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 :

Advertisements

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?

Advertisements
  • 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

1 COMMENT

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.