NYIF 10,000 Youths :250k-3M Loan | 5% Interest At 12 Months Moratorium
When disbursed, the loan will be a single-digit APR of 5% and the repayment period is 12 months moratorium. By a moratorium, applicants will have a grace period to postpone repayment
Your Financing Tenor in Months is 36 Months and the Financing Moratorium in Months is 12 Months.
The financing limit is a minimum of N250,000 and the maximum is 3,000,000 for a tenure of 3 years with 12 months moratorium
What you see as a credit alert is not what you borrowed, 5% interest and administration fee have been taking upfront if, for example, you see N427, 500 what you are paying back is N450, 000.
The moratoriums are the grace period before deduction will begin and the repayment period is the number of installments.
Since it is 12 months, it means N450, 000 divided by 12 and that is what you will start paying monthly
Your account will be credited immediately after the training, but you have not gotten free money.
You are going to pay back with no one policing you. You have signed an agreement with NMF to take any money in your account should you do not payback.
It means the only condition for not paying back is if no money comes into your other accounts link with your BVN.
So, use the money well, it is a loan, not a grant. NIRSAL through CBN will take everything that passes through your account including your salary if you do not pay it back.
“With the successful completion of this pilot phase, NIRSAL has cleared names of another ten thousand (10,000) for training and subsequent loan approval and disbursement.
“Loans are in the range of two hundred and fifty thousand (N250,000) to three million naira(N3,000,000) for now”
Selection of 10,000 Beneficiaries Against 3,000,000 Application
Beneficiaries emerged out of the ongoing screening of over three million applicants for the loan.
“These names are available on the FMYSD website and NOYA website. Checks done include Age, BVN whether or not the individual has an existing government loan or has received covid 19 business payments
Once trained, potential beneficiaries are ready for disbursement