The National Youth Service Corps (NYSC) Foundation has begun to search for about 75 corps members who took loans between N300,000 and N400,000 to start small scale businesses but refused to pay after 4 years.
The defaulting corps members, who have now passed out, used their certificates as collateral to collect the loan but abandoned their certificates with the foundation for 4 years now.
SEE ALSO: How to apply for NYSC Loans
The NYSC Foundation Director, Bako Ventim, confirmed this in an exclusive interview on Monday during the opening of Skills’ Acquisition and Entrepreneurship Development workshop at the NYSC Orientation Camp in Kubwa, Abuja. The foundation was in the camp to donate 10 sewing machines to the camp for SAED training.
Below is the statement made by NYSC foundation director;
“We have been providing loans to corps members and our interest rate is one digit. There is no collateral except the NYSC certificate and two guarantors. We make the conditions very flexible so that the corps members can benefit from these loans.
“We have a challenge where corps members have refused to pay back the loans. We have over 100 corps members who took the loans but some of them have not paid back and we still have their NYSC certificates with us. They have not come to claim these certificates for a number of years.
“We give as much as between N300,000 and N400,000 depending on the business proposals. From the records, we have over 75 corps members that have defaulted and we are pursuing them.”
We at nyscinfo.com, hereby, advise corps members not to take any loans they cannot pay, so that others will not be affected by their such behaviours. Grants require no pay back, so you can source for grants instead of loans that require pay back. CIick here to see list of top 5 grants providers in Nigeria.
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