Applying for NYSC Foundation Loan.

Guide to applying for the NYSC Foundation Loan, eligibility requirements, loan details, and tips for securing approval.

Learn how to submit your proposal at the nearest NYSC State Secretariat.

A Helpful Guide for NYSC Members

Are you an NYSC alumnus or a soon-to-be graduate?

Did you make a contribution of N500 or N1,500 to the NYSC foundation during your service year? Need a business loan?

Right place for you!

We’re here to guide you on how to apply for the NYSC foundation loan.

The NYSC Foundation

Established by former NYSC corps members, the NYSC Foundation is a non-governmental organization that provides vital support for the NYSC scheme’s success.

We empower members with loans for small or medium-scale businesses.

Who Can Apply for the NYSC Foundation Loan?

Eligibility for the NYSC Foundation loan is pretty straightforward.

Focus on ex-corps members and near completion corps members.

So, if you’ve made a payment of N500 to your Local Government Inspector (LGI) for the NYSC foundation and filled out the membership form, you’re in luck! what eligible required to apply for this loan ?

Best of all, there is no deadline for submitting your loan proposal. Submit your proposal when ready.

Understanding the NYSC Foundation Loan
The NYSC foundation provides loans to members and ex-members who have viable business ideas. Repay loan within two years.

Requirements for the NYSC Foundation Loan

Here’s what you need to apply:

  • Application letter
  • Business proposal
  • Provide registered member evidence photocopies.

Bear these details in mind:

  • Loan term: 2 years
  • Loan amount: Between N300,000 and N400,000
  • Interest rate: 10% annually
  • Collateral: NYSC discharge certificate (Serving members can pledge theirs).

Civil servant guarantor

Payment 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
  • Also, don’t forget to submit copies of the letter of intent to the NYSC Foundation.

These can be obtained at all NYSC Secretariats.

Tips to Secure Your Loan

  • Here are some golden nuggets to help you secure the loan:
  • Keep your proposal document detailed and well-written.
  • Avoid writing proposals for businesses that might take a long time to start making profits and repay the loan within two years.
  • Existing business proposals preferred for higher approval chance.
  • To initiate the application process, submit your loan proposal to the nearest NYSC State Secretariat across Nigeria.
  • Applying for an NYSC foundation loan might seem daunting at first, but with this guide, you’re more than equipped to navigate the process smoothly.
  • Remember, it’s all about having a viable business idea and putting together a compelling proposal.

for more info do follow / piggybank.ng

FAQ

Who is eligible to apply for the NYSC Foundation Loan?

Ex-corps members and corps members nearing their service completion and have made a N500 payment for NYSC foundation are eligible to apply.

What is the repayment period for the NYSC Foundation Loan?

Ex-corps members and corps members nearing their service completion and have made a N500 payment for NYSC foundation are eligible to apply.

What is the repayment period for the NYSC Foundation Loan?

Repay loan in two years.

What is the interest rate for the NYSC Foundation Loan?

10% annual interest rate applies to the loan.

How can I increase my chances of securing the NYSC Foundation Loan?

Ensure your proposal document is detailed, and Existing businesses have higher loan approval chance.

Where should I submit my loan proposal?

You should submit your loan proposal to the nearest NYSC State Secretariat across Nigeria.


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