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Federal Government Loan Scheme For Youth

Are you wondering about any Federal Government Loan Scheme For Youth? Well,there is something more than loan. It is the Presidential Youth Empowerment Scheme, simply known as P-YES. There is also a loan by the Federal government for the youths. It is called the Youth Empowerment Development Programme (YEDP).

In this post you will learn everything about these Federal Government empowerment and loan scheme.

Federal Government Loan Scheme For Youth

Requirements

Moving further to the recruitments for the P-YES program, you should know that this program is open for both graduates and non-graduates to apply. Applicants from either categories must meet the following requirements:

  1. You must be a Nigerians by birth who is between the ages of 18 to 40.
  1. Applicants must provide valid means of identification. This could be National ID card, Voters Card, International passport or Drivers License.
  2. Applicants must provide a Second Level Beneficiary (SLB), which more or less means your next of kin.
  3. Applicants must be able to speak the Basic English language or any local Nigerian language (Igbo, Hausa, Yoruba etc.
  4. Applicants must be of good character and proved by your referee.
  5. Applicants must be mentally stable in order to cope with studies.
  6. Every applicant is required to have a guarantor who should with be a religious leader or your community leader.
  7. Applicants must be able to teach in their communities whatever they have been trained on.
  8. Applicants should also make sure they get their guarantors form filled. Click here to download the guarantor form (pdf) 

Here also are the requirements for the Youth Empowerment Development Programme:

  1. Applicants should be between the ages of 18 and 34 years.
  2. Applicants must be a NYSC member or non-NYSC member, but not more than 5 years post-NYSC. 
  3. Applicants must possess a verifiable tertiary institution certificate.
  4. Applicant who is an artisans must possess School Leaving Certificate or Technical Certificate or approved Proficiency Certificate from NBTE.

Only the following areas would be considered for the YEDP loan

  1. Agricultural Value Chain such as fish farming, poultry, snail farming and so on.
  2. Cottage Industry.
  3. Mining and Solid minerals industry.
  4. Creative Industry such as Tourism, Arts and Crafts.
  5. The area of Information and Communications Technology (ICT).

How to apply

The application process of P-YES is done online and offline. You can apply online thus:

  1. Enter the P-YES recruitment portal via https://p-yes.gov.ng/application. Create your account
  2. Put in your desired username and password. You will always login to your profile with these details. So must be careful and sure of what you choose.
  3. Following the above step is to connect your account to your social media account, either Facebook or Twitter to P-YES.
  4. Now choose your State of residence and the of residence and the local government area it is located in.
  5. Finally, upload the necessary documents and take your printouts.

NOTE: The application for the P-YES 2019 is no more going on. So application portal may not open until recruitment opens again.

How to Apply for YEDP loan

The Youth Empowerment Development Programme loan is a loan by the Central Bank of Nigeria, but it is disbursed through the various commercial banks. Qualified individuals can borrow up to N3 million and a group of 3-5 qualified individuals working as a group can get up to N10 million.

However, to apply for this loan, visit any commercial bank closest to you and obtain the YEDP loan application form. Fill it with the required information and submit alongside the documents stated above.

If you are eligible for the loan, the CBN will offer you the loan through the bank which you applied.

Interest Rate

The P-YES is an empowerment program from the Federal Government of Nigeria and therefore it does not attract interest rate.

On the other note, the interest rate for the YEDP loan 2%.


Other Popular Banks That Gives Loans In Nigeria:


Repayment

P-YES is an empowerment program for youths to develop certain skills in area like agriculture, fashion, ICT and mobile money etc.

It is not however a loan and do not have a repayment schedule. It is an empowerment program.

The Youth Empowerment Development Programme, YEDP repayments is designed such that at the end of every month, the monthly principal and interest will be remitted to the CBN by the lending bank.

The maximum tenor for the YEDP loan is 36 months.

Pros & Cons

ProsCons
  • Flexible repayment options
  • Maximum tenor of 36months
  • Affordable interest rate.
  • YEDP loan is not for every industry.
  • You also need to provide a collateral or a guarantor.

Mobile App

N/A

Customer Care

Maybe you have any complain about any commercial with regards to this loan, you can reach the CBN on  +234 700 225 5226

You can also write them mail at contactcbn@cbn.gov.ng

Official Websitewww.p-yes.gov.ng / www.cbn.gov.ng
Contact Number +234 700 225 5226 (CBN)

Branches & Head Office

The YEDP loan is applied through various commercial banks.


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