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 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).
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