How to Apply for NYSC Business Loan (2023)

October 28, 2023

How to Apply for NYSC Loan in Nigeria: Step-by-Step Guide

The NYSC Loan

Are you a Member of the National Youth Service Corps (NYSC) or an ex Corper looking for a government loan to start up a business? If your answer is ‘yes’, then carefully read this piece as we walk you through the step-by-step guide to applying for NYSC loan in Nigeria.

In this post, we will show you how to access the NYSC business loan in Nigeria, either as a corps member or ex Corps member. Before we proceed, you may like to also check NYSC Trust Fund Registration Portal for both ex and serving Corpers.

Eligibility for NYSC Loan

NYSC can be your lucky ticket to get a loan from the federal government, through the Central Bank of Nigeria and Heritage Bank, in partnership with Youth Innovative Entrepreneurship Development Programme (YIEDP).

One of the reasons CBN gives loans to graduates is to help them start a business, become self employed, and to enable them create employment opportunities for other people around them.

According to YIEDP, a youth can apply for a CBN business loan of up to N3 million, and a group of 3 – 5 persons can apply for a loan of up to N10 million. You may like to check the list of federal government free interest loans that are also open to NYSC members.

Business Sectors Eligible for NYSC Loan

For you to qualify for the loan, you must have a business or business ideas related in any of the following fields:

Agro-allied,
Technology (ICT),
Automobile,
Power & Energy,
Film and Photography,
Construction Support,
Education and Financing,
Food Processing,
Information and Communication Technology (ICT),
Manufacturing,
Cottage Industry,
Others.

Instructions

Nigerian youths who have served or are serving in NYSC can apply for the loan via online. If you are eligible to get this loan, then you need to adhere to the following Instructions:

All eligible applicants can apply for the programme through the official portal.
To apply for this online loan in Nigeria, use your NYSC State Code.
All applicants can make an individual loan request or as a group of 3-5 people
A single applicant can access up to N3 million while a group of applicants can access up to N10 million.
Applicants can submit only one business idea at a time.
All applicants can track their application process through the same portal.

Collateral for Obtaining the Loan

According to the request of the Heritage Bank NYSC loan scheme, all applicants must provide the following list of documents:

Tertiary Institution Certificate,
NYSC discharge certificate or pledge your discharge certificate if you are still serving,
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.