NYSC Loan with your Certificate – Do you know your NYSC certificate can be used as collateral to access a loan from the Bank of Industry (BOI) to start up a small business in Nigeria? Read this post to the end as we show you how to get a loan from BOI using your Certificate of National Service (CNS) as collateral.
Kindly note that the Certificate of National Service is the same as the NYSC Certificate. Now, let’s take you to how you can easily access a loan from the Central Bank of Nigeria, through the Bank of Industry, by staking or pledging your NYSC Certificate.
Many graduates are without a job due to the high rate of unemployment in Nigeria, now worsened by a cash pandemic by the CBN’s Naira colouring policy.
A lot of graduates have applied for several jobs both online and offline, but have not recorded any success.
Read – BOI loan Application
So, instead of wasting your time in search of jobs, you can consider venturing into a profitable business.
The problem is not funding, as you can take a loan using your NYSC Certificate as collateral.
With the NYSC certificate, there are many loan opportunities you can access, such as NYSC business loan, federal govt free-interest loans, Nexit loans, etc.
Whenever it comes to getting a loan in Nigeria, your NYSC Certificate can be your lucky ticket.
All you need to get started is to be a serving corps member or have your NYSC Certificate, and a good business idea. If you are still serving as a Corps member, you can pledge your NYSC Certificate.
Read – NMFB OBL Loan Link Portal
So, this post focuses on how to get a business loan by using your NYSC Certificate as collateral.
The main objective of the Bank Of Industry is to provide financial assistance to businesses and to help modernize and rehabilitate existing enterprises. So you don’t need to worry about funds if you have a good business idea.
Loan requirements
1) Register a company: Bank of the industry does not give loans to individuals, but to businesses, so you must have a registered business name.
To register a business is very simple, just choose a name and go to any Corporate Affairs Office (CAC). With a token you will pay, your business will be registered in a few weeks.
2) Business plan: You must submit a good business plan. It is very important. If your business idea is ‘soap production’, you can Google the term “business plan for soap production” to get an idea on how to prepare a good business plan.
3) NYSC Certificate: You must present your NYSC certificate as collateral. Your Certificate will be returned to you whenever you pay back the loan.
4) You must be between the age of 18 and 35 years.
Read – Self Employed Loan in Nigeria – How to Apply
Eligible business sectors
Not every kind of business the loan is given, there are areas of interest. Your business must not be outside the following field;
- Agro Allied
- Manufacturing industry
- Information and technology
- Craft and Art.
- Film and photography
- Education
- food processing
- Automobile
- Power and energy
- Others.
Important Notes:
- Bank of industry does not give 100% cash need for your business. For example; if you need N1 million for the business, you may only get N900,000 loan.
- Your NYSC Certificate and Degree or HND may be required as collateral for the loan. You get back your certificates whenever you back the money.
- Serving Corps members who don’t have CNS yet, can pledge their NYSC Certificate.
- Repayment may be extended to up to 6 years.
- The loan is low interest but the business will be monitored.
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