How To Apply For NYSC Foundation Loan
Are you a former or current member of the National Youth Service Corps (NYSC)? Did you make a payment of either N500 or N1,500 for the NYSC foundation during your service year? Are you seeking a loan to establish a business? If your answer is ‘yes,’ we will guide you through the process of applying for the NYSC foundation loan.
What Is The NYSC Foundation?
The NYSC foundation is a non-governmental organization established by former corps members who recognized the need to provide support for the ongoing success of the NYSC scheme. It aims to empower members by offering loans to those in need of financial assistance to start small or medium-scale businesses.
Who Is Eligible To Apply For The NYSC Foundation Loan?
The NYSC foundation primarily caters to ex-corps members and corps members who are approaching the completion of their service. If you have made a payment of N500 to your Local Government Inspector (LGI) for the NYSC foundation and filled out the membership form, you are eligible to apply for this loan.
There is no time restriction for submitting your loan proposal to the NYSC foundation. You can submit it whenever you are ready with your proposal. Here is a guide on how to apply for NYSC/CBN loans.
How Does The NYSC Foundation Loan Work?
The NYSC foundation provides loans to interested corps members and ex-corps members with viable business ideas. The loan is to be repaid within a period of two years.
Requirements For The NYSC foundation Loan
The following requirements must be fulfilled:
- Application letter
- Business proposal
- Photocopies of evidence of being a registered member
Please take note of the following details:
- Loan term: 2 years
- Loan amount: Between N300,000 and N400,000
- Interest rate: 10% annually
- Collateral: NYSC discharge certificate (If you are still serving, you can pledge your NYSC discharge certificate)
- Civil servant guarantor
All payments for foundation membership registration should be properly receipted and credited to the following account:
Account Name: NYSC foundation Account Number: 1011560875 Bank: Zenith Sort code: 057080015
Additionally, copies of the letter of intent, which can be obtained at all NYSC Secretariats, should be submitted to the NYSC Foundation.
Tips for securing the loan:
- Ensure that your proposal document is well-written and detailed, rather than just one page.
- Avoid writing proposals for businesses that require a long time to generate profits and repay the loan within two years.
- If possible, focus your proposal on an existing business, as they tend to have a higher chance of loan approval.
How To Apply For NYSC Foundation Loans
Interested applicants should submit their loan proposal to the nearest NYSC State Secretariat across Nigeria to initiate the application process.
