How to Check Your NYIF Application and Approval Status

Are you looking for guidelines on how to check your NYIF application and approval status? The NYIF loan program fosters entrepreneurship in Nigeria, grows small and medium-sized businesses, and creates jobs.

The loan from the NYIF is not a grant or a gift; rather, interest on it will be charged, and the Central Bank of Nigeria will set that rate.

This article will provide the steps required to check your NYIF application and loan status.

So, let’s begin.

What Is NYIF

The Nigeria Youth Investment Fund (NYIF) is a government-supported program that aims to give young people the resources, guidance, and assistance they need to launch their own enterprises.

To be eligible for the fund, your age range must be between the ages of 18 and 35, have a company idea that you intend to implement within six months of receiving funds and be able to demonstrate the viability of your venture. Maximum funding from the Nigerian Youth Investment Fund is NGN 5 million, or around $12,000.

The Nigerian Youth Investment Fund application procedures require you to provide details about yourself, including your age, bank account information (such as your BVN number), your company idea, and your plans for using a loan from the fund. Additionally, you will require copies of any necessary diplomas or certificates (e.g., university degrees).

Recommended: 5 Reasons Why You Need A Grant to Fund Your Business

Requirements To Qualify For NYIF

 The following requirements are considered to be eligible for a loan from the fund:

• Applicants must have Nigerian nationality.
• Applicants must be 18 years of age and above but not less than 35years.
• Applicants must provide valid evidence that you can repay the loan.
• Applicants must have a business concept or a running venture that may be enhanced or extended with the funding
• Applicants must not having a loan with any other bank or financial institution at the moment
• Additionally, you cannot be a public employee or an elected official.

How to Check your NYIF Application and Approval Status

The following actions should be taken by applicants who have finished their online entrepreneurship program satisfactorily to find out how their loan is progressing:

• Applicants should Visit the NYIF portal www.nyif.nmfb.com.ng
• Enter your login information in the NYIF dashboard (Username and Password).
• Then select Check Loan Status.

Your loan status whether it has been approved or is still pending will be displayed in a dialogue window.

FAQs

When was NYIF authorized?

Federal Executive Council authorized the Nigeria Youth Investment Fund (NYIF) in July 2020.

How much money can I borrow from NYIF?

The stated amount for unregistered individual firms is capped at N250,000, depending on the project’s scope and type of operation. For registered firms, the maximum loan amount, including work capital, is N3.0 million.

SEE ALSO: How to Check Your P-Yes Application Status Online www.p-yes.gov.ng

CONCLUSION

Since the Nigeria Youth Investment Fund (NYIF) was approved in 2020, many individuals have queries regarding the application process, the eligibility requirements, and what to anticipate.

You must fulfil a few requirements before applying for the loan to qualify for the Nigerian Youth Investment Fund, which we have mentioned in this article.

However, you can start the application process if you meet these requirements.