Applicants must be indigenes of Bayelsa state and must have secured admission into any public tertiary institution in Nigeria. Note that applications from students in foreign universities and private universities within Nigeria will not be processed.

GENERAL TERMS AND CONDITIONS

These terms and conditions are applicable to all applicants. Applicants will ONLY be considered for the loan upon
acceptance of the following terms and conditions.

1. Informatioon provided by applicant must be correct and accurate
2. Application must be accompanied with two duly signed guarantor’s forms. One of the guarantors must be a
civil servant of not less than grade level 12; or a recognized Traditional Ruler or a Lawyer, or a medical Doctor,
or other recognized professions with at least 10 (ten) years post qualification experience or practice
3. Applicants and/or guarantors’ income must not be less than N500,000.00 (Five Hundred Thousand Naira)
only per annum
4. No guarantor shall guarantee more than 3 (three) applicants within six years except one or more of the
applicants have completed their studies and have commenced the loan repayment
5. Applicants must submit previous academic record if in year 2 and above
6. Undergraduate Applicants from 200 level and above must have a CGPA of not less than 2.5
7. Applications will be processed yearly for both old and new prospective beneficiaries. However, old
beneficiaries will only complete a loan renewal form.
8. Beneficiaries/guarantors must repay the loan fully within a year/academic session to qualify to apply for
subsequent loans. Loan repayment starts after a six months moratorium period. Notwithstanding,
applicants who do not have the means of repayment stated herein must start their loan repayment one (1)
year after youth service.
9. Applicants’ original certificate shall be in the custody of the Board pending the final repayment of the total
loan amount. However, beneficiaries can apply for their certificates where they are needed to be sighted by a
prospective employer and must be returned to the Board after such exercise.
10. Applicants from educationally disadvantaged local government areas may be given preferences.
11. The Board shall not be held accountable for an application that is not successful

Disqualification

Subject to the terms and conditions stated above, applicants shall be disqualified on the following grounds.
1. He/she is proven to have defaulted in any previous loan granted by the State, Federal Government or any
other organization
2. He/she has been found guilty of examination malpractice by any school authority
3. He/she has been indicted or adjudged to be involved in cultism or other anti-social vices in society
4. He/she has been convicted of felony or any offence involving dishonesty or fraud
5. He/she has been convicted of drug offenses or related crimes
6. He/she is proven to be insane

Defaulters/Penalty

1. The board shall take all legal means against defaulters and charge them before a court of competent
jurisdiction to recover any sum due as to the revolving loan
2. Notwithstanding the fact that the loan is interest free, anyone found guilty for defaulting shall pay 15 per
cent interest or Bank’s prevailing interest rate (whichever is higher) on the outstanding sum due for
repayment
3. Any recalcitrant defaulter shall be charged before a Magistrate Court and if found guilty shall be liable to a
fine of twice the sum due for repayment or an imprisonment ranging between 6 (six) months and thirty six
months or both