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Nairaland Forum / Nairaland / General / NYSC / Using My NYSC Certificate As Collateral To Get Loan - Good Or Bad Idea (9997 Views)
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Using My NYSC Certificate As Collateral To Get Loan - Good Or Bad Idea by Oduok(m): 3:43pm On Mar 15, 2016 |
I'm a serving corps member (Batch B15) with a very good University degree grade in Engineering. I love entrepreneurship and as such applied to Bank of Industry for a one million naira loan to start a Palm Oil Milling Plant. I'm using my NYSC discharge certificate as collateral - that means i'll not have the opportunity to see or touch my discharge certificate after service. Not that i'm confused, I really love the path i'm taking. I received text message from the Bank yesterday that my loan application has been approved. I'm sharing this to find out the opinion of others. Is it a good or bad idea from your own point of view. 1 Like |
Re: Using My NYSC Certificate As Collateral To Get Loan - Good Or Bad Idea by EngrSeries(m): 3:49pm On Mar 15, 2016 |
What if a very good job offer show up and you cert is requested. Wah will you do? Bad idea IMO |
Re: Using My NYSC Certificate As Collateral To Get Loan - Good Or Bad Idea by onatisi(m): 4:00pm On Mar 15, 2016 |
Oduok:How did u go about it 2 Likes |
Re: Using My NYSC Certificate As Collateral To Get Loan - Good Or Bad Idea by Bamidupe20(f): 4:05pm On Mar 15, 2016 |
Been in your shoes before. have you thought about how you intend to pay back? and i also think 1M is too much seeing that the business is new. 1 Like |
Re: Using My NYSC Certificate As Collateral To Get Loan - Good Or Bad Idea by Oduok(m): 4:55pm On Mar 15, 2016 |
EngrSeries:That's a solid point you've made here. Possiblity is anything can come up. Adding to the fact that I made 4.4 CGPA and may be called upon for graduate assistance and all that. But then what if I hit big in my entrepreneural drive with payback that surpasses most employment and the fulfilment of building a financial system that works. This one is a bird in hand, as the English people will say 1 Like |
Re: Using My NYSC Certificate As Collateral To Get Loan - Good Or Bad Idea by Oduok(m): 4:58pm On Mar 15, 2016 |
Bamidupe20:pls tell me ur experience. How did ur own go? Did u do it? Tell me something. Ya. That is the optimised first cost for the project. The opportunity was to go for 2M but I slashed it to 1M for this reason u've raised. |
Re: Using My NYSC Certificate As Collateral To Get Loan - Good Or Bad Idea by Oduok(m): 5:00pm On Mar 15, 2016 |
onatisi:It's the Graduate Entrepreneur Fund Programme. I don't know if you are aware of it. I compete and won the qualification 2 Likes 1 Share |
Re: Using My NYSC Certificate As Collateral To Get Loan - Good Or Bad Idea by bemagnify: 5:13pm On Mar 15, 2016 |
Oduok:is the programme over? |
Re: Using My NYSC Certificate As Collateral To Get Loan - Good Or Bad Idea by Oduok(m): 6:43pm On Mar 15, 2016 |
bemagnify:This was the first time. I don't know if it will be coming up yearly. Are u a serving corps member? |
Re: Using My NYSC Certificate As Collateral To Get Loan - Good Or Bad Idea by bemagnify: 7:31pm On Mar 15, 2016 |
Oduok:yea am a serving corps member batch b,,,really need like 100k loan to execute a business plan bt cant lay my hand on any,,,d more i tried to sought tins out in oda to secure a loan even as a corps member d more it proved abortive,,,,,bro its really frustrating wen u av genuine business plans and no capital to set it up,,,;;;even the ETC LOAN is not applicable to were am serving(ebonyi state) indeed life is nt easy#frustrated |
Re: Using My NYSC Certificate As Collateral To Get Loan - Good Or Bad Idea by planter(m): 9:12pm On Mar 15, 2016 |
No guts, no glory. Life is always full of risks. Throw caution to the wind and follow your passion. Moreover, a very good feasibility study and a sound business plan will help minimize the negative risks to a great extent. |
Re: Using My NYSC Certificate As Collateral To Get Loan - Good Or Bad Idea by Bamidupe20(f): 11:08pm On Mar 15, 2016 |
Oduok:i eventually declined the loan because. i know how poisonous a loan can be for a new business.. so i opted out for another option... |
Re: Using My NYSC Certificate As Collateral To Get Loan - Good Or Bad Idea by Adulphus(m): 12:16am On Mar 16, 2016 |
