Categories
Loan

NYSC Loan

Are you a Youth Corp member looking out for how you can lay your hands on loan and establish your business or give a financial push to your already established business? In this post, you will learn everything you need to know about NYSC Loan. 

Nysc Loan

Requirements

To apply for the NYSC business loan, you must:

  • Be between the age of 18 and 35 years
  • Be a serving Corp member.
  • Must have good business idea and Business plan.

Here also are the documents required of you for the application of this loan:

  • A clear copy of corps members NYSC ID card
  • The front photograph of corps member NYSC account ATM card.
  • Clear and recent facial photograph.
  • A picture of the corps member his/her full NYSC attire.
  • A signed letter of undertaken by the corps member, which can be found on the Empower The Corps website just immediately a loan package has been chosen from the list.
  • Your NYSC posting letter.
  • If you want to borrow above N45, 000 you are required to have a letter of attestation.

How to apply

There is a total of four ETC loan package. You can apply for either one depending on your need for the loan.

  1. Business Starter Package:

The Business Starter package is designed to provide seed capital for small business idea startups like Makeup business, baking, decoration, soap making, hairdressing, interior decoration, tailoring, shoes and bags production and so on.

  1. Asset Package:

The Asset package is designed to help corps members to acquire items to settle into places of primary assignment or to buy items for their businesses without difficulty.

These items could include generators, microwaves, TV sets, gas cooker, washing machines, DVD players, Freezers and so on.

  1. Professional Certification Package:

The Professional Certification package provides discounted training for obtaining various certifications like Project Management (CAPM), Professional in Human Resources (PHR), Nigerian Institute of Management and so on.

  1. Cash Package:

The Cash package is a cash loan designed to cover other financial needs that may not be covered by either of the above packages.

To apply for either of the above packages, you only have to follow simple steps:

Ensure that the details you fill in the online form conforms with those you used for your NYSC entries.

Through the ETC social, you will be able to connect with others and stay updated with everything.

Interest Rate

The interest rate for the ETC (Empower the Corps) loan is 3.25% per month.


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Repayment

Repayment is made on monthly basis. The payment is generated by ETC and sent to your mail.

You will also receive periodical reminder of your payback. You can repay using online channels like QuickTeller. You can also pay using ATM and designated POS.

Pros & Cons

ProsCons
  • No collateral is required
  • The interest rate is relatively low
  • You cannot loan more than N45, 000 except your SAED coordinator attests that you can pay back.

Mobile App

Nil

Customer Care

Nil

Official Websitewww.empowerthecorps.com.ng
Contact Number01 – 4482225

Branches & Head Office

Empower The Corps Head Office (Direct Credit) is at 48/50 Isaac John Street, GRA, Ikeja, Lagos, Nigeria.


Here are a few other Nigerian Banks you might be interested in: Alat Loan,Federal Mortgage Bank Loan,Ferratum Loan