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NYIF Loan Discussion Thread - Business (111) - Nairaland

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Nyif Loan / NYIF Loan Application Portal: How To Apply, Verify Your Email / If Given The FG NYIF Loan Of -N-5M, What Would You Do With It? (2) (3) (4)

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Re: NYIF Loan Discussion Thread by Dickson25(m): 12:43pm On May 19, 2022
We need to drag this people on social media...
Re: NYIF Loan Discussion Thread by Idrismusty97(m): 12:45pm On May 19, 2022
Dickson25:
We need to drag this people on social media...
Asin serious dragging, they will regret ever lobbying to be among the disbursers.
Re: NYIF Loan Discussion Thread by PastorFire: 1:30pm On May 19, 2022
Idrismusty97:
Was recently Shortlisted with Baobab, but the stress to start pursuing it will make me abandon everything. I just filled the online form but can't go to their branch yet.
The earlier the better.
Re: NYIF Loan Discussion Thread by PastorFire: 1:32pm On May 19, 2022
Beansman:
visit their branch with utility bill , national ID card and white background passport. I did last Friday and yesterday evening I received a text to come today for disbursements.
Have u receive your account number?
And please give us update with d process because their branch is far from my state. I will have to make proper planning financially before I can embark on d journey. Thanks
Baobab process seems similar to Lapo. You might not be issued the account number. The only thing you might see is Alert.
Re: NYIF Loan Discussion Thread by W3xy1(m): 1:32pm On May 19, 2022
Idrismusty97:
Received this message too, it seems those who visit the branch were responded to faster and have already been called for disbursement. Ours will take longer but i don't really care as long as i receive it.
I went to their branch last week and they are yet to call me for disbursement
Re: NYIF Loan Discussion Thread by PastorFire: 1:33pm On May 19, 2022
smartkester:
just Curious, I’m wondering why one needs to appear physically for disbursement after opening account with them physically. But why can’t they just credit your account without you having to come again to their branch or what do you think?
They will credit your account. But USSD code might not work. Maybe a blank cheque paid into your conventional account.
Re: NYIF Loan Discussion Thread by PastorFire: 1:34pm On May 19, 2022
Riverrun:


Maybe the want you to sign one useless agreement as if you are collecting loan from them. The money is yours from federal government (Nyif) not theirs.
We have said it here and here again, DONT SIGN ANY AGREEMENT.

4 Likes

Re: NYIF Loan Discussion Thread by Idrismusty97(m): 1:53pm On May 19, 2022
PastorFire:
The earlier the better.
True sha. But since they already sent both a mail and text that they have received my response is it still advisable to go?
Re: NYIF Loan Discussion Thread by PastorFire: 1:57pm On May 19, 2022
kokolinxum:
Wow!!!! Is very offending to know that this NYIF loan is not forth coming
I have waited for it till I'm fade up..
Please guys you people should try and give us latest updated while I'm still waiting for my luck to shine
.
But meanwhile I have a legit platform that launch on 15th of this month and it's paying 20k every 2 days
.
Registration fee is 3,500 only
If you're interested message on WhatsApp 0...8...1...4...7...4...2..7...8..6....0
.
I will take you through
Use your NYIF money and play it alone.

5 Likes

Re: NYIF Loan Discussion Thread by Idrismusty97(m): 2:41pm On May 19, 2022
W3xy1:
I went to their branch last week and they are yet to call me for disbursement
Someone went Friday last week and they have already called him. Even going self isn't certain na wa o.
Re: NYIF Loan Discussion Thread by funkyshade(f): 3:07pm On May 19, 2022
Baobab visit was productive. Loan approved but was a little disappointed with the amount allocated.
Re: NYIF Loan Discussion Thread by Idrismusty97(m): 3:15pm On May 19, 2022
funkyshade:
Baobab visit was productive. Loan approved but was a little disappointed with the amount allocated.
How much was allocated and did you signed any agreement?
Re: NYIF Loan Discussion Thread by W3xy1(m): 3:26pm On May 19, 2022
I received two messages today. No call yet for disbursement

Re: NYIF Loan Discussion Thread by Idrismusty97(m): 3:32pm On May 19, 2022
W3xy1:
I received two messages today. No call yet for disbursement
At least you received a USSD message. Perhaps because you went to their branch. Many of us just received the first.

1 Like

Re: NYIF Loan Discussion Thread by funkyshade(f): 3:59pm On May 19, 2022
Idrismusty97:
How much was allocated and did you signed any agreement?

Yes an agreement was signed & 250k was allocated
Re: NYIF Loan Discussion Thread by Idrismusty97(m): 4:13pm On May 19, 2022
funkyshade:


Yes an agreement was signed & 250k was allocated
Hmmm this is probably because you registered as an individual business with no CAC or Tin whatever. So it's 250k they want many people to risk their life for traveling to their branches? Besides that agreement thing i am not sure LAPO or NPFMFB did it. Thanks for your feedback.

