Firstly, an NYSC loan is a helping government body or collective helping hand extended towards you to support your dreams one way or another.
So, if you are an intending corps member or ex-members with the mind of getting a loan for your business.
Then this blog post is for you. We will give you all the information you need on how to get easy access to NYSC loans as a youth Corp member in Nigeria.
There are many benefits attached to being a youth Corp member, and one of which is easy access to loans. During your service year, you may need money to finance your business ideas or you may run out of money to buy things you need.
These loans vary from business loans to cash loans, asset loans, and loans for training & professional certification.
Some of the platform that offers NYSC loans in Nigeria includes:.
1. Empower the corps NYSC Loan
This is a program that was put in place to offer loans to youth corps in Nigeria. It is to assist Corp members who are finding it difficult to settle in their various places of assignments.
Inclusively, it is also available to help anyone with small business ideas, to encourage enterpreneurial among Corp members which in so doing, can generate income and create employment opportunities.
Below are some loan packages you can access from this programme;
● Business Starter Package
This loan is offered in partnership with NYSC Skills Acquisition and Empowerment Development (SAED) program to corp youth members who need funds to start up their small businesses such as cake baking, hairdressing, soap making, bag making, etc. The amount you can have access to in this package is # 100,000. And a loan tenure of 1-9 months with 9% Intrest. You would need to present an attestation letter completed by the corner and scanned to ETC, as part of the application process.
● Asset Package
This package is put in place to help or assist youth corp members to buy household items like a generator, DVD, gas cooker etc, to be able to settle comfortably in the primary places of their assignments. The highest amount you can loan in this package is #45,000. Also, it comes with interest and loan tenure.
● Professional Certification Package
This package is brought to you by credit Direct Limited in partnership with credible professional certification centers that provide loans to corpers for training and certification. The loan is paid out through a non-refundable license which can only be used at the training centers of ETC partners. The maximum loan amount is ₦45,000.
● Cash Loan
This package is a monetary loan provided to help in taking care of your personal needs provides loans to corpers for and the maximum loan amount available is ₦45,000 and as soon as your application is accepted, you will receive funds from then in your Nysc account.
2. Youth Entrepreneurship Development Program (YEDP)
Another name for this programme is is C B N loans. It started on the 15th of March, 2016 by the Central Bank of Nigeria affiliated with Heritage Bank.
The loan tenor is 1 year for a working capital and 3 years for term loan. And the interest rate is 9% per annum.
Your eligibility status should be 18 years to 35 years old and must be a serving Corp member or ex Corp member of not more than 5 years.
3. Graduate Entrepreneurship Fund (GEF) scheme:
To secure this loan, you are required to have a business proposal and plan to be eligible.
Requirements for NYSC loans.
To get the loans, you must have the following requirements:
- NYSC ID card.
- Valid ATM card.
- Attestation form from SAED(IF you desire a business started package)
- Clearly written and signed a letter of undertaking by corps member showing signature and date.
- Passport photograph
- NYSC Regalia.
These are loan platforms where you can get easy access to NYSC loans as a corps member. Most of them also make provisions for training for the success of your business. So when next you are thinking of securing a loan. Check the websites to get the right platform for easy access to loans.