Today, we will be showing you how CBN TIES Graduates Loan Works and how you can successfully apply for the Central Bank of Nigeria (CBN) ties loan online.
The Tertiary Institutions Entrepreneurship Scheme (TIES), which gives graduates a platform to obtain loans, was launched by the Central Bank of Nigeria (CBN).
The fundamental goal of TIES is to give Nigerian university and polytechnic graduates who have creative business and technological concepts access to financing.
TIES wants to steer graduates away from seeking white-collar jobs and toward cultivating an entrepreneurial culture for economic growth and employment creation.
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Who Can Apply for a TIES Loan?
Only people with a polytechnic or university degree from Nigeria will be taken into consideration. Additionally, innovative entrepreneurial activities with great for export, job generation, and transformative impact will be given priority.
Your eligibility will be confirmed by the documents on the list below.
- You need to have a first-degree certificate such as BSc, HND, or an equivalent qualification
- You need to have NYSC discharge certificate or exemption letter
- Not more than seven years after completing NYSC, and a certificate of participation from polytechnics or universities attesting to entrepreneurship training
How to Apply for CBN TIES Graduates Loan
Graduates from universities and polytechnics in Nigeria are eligible to take part in TIES’s Term Loan Component.
Two tires for both people and businesses make up the Term Loan Component.
Projects in Tier 1: Individual
With a 5-year repayment period, the maximum loan amount in this category is N5.0 million. The loan’s interest rate is currently 5% per year, but on March 1, 2022, it will rise to 9%. A maximum 12-month principal and interest moratorium is also included with the loan.
Required Documentation and Collateral
The applicant must submit forms in certified true copies (CTC) and be a commercial entity registered with the Corporate Affairs Commission (CAC);
A Certificate of Participation from a polytechnic or university attesting to entrepreneurship training, a Bank Verification Number (BVN), a First-degree certificate (BSc/HND or it’s equivalent), and a certificate from the National Youth Service (NYSC) attesting to discharge from or exemption from service.
Collateral Conditions
A properly completed Global Standing Instruction (GSI); a third-party assurance from a senior federal or state civil or public worker (level 10 or higher, and not less than five years from retirement); a well-known member of the clergy; or an established traditional ruler
Partnership and company projects make up Tier 2.
The interest rate on the loan is currently 5% annually, but it will increase to 9% on March 1, 2022. A maximum 12-month principal and interest moratorium is also included with the loan.
Required Documentation and Collateral
The partnership or company must submit certified true copies (CTC) of the necessary forms to the Corporate Affairs Commission (CAC) to register as a business.
Each partner or firm member shall additionally submit:
- The number for Bank Verification (BVN)
- Bachelor’s degree (BSc/HND or its equivalent)
- NYSC Discharge certificate or exemption letter
- Polytechnics and universities may give certificates of participation attesting to entrepreneurial education.
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Collateral Conditions Requirements
An official Global Standing Instruction (GSI) that has been signed by a member of the partnership or firm, as well as a third-party assurance from a senior federal or state civil or public servant (not below level 10 and not due to retire for more than five years). The following areas will get grants:
Science and technology: waste management, renewable energy, robots, ticketing and traffic systems, and any other activity that the CBN may from time to time deem appropriate.
Note that, depending on the project’s complexity, the Scheme will initially be run for 10 years, concluding no later than December 31, 2031.
For more information, please visit www.cbnties.com.ng
