NYSC corp members often face challenges financially especially when deployed to different areas of service. These are most atimes places far away from their homes and who knows any unexpected thing might happen that warrants a little bit of money. To settle this matter perhaps for once, Credit Direct Ltd partnered with the NYSC through the Skill Acquisition and Entrepreneurial Development (SAED) scheme has ushered to help all serving corps members get quick NYSC loan. This loan will go a long way to rescue any corps member in any financial tangle or purposefully in need of loan.
★ Empower the Corps ★Empower the Corps
is a scheme developed by Credit Direct Ltd mainly to cater for the financial needs of all Youth Corps members in Nigeria. It makes for quick,easy and efficient loan acquisition for any corps member nationwide.
Corps member are entitled to 4 loan packages on the official website created by Credit Direct Ltd on →www.empowerthecorps.com.ng
★ Business Starter Package:
Are you a business minded corps member? If so, then this effective business load should be given a try. The package has room for capital for small business startup under the SAED programme. One should note here that the loan offered in this package is for small or medium scale enterprises. It include but not limited to: Make-up business, baking and decoration, soap making business, Hair dressing, Interior decoration, shoes and bags production, tailoring, etc.
★ Asset Package:
As a corp member, this loan has all it takes to own assets anywhere in the country. With this loan, corps members could buy household items in order to feel at home
in their places of primary assignment.
Items that the loan aid to purchase include: generators, DVD players, Microwaves, TV sets, Gas cooker, Washing machines, Freezers etc.
★ Professional Certification Package:
This is certainly for those individuals who may have need for furthering their academic programs. This package is designed to provide discounted trainings for obtaining various certifications e.g Project Management (CAPM), Professional in Human Resources (PHR), Nigerian Institute of Management etc. This helps those corp members who desires to attain higher levels of certification.
★ Cash Package:
Other financial obligations that those loans listed above cannot cater are served by this category of loan. A corp member who has certain undisclosed purpose of getting a loan can get that under this genre. The Interest Rate And How Its Calculated
For any amount of loaned money, you will be charged 3.25% per month
. The loan has an allowed maximum payback period of 9 months with no extra charges. This seems cheap compared to the ones offered by Nigerian banks
For example, if you apply for a N30,000 loan and you seek to payback monthly from your NYSC monthly allowance for 9 months, you get it calculated this way:Requirements for the Loan Packages
The loan is a 3.25% interested loan.
You loaned N30,000.
You want to payback from your allowances in 9months.
Then, With basic arithmetic,
30,000/9 =3,333.3 - keep that aside.
0.0325 x 30,000 = 975
Adding up, 3,333.3 + 975 = N4,308.3 - This will be your required payback each month.
Applicant must be a serving corps member and will need 6 documents …→ A clear copy of corps members NYSC Identity card
→ The front picture of corps member NYSC account ATM card
→ Clear facial photograph
→ A picture of the corps member his/her full NYSC regalia
→ A signed letter of undertaken by the corps member (Immediately a loan package has been chosen, you can find that on their portal).
→ Corps members posting letter.
Letter of attestation is required of corps member who wants to get a loan above N45,000
.How to Register For The ETC Loan
Go firstly to the Etc portal for registration. The phone number used here should be the phone number you registered with NYSC. Here also, you’ll get to choose your batch and input other information.
The following are the required documents if you need a quick sent loan from the portal.
→ NYSC ID Card
→ Valid ATM Card
→ Attestation Form from SAED (For Biz-Starter Package)
→ Clearly written and signed Letter of Undertaking by Corps Member showing signature and date
→ Clear passport photograph (Face and shoulders only)
→ Clear photograph of yourself in Full NYSC Regalia
→ PPA Posting letter
When through with the above procedure , wait for your details to be sent for you. When your loan is sent, you will notified and you can check your dashboard to track your loan repayments.
It is said that your loan will be sent to you in a maximum of 24 hours immediately your application request has been reviewed and approved. That is, if you apply today, with accurate required documents, you’ll get the loan tomorrow. Repayment of the NYSC Loan
Schedules and repayment notifications are periodically sent to corps members. Corps members are also updated on the ETC portal.
Repayments of this NYSC loan can be made through various online channels – Quick teller (search ETC loan), ATM terminals; at all banks, at designated POS terminals in different branches of Credit Direct Ltd. Please Note!1. The maximum amount a corps member can apply for is N45,000. This has been analysed through the corps members allowances.
2. To apply for a loan between N46,000 and N100,000 ( the business starter package), corps member will need a letter of Attestation from his/her SAED coordinator.
3. To obtain any of these loan packages, corps members need to visit ETC website and also join ETC social network on
social.empowerthecorps.com.ng and complete the registration.
4. When registering on the ETC website, corps members should make sure all the details that will be provided (email, phone number, first and last name etc.) are the same as the ones submitted to the NYSC when registering for mobilization back in school or when corrections were made in camp.