NYSC Foundation Portal | How to Apply for NYSC Foundation Loan

Are you someone who has completed your National Youth Service Corps (NYSC) program or is currently serving as a corps member?

Did you make a payment of either N500 or N1,500 for the NYSC foundation during your service year? Are you looking for financial support to start a business?

If your answer is ‘yes’, we’ll 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 formed by former corps members who recognized the importance of supporting the NYSC scheme’s ongoing success.

The foundation aims to empower members by providing loans to those who require financial assistance to initiate small or medium-scale businesses.

Eligibility for the NYSC Foundation Loan

The NYSC foundation loan is primarily available for ex-corps members and those who are about to complete their service.

If you paid N500 to your Local Government Inspector (LGI) for the NYSC foundation and filled out the membership form, you meet the criteria to apply for this loan.

NYSC Foundation Application Deadline

You can submit your proposal for the NYSC foundation loan whenever you’re ready with your business proposal. There’s no specific deadline to adhere to.

How Does the NYSC Foundation Loan Work?

The foundation offers loans to corps members and ex-corps members who have business ideas. The loan comes with a repayment period of 2 years.

NYSC Foundation Loan Requirements

To apply for the loan, you need to provide the following:

1. An application letter
2. A well-structured business proposal
3. Photocopies of evidence confirming your registered membership

NYSC Foundation Loan Details

Here are some key points to note about the loan:

• The loan term is 2 years.
• The loan amount ranges between 300,000 and N400,000.
• The annual interest rate is 10%.
• The NYSC discharge certificate serves as collateral for the loan. (If you’re currently serving, you can pledge your NYSC discharge certificate.)
• A civil servant guarantor is required.

NYSC Foundation Loan Application Process

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

Furthermore, NYSC Foundation requires copies of the letter of intent, available at all NYSC Secretariats, to be delivered.

Tips to Enhance Loan Approval

1. Craft a well-detailed proposal, avoiding one-page documents.
2. Choose businesses with a relatively quicker turnaround time to generate profits and repay the loan within the stipulated two-year period.
3. If feasible, propose an existing business, as they tend to have a higher likelihood of loan approval.

How to Apply for NYSC Foundation Loans

Interested individuals can apply for the loan by submitting their proposal to the nearest NYSC State Secretariat across Nigeria.