Are you an ex-corps member or a serving corps member? Did you pay N500 for ‘NYSC foundation’ during your service year? Do you need a loan to start up a business? If ‘yes’, we will show you how to apply for NYSC foundation 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 members and giving loans to those who needed financial help to start up a small or medium scale business.
Who qualify to apply for the NYSC foundation loan?
NYSC foundation is basically for ex-corp 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’s never too late to submit your proposal for the NYSC foundation loan. You can submit anytime you’re ready with your proposal. Check out How to apply for NYSC / CBN loans.
How does NYSC foundation loan work?
Loans are given to interested corps members and ex-corps members who have business ideas. The loan is payable in 2 years.
Requirements for NYSC foundation loan
The following are the requirements :
- Application letter
A business proposal
Photocopies of evidence of being a registered member.
Do you need a car? Check out How to apply for car loan in Nigeria.
Note the following:
- The loan term is 2 years.
- The amount is between 300,000 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 payment for foundation membership registration should be receipted and credited to the following account;
Account Name: NYSC foundation
Account no: 1011560875
Sort code: 057080015.
Also, copies of letter of intent which are obtainable at all NYSC Secretariats are to be delivered 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 write business proposals on businesses that will take long to mature i.e make profit to repay the loan in two (2) years.
If possible, write a proposal on an existing business, they always have an edge to getting loan approval.
How to apply for NYSC foundation loans
To apply for this loan, interested applicants should submit their proposal to any NYSC State Secretariats across Nigeria.