Most Nigerian youths seems not to understand why their Nigeria Youth investment Fund (NYIF) loans were not approved. There are some reasons why this happened, and most times it might have been mistakes from your own end. The Federal Ministry of Youth and Sports Development stated why some applicants’ oans might not be approved.
Below are the reasons some applicants were not pre-qualified for loan disbursement:
1. Applicant did not provide valid or correct phone number for communications on further steps in the loan application.
2. Applicant has an existing AGSMEIS or COVID-19 Loan.
3.Applicant is over 35 years old, which puts them beyond the age bracket for youths.
4. Applicant has a poor credit rating or currently has a non-performing loan.
5. Applicant failed to provide a valid BVN.
6. Applicant provided incomplete or incorrect BVN.
A memo from the Ministry showed that some applications were turned down because the applicants did not provide valid information as listed above.The Ministry wishes to further remind beneficiaries and applicants that the monies disbursed by the Nigeria Youth Investment Fund (NYIF) to the youth are not grants, but repayable loans.
As the ongoing disbursement of loans is on, while applying make sure you input the correct details and double check for any mistakes.
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