NYIF Loan: 4 Hidden Terms and Conditions That will shock You

NYIF Loan: 4 Hidden Terms and Conditions That will shock You

NYIF Loan: 4 Hidden Terms and Conditions That will shock You: The Nigeria Youth Investment Fund targets to reach 500,000 Nigerian Youths, both home and abroad. It has some basic facts applicants are yet to know

GLOBAL LIMIT: N12.5 billion

FACILITY TYPE: Term Loan

SINGLE OBLIGOR LIMIT:

• Individual /
• Non registered Business: Up to #250.000.00
• Registered Businesses (Business Name, Limited liability/ Corporative Societies / Commodities Associations): Up to N3,000.000.00.

LOAN TENOR: Maximum of 5 years

MORATORIUM: Maximum of 12 months

Loan Repayment Plan :

Repayment will be on an installment basis in line with businesses and NMFB evaluation.

How to Access new N75 billion

How to Qualify?

• It is meant to cater to the investment needs of those 18-35.
• An individual and group can apply for the loan.

Who funds it?

• Ministry of Finance, Budget, and National Planning (MFBNP)
• Central Bank of Nigeria (CBN) will provide the financing to kick-start the Nigeria Youth Investment Fund (NYIF).

Disbursement

It would be disbursed through various channels like;

• Micro Credit Organizations across the country under the Central Bank of Nigeria supported:
•  Bank of Industry
• Fintech Organizations and
• Venture Capital Organizations registered with the CBN.

How to access loan

• Must be a citizen of Nigeria
• Present recognized means of identification and guarantors.
• Potential beneficiaries are expected to have a fundable business idea.
• Registered business

NYIF REGISTRATION