NYIF N5Billion Update: How To Calculate Loan Repayment ( 250,000 Plus)

NYIF/NPF N5Billion Update: How To Calculate Your Loan Repayment (10,000 Beneficiaries)

The NYIF through the NPF Microfinance Bank is massively disbursing over N5Billlion to trained beneficiaries, this amount will cover 10,000 applicants who were shortlisted and trained last

Trained beneficiaries are been credited with amounts up to 750,000, other will get more than that, depending on the amount they gave during training. The majority of the beneficiaries will get N250,000

Trained beneficiaries are been credited with an amount up to 750,000, others will get more than that, depending on the amount they gave during training

The beneficiaries are informed about the loan amount approved based on NYIF initial application, the beneficiary accepts the offer, money is disbursed to the beneficiary’s bank account by the partner bank (in this case the Federal Ministry of Youths & Sports NYIF partner bank – NPF Microfinance Bank) for immediate access.

The NYIF Money is a loan – For a maximum of 5 years (60 months), a Moratorium (a temporary period when repayment is not active) up to 1 year (12 months), and interest not more than 5% (repayment in installments).

You have a 12month (1 year) moratorium, which is a year through which no repayment on loan and interest. You would now be paying the money based on the periods you filled inside your offer letter. e.g it could be 3years or 2 years.

For instance, you were credited with N250, 000 to do business for a year. After a year you start paying 5% on the loan on monthly basis. This is a great offer for any start-up

How do will fill the monthly repayment. How much do will fill there for approval of 250k

When you calculate the 5% of 250,000 =12500

Now add the 5% interest to the 250k

=#262,000(for a year)

If you are going to repay the loan for a year….that means you are expected to be paid back

#262,500÷12months interest

=#21,875

If the loan repayment is for a duration of 2 years, that means

#262,500 x 5% x 1(2nd yr) ÷ 100

= # 275,625

Now divide #275,625 by 24(months)

=#11,484.38kobo-that is what you will be expected to repay starting from the first month