This article will provide you the application procedures, requirements for NYSC Foundation Loan.
Are you a current or former National Youth Service Corps (NYSC) member?.
During your service year, did you pay N2000 or N500 to the NYSC Foundation?
Do you require financing to launch your business? If you said “yes,” we will walk you through the process of applying for a NYSC foundation loan.
Meaning Of NYSC Foundation
The NYSC Foundation is a non-governmental organization that was founded by former corps members who saw a need to support the ongoing success of the NYSC program by empowering participants and providing loans to those who required money to launch a small- or medium-sized business.
All Nigerians who completed the required one-year National Service and are interested in helping the NYSC Foundation fulfill its mission are eligible to join as members of the organization. The Foundation places a great value on its obligation to contribute to a positive course that will benefit NYSC, Serving Corps members, Ex-corps members, and Nigerian citizens generally (National Unity).
Before passing out exercise (before National Service), it would cost an individual a token of N500.00 to become a member of the Foundation; after National Service, it would cost an individual N2,000.00.
Who is eligible to apply for NYSC foundation loan?
The NYSC Foundation primarily serves former corps members and those who are served already. You can apply for this loan if you complete out the membership form and pay N500 or N2,000 to your LGI for the NYSC foundation.
When should I apply for a NYSC loan
You can still submit your loan application for the NYSC foundation at any time. You can submit your proposal whenever you’re prepared to do so.
What’s the process for a NYSC foundation loan?
Ex-corps members and interested corps members with business ideas can apply for loans. The loan must be repaid in two years.
Criteria for a NYSC Foundation Loan
The prerequisites are as follows;
- Letter of application
- Business proposal
- Copy of documents proving membership registration
Keep this in mind:
- The loan has a two-year term.
- Total loan amount is within 300,000 and 400,000 Naira.
- The annual interest rate is 10%.
- Your NYSC discharge certificate serves as security for the loan, even if you are still in service, you may still do so.
- You must provide a civil servant as a surety.
Note: All foundation membership registration fees must be paid in full and credited to the following account with a receipt;
Account number: 1011560875
Account Name: NYSC Foundation
Bank Name: Zenith Bank
Sort Code: 057080015
Additionally, the NYSC Foundation is required to distribute copies of the letter of intent, which are available at all NYSC Secretariats.
How to apply for NYSC foundation loans
Interested individuals should submit their proposal to the nearest NYSC State Secretariat in Nigeria to apply for this loan.
Notable Tips
– Make sure you don’t submit a plan that is only one page long if you want to get the loan. It ought to be well-written and comprehensive.
– Write business proposals on ventures that will be profitable in atleast two years time, or that will take a long time to mature, so you would be able to repay the loan.
– If possible, write a proposal for an existing business, you will have a better chance of being approved for a loan if you have an existing business.
Frequently Asked Questions
Can I apply for NYSC foundation loan as a serving corp member?
The answer to this question is YES of course. You are eligible to apply, it’s better to apply now to lessen the cost, serving corp members only pay N500 for to join.
What is the highest amount of loan I can get from NYSC Foundation?
The highest loan amount you can get is within the range of N300,000 to N400,000.
How long will I be given to repay NYSC foundation Loan?
You will be given a period of two years to repay the loan.
What is NYSC Foundation Interested Rate?
The annual interest rate is 10%
What will I provide to get NYSC foundation loan?
We’ve listed everything you need to get in order to apply for this loan, you can check above to read.
Conclusion
The mission of the NYSC Foundation is to encourage serving and ex-corps members to join the Foundation in its determined efforts to reduce youth unemployment by serving as an alumni organization and umbrella body that unifies all ex-corps members’ wishes. I hope this article guides you and the tips and requirements to get the NYSC loan.
For more enquiries or comment about NYSC loan please do well to use the comments box, I will be here to respond to you.