Nysc Foundation Loan Scheme – How to Apply

Nysc Foundation Loan Scheme

NYSC FOUNDATION LOAN SCHEME

This is to bring to the attention of all serving NYSC corp member and ex-corp members that the Board of Trustees of the NYSC Foundation, propelled by the need to reduce the problems facing the youth of Nigeria, launched a Soft Loan Scheme to empower exiting and ex-corps members to establish small scale businesses. So, if you desire to become an Entrepreneur, here is an opportunity.

NYSC Foundation is a non-governmental organization, established by former corps members who felt there is need to provide support for the continued healthy existence of NYSC scheme by empowering members and giving loan to those who needs financial assistance to help start up a small or medium scale business.

Nysc Foundation Loan Scheme

Subscribing to membership of the Foundation would cost an individual a token of N500.00 if it is done before passing out exercise (during National Service) while it is N2,000.00 for ex-corps members (after National Service).

How it Works

Loans are given to interested ex-corps members who have business ideas but do not have a reasonable amount of capital to start-up the business. The loan is payable.

N:B

NYSC foundation is basically for ex-corps members and corps members who are about to pass out from service.

If you pay N500 to your LGI for the Foundation and fill the membership form, then you are eligible to apply for this loan..

When to apply for NYSC loan

it is never too late to submit your proposal for NYSC foundation loan. You can submit anytime you’re ready with your proposal.

Requirements

  • Application letter
  • A business proposal
  • Photocopies of evidence of being a registered member.

NYSC Foundation: N400,000.00 maximum

Moratorium (Grace Period): 3 months

Duration: 24 months

Eligibility: Registered members of the Foundation

Charges: 5% one-time administrative charge

Collateral: NYSC Discharge Certificate

Guarantor: Not below grade level 12 in a government establishment or its equivalent in the private sector

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How To Secure Loan

  • Do not submit a one paged proposal document, It must be well written and detailed.
  • Don’t write business proposals on busineses that will take long to mature or make profit to repay in two years
  • If possible, write a proposal on existing business.

Note: All payments for foundation membership registration should be receipted and credited to the account below:

Account Name: NYSC foundation

Account No: 1011560875

Bank: Zenith Bank

Sort code: 057080015

Also, all letter of intent can be obtained at all nysc Secretariat and are to be delivered to  NYSC foundation.

How to Apply

Interested applicants should submit their proposal at NYSC secretariats across Nigeria.

For more enquirys, please Click Here to visit the official site of NYSC foundation loan.