The Central Bank of Nigeria has over the years brought several loans for different categories, businesses and activities, personal loans inclusive. Recently the Central Bank of Nigeria (CBN) introduced new loans for university and polytechnic graduates who are willing to set up businesses.
This loan is focused on building entrepreneurs and encouraging entrepreneurial activities. With this move the Bank can aid in reducing unemployment and growing the Nigerian economy. It is no lie that most youths and graduates are unemployed and there are simply no more jobs available. But with entrepreneurship, this would be a whole new ballgame altogether. The CBN said the loan will be set under its Tertiary Institution Entrepreneurship Scheme (TIES).
What Businesses are Eligible for the CBN loan for graduates?
As earlier mentioned, this CBN loan for graduates is designed for entrepreneurial businesses and to that effect, the loan is limited to:
- Agribusiness – processing, production, storage and logistics.
- Information and Technology – data management, application / software development etc.
- Creative Industry – artwork, fashion, photography, beauty / cosmetics, event management etc.
- Science and Technology – robotics, medical innovations etc.
If you happen to be interested in the above fields, then you can start preparing to apply for the CBN TIES loan for graduates.
Terms and Conditions of the CBN loan for graduates
Amount: The CBN loan for graduates’ ranges from N5 Million for Sole proprietorship, small businesses, and small company projects and gets up to N25 Million for partnership and huge company projects.
Pricing: The CBN loan for graduates comes with an interest rate of 5 % per annum from now till February 2022, and from March 2022, the interest rate increases to 9 % per annum.
Tenor: The loan is payable up to five years. Although businesses are to begin payment after the first 12 months of receiving the loan.
Note that to qualify for the loan, you must be a recent graduate from any of the Nigerian universities or polytechnics.
What Information / documents are required to apply for the CBN loan for graduates?
To apply for the loan, the following are required:
- First degree certificate.
- NYSC discharge certificate or exemption certificate.
- A registered mobile number linked to your NIN.
- Means of Identification (NIN).
- Email address.
- Evidence of business registration (CAC documents)
- Corporate business bank account number.
How to Apply for the CBN loan for graduates
Get all the required documents.
Run down to the online portal – cbnties.com.ng to apply.
Provide the necessary information.
Receive your requested loan.
The bank has made it known to the general public that these loans are available for grabs by Nigerian graduates. They also urge female entrepreneurs to take up this opportunity and grab as much as 50% of the offers given.
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