Why NIRSAL/CBN may not approve your COVID-19 loan: Nigeria Youth Investment Fund (NYIF) loan application form is out. Many people have applied. However, not all will get their loan approved. Before your loan application will be approved you have to take notes of some things. In this article, you will learn everything it takes to get your NYIF loans that were not approved by NIRSAL/CBN. It is hard to take it when the COVID-19 loan application is not approved. Apply for the loan here
Nonetheless, after reading This page you will know exactly what is expected of you for the COVID-19 loan to be approved by NIRSAL/CBN. If you follow our guide about how to get NYIF loans to be approved by NIRSAL/CBNs
Several Nigerians appear to be in the dark over why their Nigeria Youth Investment Fund (NYIF) loans were not approved by NIRSAL/CBN. Some people are even beginning to think that the loans are only available to Nigerians with powerful “godfathers.”
To clear the air on such an assumption, the Federal Ministry of Youth and Sports Development disclosed the reasons some applicants’ loans might not be approved
- The applicant did not provide a valid or correct phone number for communications on further steps in the loan application.
- The applicant has an existing AGSMEIS or COVID-19 Loan.
- The applicant is over 35 years old, which puts them beyond the age bracket for youths.
- The applicant has a poor credit rating or currently has a non-performing loan.
- The applicant failed to provide a valid BVN.
- The applicant provided incomplete or incorrect BVN.
What you should know about NYIF ( COVID-19 loan)
NYIF, which is operated by the Ministry of Youth and Sports Development, has disbursed loans to 5,200 youth amounting to about N1.63 billion.
This was revealed in the latest update provided to the Ministry by the NIRSAL Micro Finance Bank (NMFB), which disburses the loans. The update also showed that it was prepared to disburse to another batch of 25,000 youth as soon as their loan applications were approved