Cc: PastorFire this Baobab peeps make people sign an agreement on top government money, what's your say on it?
Re: NYIF Loan Discussion Thread by Crazeworld(m): 4:21pm On May 19, 2022
funkyshade:
Baobab visit was productive. Loan approved but was a little disappointed with the amount allocated.
I like your name, Shade.
Re: NYIF Loan Discussion Thread by Riverrun: 5:24pm On May 19, 2022
funkyshade:


Yes an agreement was signed & 250k was allocated

So where you paid through cheque or bank account?
Re: NYIF Loan Discussion Thread by Dickson25(m): 6:00pm On May 19, 2022
Which useless agreement... This people are not serious at all. Please let take this complain to your FB page

1 Like

Re: NYIF Loan Discussion Thread by funkyshade(f): 6:34pm On May 19, 2022
5% @ 60 months (5 years).
Re: NYIF Loan Discussion Thread by Idrismusty97(m): 6:44pm On May 19, 2022
funkyshade:
5% @ 60 months (5 years).
5% of 250k is about 13k. Does this mean you are paying back 250+13k in 5 years time or how is it calculated? If it's as simple as that it's a bit fair especially for those with higher loan approved.
Re: NYIF Loan Discussion Thread by funkyshade(f): 7:01pm On May 19, 2022
Idrismusty97:
5% of 250k is about 13k. Does this mean you are paying back 250+13k in 5 years time or how is it calculated? If it's as simple as that it's a bit fair especially for those with higher loan approved.

Nope:
Approved loan: N250k
Interest Rate: 5% per annum
Repayment frequency: monthly principal & interest
Tenor: 60 months
Moratorium: 12 months on both principal & interest.

You gerrit now?
Re: NYIF Loan Discussion Thread by Idrismusty97(m): 7:10pm On May 19, 2022
funkyshade:


Nope:
Approved loan: N250k
Interest Rate: 5% per annum
Repayment frequency: monthly principal & interest
Tenor: 60 months
Moratorium: 12 months on both principal & interest.

You gerrit now?
Sorry still don't get it . Does the interest accumulate yearly at 5%? And then on expiration of the 60 months you pay back all with accumulated interests?
Re: NYIF Loan Discussion Thread by funkyshade(f): 7:24pm On May 19, 2022
From my observation, going to the bank may just be necessary.

1 Like

Re: NYIF Loan Discussion Thread by funkyshade(f): 7:36pm On May 19, 2022
Idrismusty97:
Sorry still don't get it . Does the interest accumulate yearly at 5%? And then on expiration of the 60 months you pay back all with accumulated interests?

It's basic maths sir,

Where: A = P(1 + rt)

P= 250,000
R= 5%
t= 5years


A = N312,500.00

Interest = A - P = N62,500.00

Equation:
A = P(1 + rt)

So the N312,500 will be spread across the 5years according to ur payment plan.
Re: NYIF Loan Discussion Thread by funkyshade(f): 7:41pm On May 19, 2022
funkyshade:


It's basic maths sir,

Where: A = P(1 + rt)

P= 250,000
R= 5%
t= 5years


A = N312,500.00

Interest = A - P = N62,500.00

Equation:
A = P(1 + rt)

So the N312,500 will be spread across the 5years according to ur payment plan.


In this case, I will be paying 5,300 approximately monthly (that's against 60months)

Hope you gerrit now?

1 Like

Re: NYIF Loan Discussion Thread by dhope: 7:43pm On May 19, 2022
kokolinxum:
Wow!!!! Is very offending to know that this NYIF loan is not forth coming
I have waited for it till I'm fade up..
Please guys you people should try and give us latest updated while I'm still waiting for my luck to shine
.
But meanwhile I have a legit platform that launch on 15th of this month and it's paying 20k every 2 days
.
Registration fee is 3,500 only
If you're interested message on WhatsApp 0...8...1...4...7...4...2..7...8..6....0
.
I will take you through
With this legit platform you don't need any loan bro. Just dey enjoy ur package alone as ure already a big boy smiling up-and-down

4 Likes

Re: NYIF Loan Discussion Thread by bulespephilo(m): 7:45pm On May 19, 2022
funkyshade:


Nope:
Approved loan: N250k
Interest Rate: 5% per annum
Repayment frequency: monthly principal & interest
Tenor: 60 months
Moratorium: 12 months on both principal & interest.

You gerrit now?
Yeah.
This is how it's supposed to be. That was the initial terms and conditions.
One paying back in a year will pay back just 5% but one paying back in 2 years will pay 10% and so on...
Re: NYIF Loan Discussion Thread by funkyshade(f): 7:47pm On May 19, 2022
dhope:

With this legit platform you don't need any loan bro. Just dey enjoy ur package alone as ure already a big boy smiling up-and-down

1 Like

Re: NYIF Loan Discussion Thread by Idrismusty97(m): 7:54pm On May 19, 2022
funkyshade:


It's basic maths sir,

Where: A = P(1 + rt)

P= 250,000
R= 5%
t= 5years


A = N312,500.00

Interest = A - P = N62,500.00

Equation:
A = P(1 + rt)

So the N312,500 will be spread across the 5years according to ur payment plan.

Ok i get it now, thanks.
Re: NYIF Loan Discussion Thread by dhope: 7:59pm On May 19, 2022
funkyshade:


In this case, I will be paying 5,300 approximately monthly (that's against 60months)

Hope you gerrit now?
This should be compound interest. Don't even know how much to pay back when I collected it last year.

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