Guaranty Trust Bank (GTBank) has introduced the NYSC Advance loan to support corps members with quick access to funds during their service year. The facility is designed to help National Youth Service Corps (NYSC) members manage personal expenses and urgent needs while serving the country.
The NYSC Advance is a short-term personal loan available to active corps members who receive their monthly allowance, also known as allawee, through GTBank. Eligible applicants can access up to ₦200,000 instantly at an interest rate of 1.75 percent per month. The loan comes with a flexible repayment period of up to nine months, making it easier for corps members to spread repayment over time.
The minimum loan amount available under this scheme is ₦5,000. There are no additional charges attached to the facility, except for a one percent insurance fee. This means beneficiaries can plan their finances without worrying about hidden fees.
To qualify, applicants must be active NYSC members whose allowance is paid through GTBank. Corps members become eligible to apply after receiving their first monthly allowance. This ensures that only serving members with verified accounts can access the loan.
Corps members who have previously taken the NYSC Advance can apply for another one before the first loan matures, provided certain conditions are met. They must have fully repaid the earlier loan, including all accrued interest. They must also remain active in the service year. The amount available for a new loan will depend on the number of months left before the completion of service.
Interested applicants can apply by dialing 7378*4# or through GTBank Internet Banking.
