NYIF Gives New Guidelines After Receiving Over 3 million Applications
The Nigeria Youth Investment Fund (NYIF) is not a grant, its an intervention but a loan. As of today, there are over three million applications for this program. Since everyone cant be trained, there are new changes in the application process.
Filling of application form and of course business development plans, which tells us more about your intended business or available business. This form will come as a questionnaire to guide against copy and paste. This questionnaire interrogates applicants and their businesses which will help us determine who is qualified for this intervention fund.
Next is an assessment to all the questions you have answered previously and then selection of beneficiaries into batches for training.
Note: The moment you are informed of getting the training after taking the assessment it means you close in getting the loan.
After training, all names will be sent to Nirsal Microfinance bank where all process will be concluded and disbursement will be made.
A guarantor with a bvn who can pay back the loan should you fail to pay.
The loan comes with a 12 month moratorium. That is ,if you are giving the loan, for the first 12 month you are not expected to pay. After the first year, you are expected to do a repayment in the next two years at an interest rate of just 5 percent.
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Have you applied? Visit > http://nyif.nmfb.com.ng/