How can you easily get NYSC loan during your service year? This article shares all the information you need.
Apart from top loan organizations in Nigeria where you can get loans without collateral, you can also get loans as a serving corps member.
When a child comes into this world, his sole responsibility is to open his mouth and suckle, he did not need to communicate his feelings or think to do things on his own; simply put, he was ‘thought for’.
Fast forward to schooling age, when the parents put him in an appropriate school against his wish, this is confirmed in the teary, at times wailing farewell.
Now in the final year at the university, he thinks hard enough to have four states of choice to go for the mandatory National Youth Service Corp program.
If he’s lucky to be placed in one of the best NYSC camps, he’ll scream yay or frown when he sees what the government approved. But Nysc loan schemes available could be comforting, isn’t it?
So, the camp was fun and PPA was beginning to get real, he soon realizes that there is more to life as he has to figure out how life spreads out, and then it dawns on him he is a player in the game LIFE.
A game that had different helplines which include how to borrow money quickly to solve pertinent financial issues, especially if no one will come to your rescue
And while NYSC loan Schemes came after the establishment of NYSC in 1973, loans predate farther back as over an estimated 4,000 years back.
But it was not until after 40 years, that loans for corps members became an option, my question is what is it all about and why was it
How to Apply For NYSC Loan – Options Available
Simply put, the NYSC loan is a helping government hand or corporate helping hands stretched towards you to assist your dreams in some way.
Our parents tell of a country that once was, a time when it was a thing of joy to go all the way into education.
Patriotism was not something to be shy of; it was a thing of pride. The children of the land were proud of their leaders although some gray areas existed.
While my fingers run across my keyboard at the moment, I shake my head slowly as waves of pity roll over my entire body…hmm, such is rarely witnessed now.
Upon long and careful observation, loans for Corps Members were put in place to reduce the inclination to criminality that often comes from idleness and frustration.
Side question: Are NYSC loans really assistance for the citizens or a constant reminder and stance of the government not doing things as they were? (NB: Remember the car and job after school then?)
While Dialing USSD codes for loans can be an option for unsecured (collateral-free loans), there are other loan options.
Here’s a quick list of available loans for NYSC candidates and how to be eligible to get these credit facilities.
1. Empower The Corps NYSC Loan Package
Empower The Corps is another loan scheme courtesy of credit direct limited and NYSC skills acquisition and entrepreneurship development, (SAED).
Credit Direct Limited is a member of First City Monument Bank Group Plc with a presence in 25 states of the country and is well known for offering loan services.
The ETC NYSC loan scheme was put in place to help corps members with difficulty in settling in their respective primary place of assignment.
And also, to help develop small business ideas of corps members, encouraging entrepreneurial spirit among the youths.
You should also check out this list of top 10 loan apps in Nigeria to get personal loans into your bank account in no time.
We all know SAED na, that compulsory skill acquisition class we had to attend camp. For those wanting to get the biz starter package, kindly be loyal to SAED unlike me…lol.
Business Starter Package:
This package is designed to provide seed capital for small business ideas startup under the SAED program e.g Makeup business, baking and decoration, soap making business, Hairdressing, Interior decoration, shoes and bags production, tailoring, etc.
Asset Package:
This NYSC loan package is designed to assist corps members to buy household items to settle into places of primary assignment or to purchase income-generating items without hassles.
Items include generators, DVD players, Microwaves, TV sets, Gas cooker, Washing machines, Freezers etc.
Professional Certification Package:
This package is designed to provide discounted training for obtaining various certifications e.g Project Management (CAPM), Professional in Human Resources (PHR), Nigerian Institute of Management etc.
Cash Package:
This package is a cash loan to assist in meeting other personal financial obligations not stated in the above packages.
Loan Terms and Eligibility
- Loan Tenor: 1 – 9 months (NB: Depending on the remaining service months).
Documents to Be Submitted
- Picture of the NYSC identification card.
- Picture of attestation form from SAED (for biz starter package).
- Selfie Photograph of corps member in complete NYSC uniform.
- Picture of valid ATM for ‘allawee’ account.
- Letter of the undertaking.
- Letter of posting to the primary place of assignment.
You should know that your collateral is the Original copy of your National Youth Service Corps discharge certificate.
For more information on this programme, visit http://empowerthecorps.com.ng/.
2. Youth Entrepreneurship Development Programme
The youth entrepreneurship development programme is also called CBN loans.
The programme started on the 15th of March, 2016 courtesy of the Central Bank of Nigeria and Heritage Bank.
YEDP sets out to revive the Nigeria economy, encouraging diversification along the way, by aiding or enhancing the creativity and resourcefulness of youths.
What You Should Know About Getting YEDP Loan
Here are quick notes about the YEDP NYSC loan package:
- Loan Tenor: 1 year (for working capital). 3 years (for term loan).
- Interest Rate: 9% per annum.
- Amount: Maximum of N3, 000, 000 (for an individual). Maximum of N10, 000, 000 (for a group of 3 – 5 individuals).
- Areas\Sectors of Interest: AgricultureInformation Communication Technology.Power and Energy.Automobiles.Film and Photography.Food processing.Manufacturing, etc.
- Eligibility: Within the age bracket of 18 – 35 years old.Serving corps member or an ex corps member of not more 5 years.
- Collateral: Original copy of tertiary Institution Certificate or technical certificate from the National Board for Technical Education (NBTE). Original copy of the National Youth Service Corps discharge certificate.Assets of value as determined by the bank.Guarantor.
For more information on this programme, visit https://www.cbn.gov.ng/Devfin/yedp.asp
3. Graduate Entrepreneurship Fund GEF
Another loan for Corps members is the Graduate Entrepreneurship fund.
The Bank of Industry in agreement with the National Youth Service Corp Directorate launched the Graduate Entrepreneurship Fund on the 5th of October, 2015.
Corps members who are interested in this loan are required to have a business proposal and plan to secure this loan. You can learn more about the Bank of Industry loan for corps members.
Meanwhile, here are quick details to know:
- Each successful applicant gets a maximum loan of N2 million.
- 9% interest rate.
- 6 – 12 months moratorium.
- 3 – 5 years loan tenor.
Conclusion on Getting NYSC Loan
The offer of assistance can be so appealing and tempting at times, especially when you consider family struggles at home and the consistent increasing rate of unemployment in the country.
The undying wish to be dependent and live fine while earning a living…I know right? I’ve been there especially that urge to take care of one’s parents.
Here’s what you should know before jumping at that offer of assistance, either NYSC loan or unsecured loans; you need to think deeply before making that decision.
It is not about rushing to get a loan but also planning on how to utilize it best, else you realize you bought yourself sleepless nights or in extreme cases.
Remember, in as much as the slang goes ‘Nigeria sef dey owe’ let the slang ‘person no dey owe bank money’ follow the former.
Did you find this post about applying for NYSC loan helpful? Got any questions? Use the comment box, and don’t forget to share this post.
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