How to apply for NYSC Foundation loan and get approved with ease
Here is a post which is going to give you the best guideline on how to apply for the NYSC Foundation loan and get approved with ease. Are you a young Nigerian youth, currently serving or recently finished your youth service and looking for a loan to startup a business, then you might need to try out the NYSC Foundation loan.
If you are a serving youth corper in Nigeria today, you are sure to have noticed the emphasis placed by the scheme of skill acquisition. This is because there are few job opportunities in Nigeria today, so if you want to be financially stable after your service year, you might need to be an entrepreneur.
Getting to do your SAED is just one thing, but getting the funds to setup a profitable business is another. For instance, if you know how to build shoes, and don’t have the money to setup a standard business, that skill might be as good as useless. The reality is, as a graduate you won’t want to start at the same level as those who didn’t pass through tertiary education.
The NYSC scheme has discovered this necessity, and have decided to setup a program called the NYSC Foundation loan. This program is to enable corps members get access to the much needed cash to startup their career. The good thing about this loan scheme is that you are not going to pay high interest.
What are the requirements for the NYSC Foundation loan?
The Youth Innovative Entrepreneurship Development Programme (YIEDP), is an innovative project provided by the Heritage Bank NYSC. It has a goal to provide young Nigerians with quick and affordable loans if they have business ideas.
This loan is obviously not for everyone, and there are some set requirements you need to meet before you can apply for this loan. Check them out below;
- Young Nigerians from 18 to 35 years old and in the following categories:
- Serving Youth Corps Members;
- Non-NYSC (no more than five years post NYSC);
- Artisans of Nigerian Descent.
- One person can only get a quick loan in Nigeria for up to N3 million.
- 3-5 qualified beneficiaries can expect to get a loan up to N10 million.
What kind of business ideas can I write to get the NYSC Foundation Loan
Just as we said earlier, we are set to give you the details on how to get the NYSC Foundation loan with ease. This is why we are going to give you the top business ideas which get approved with ease, so you don’t end up wasting your time drafting something that might not be approved.
According to the Youth Innovative Entrepreneurship Development Programme (YIEDP) official data, you can expect to get the online loan from the Heritage Bank if you want to start your project in the following business sectors;
- Film and Photography
- Education and Financing
- Power and Energy
- Construction Support
- Information Technology
- Communication Technology
- Cottage Industry
- Arts and Crafts
- Food Processing
NYSC Loan Scheme Important Information
For all those who want to apply for the NYSC Foundation loan scheme, you can register and ask for a loan from the Heritage Bank! It is important for you to know that the application and registration process is free of charge. So anybody asking you to pay a dime is simply fradulent
Applicants can only submit one business idea at a time. If your business idea is out of the stream do not worry! You will be able to submit your business idea in the next stream.
You don`t need to be registered with the Corporate Affairs Commission to apply for the NYSC Foundation Loan.
Step by step guide on how to apply for the NYSC Foundation Loan Scheme
Follow the step by step guide below to have a smooth process.
All eligible persons can apply for the NYSC Foundation Loan through the official portal. You are going to use your NYSC State Code to apply for this loan.
Applicants can track their application process through the portal after application
According to the request of the Heritage Bank NYSC Foundation loan scheme, all applicants must provide the following documents;
- Tertiary Institution Certificate
- NYSC discharge certificate
- 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.
Do not forget that the portal will be opened for the limited time period. Goodluck