Are you an ex-corps member? Or a serving corps members? Did you pay N500 for NYSC Foundation during your service year? Do you need a loan for your business or to start a new business? If yes read about how to get NYSC loan.
WHAT IS NYSC FOUNDATION.
NYSC Foundation is a non-governmental organization, established by former corps members who felt there is need to provide support for the continued healthy existence of NYSC scheme by empowering membwrs and giving loan to those who needed financial assistance to help start up a small or medium scale business. ALSO READ: NYIF UPDATE: Seven New Updates on The NYIF Loan
WHO IS QUALIFIED TO APPLY FOR THE NYSC FOUNDATION LOAN?
NYSC foundation is basically for ex-corps members and corps members who are about to pass out from service. If you pay N500 to your LGI for NYSC Foundation and fill the membership form, then you are eligible to apply for this loan..
When to apply for NYSC loan it is never too late to submit your proposal for NYSC foundation loan. You can submit anytime you’re ready with your proposal.
HOW DOES NYSC FOUNDATION LOAN WORKS?
Loan are given to interested ex-corps members who have business ideas. The loan is payable
REQUIREMENTS FOR NYSC FOUNDATION LOAN
- Application letter
- A business proposal
- Photocopies of evidence of being a registered member.
- The loan term is 2 years
- The amount is between N300,000 and N400,000
- The interest rate is 10% annually
- The collateral for the loan is your NYSC discharge certificate (if you’re still serving, you can pledge your NYSC discharge certificate)
- A civil servant guarantor
Note that all payments for foundation membership registration should be receipted and credited to the account below:
Account Name: NYSC foundation
Account No: 1011560875
Bank: Zenith Bank
Sort code: 057080015
Also, all letter of intent can be obtained at all nysc Secretariat are to be delivered to by NYSC foundation
TIPS TO SECURE THE LOAN:
- Do not submit a one paged proposal document. It must be well written and detailed
- Don’t wrote business proposas on Busineses that will take long to mature onemake profit to repay in two years
- If possible, wrote a proposal on existing business
HOW TO APPLY FOR NYSC LOAN:
Interested applicants should submit their proposal at NYSC secretariate across Nigeria
For more information visit the official webpage of NYSC foundation loan.