indeed this is good news to all Corp members out there. If you’re serving Nigeria as one of the 350,000 National Youth Service Corps members in any state, you could get an NYSC Loan. The NYSC Loan assists corps members registered under the Skills Acquisition and Entrepreneurship Development (SAED) to start up small businesses that can generate income and also create employment opportunities around them.
Who can apply for the NYSC loan scheme?
Serving Youth Corps Members;
Non-NYSC (no more than five years post-NYSC);
Artisans of Nigerian Descent.
The loan is provided in collaboration with the Bank of Industry, the Central Bank of Nigeria, and Small and Medium Enterprises Development Agency of Nigeria. The loan will be interest-free and the NYSC discharge certificates of interested corps members, who apply for the loans, will be used as the collateral. The discharge certificates will be subsequently returned to them after repayment of the loan, which has no time-bound.
– Film and Photography;
– Education and Financing;
– Power and Energy;
– Construction Support;
– Information Technology;
– Communication Technology;
Requirements for NYSC loans
- NYSC ID Card
- Valid ATM Card (must be valid throughout service year)
- Attestation Form from SAED (if you desire a Biz-Starter Package)
- Clearly written and signed Letter of Undertaking by Corps Member showing signature and date
- Clear passport photograph (Face and shoulders only)
- A clear photograph of yourself in Full NYSC Regalia
- PPA Posting letter
How to Apply
– Eligible youth can apply for the loan through this portal http://www.yiedp-hbng.com/ using his/her NYSC State Code.
– All applicants can make an individual NYSC loan request or as a group of 3-5 people;
– A single applicant can apply for a loan up to N3 million; – A group application can be up to N10 million;
– All applicants can track their application process through the same portal;
– The Heritage Bank NYSC loan also implements security measures against any kind of fraud.
You may want to check the Official Cut-off Marks For All Institutions 2020/2021 before you proceed.
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