THE IDEAL IS GOOD AND ITS GOOD TO BE INDUSTRIOUS AS A GRADUATE NOT LOOKING FOR WHO TO EMPLOY YOU! I MUST SAY YOU TOOK THE RIGHT STEP AT THE WRONG TIME AND ON WRONG FUND BECAUSE YOU WILL PAY BACK WITH INTEREST THAT IS WHY IS NOT ADVISABLE TO START-UP A BUSINESS WITH LOAN! FREE INFORMATION!!! FG just Lauched a Programme to give N3m each to 10,000 NYSC Youth Entrepreneurs! your NYSC is to be used as Collateral, to be is better you go for the FG instead of the 1m Bank! To me 1m is too small for palm oil milling! Except you wanna do traditional extraction with do not require million. QUESTIONS U HAVE TO ANSWER WHEN CONSIDERING 1m -How much is your machines? Because the Last time I checked Automated Fabricated Palm oil Plant is 1.5m on 20th June 2015. Now that there is inflation such machine will be around 2m. Do you have a site for the business? I suppose you will pay rent from the 1m! You will also build a temporary structure or is the business going to operate openly without a Roof? How much is Raw materials and other Operational Materials/Equipment? e.g Palm Fruits, Kegs, Funnels, Drums, Tank, Diesel, Generate let say 8HP of Water cool Engine is Around N160,000-N170,000 now! Did you thought of the above carefully? 4 Likes |
Re: Using My NYSC Certificate As Collateral To Get Loan - Good Or Bad Idea by bemagnify: 7:25am On Mar 16, 2016 |
Adulphus:pls how can one key into dis fg nysc loan,,, we need more info plss |
Re: Using My NYSC Certificate As Collateral To Get Loan - Good Or Bad Idea by Adulphus(m): 7:44am On Mar 16, 2016 |
I will update the House with the FG link lataer seem they have not release the Portal but those interested in applying for Grant (Free money) You should apply for these two Grant window before it expire! www.Bdmpnigeria.org.ng this was suppose to end yesterday but checj it out they may extend the dealine! www.bigportal.org.ng the application is on going GOOD LUCK |
Re: Using My NYSC Certificate As Collateral To Get Loan - Good Or Bad Idea by DKOKO3(m): 5:43pm On Mar 16, 2016 |
Personally, I think for BOI to give you a loan is a truism of how lucrative the business idea is. Palm Oil is a commodity that Nigerians can't do without regardless of financial status. I will advice he take the loan and strive hard to raise back the money knowing what's at stake for him. 1 Like |
Re: Using My NYSC Certificate As Collateral To Get Loan - Good Or Bad Idea by hola106(m): 7:33pm On Mar 16, 2016 |
Adulphus:let me hv ur line am serving in enugu wana hv ideal abt hw d bis look plz don't mind if we can meet for weekend oga |
Re: Using My NYSC Certificate As Collateral To Get Loan - Good Or Bad Idea by Millz404(m): 7:48pm On Mar 16, 2016 |
Guy am a recipient of gef too... Dont be asking dis kind of questions.... U will meet with discouragement.... If u r sure of what u want to do and av a clear vision.... Face ur plan and make d most out of it. 3 Likes |
Re: Using My NYSC Certificate As Collateral To Get Loan - Good Or Bad Idea by Adulphus(m): 9:38pm On Mar 16, 2016 |
hola106: Pm |
Re: Using My NYSC Certificate As Collateral To Get Loan - Good Or Bad Idea by Oduok(m): 10:24am On Mar 19, 2016 |
Adulphus:Thanks a lot. Then I will have to learn a lot from you. I've considered all that. There are three levels of technology employed in the palm oil extraction - traditional method or low technology, medium technology, and high technology. So i'm using medium technology which is combined mechanical and manual method. The equipment cost and installation is about 800,000naira. Actually the entire project cost is about 1.25million naira and i'm contributing 20% equity. As for land, i'm using my family land, so no rent. I'll fence round and raise a shade. 8HP lister gen was estimated to be 130,000 (inclusive in equipment and installation cost). I welcome more contribution from ur wealth of experience. |
Re: Using My NYSC Certificate As Collateral To Get Loan - Good Or Bad Idea by Adulphus(m): 11:58pm On Mar 19, 2016 |
Oduok: 8hp Water cool engine is now N200,000 today at Ven Road South Onitsha! |
Re: Using My NYSC Certificate As Collateral To Get Loan - Good Or Bad Idea by henrixx(m): 3:14pm On Mar 22, 2016 |
Oduok:bro u MA likemind.... Can you drop ur watsap number . I'm a currently serving Corp member at taraba nd will like to kno how to go about the loan stuff |
Re: Using My NYSC Certificate As Collateral To Get Loan - Good Or Bad Idea by bemagnify: 9:37pm On Mar 23, 2016 |
pls oduok i nid to talk 2u....realy nid to ask u sumtin pls cntact me on bemazunity@gmail.com |
Re: Using My NYSC Certificate As Collateral To Get Loan - Good Or Bad Idea by Oduok(m): 12:04am On Mar 24, 2016 |
henrixx:07037263653, 08089359018. Let's relate |
Re: Using My NYSC Certificate As Collateral To Get Loan - Good Or Bad Idea by bemagnify: 12:24pm On Mar 24, 2016 |
Oduok: |
Re: Using My NYSC Certificate As Collateral To Get Loan - Good Or Bad Idea by bobo65(m): 5:05am On Mar 27, 2016 |
if u r business minded and focused, then go for it I applied for a loan of 300k (wap loan) , it has no interest attached and u have up to 2 years to pay off the loan, d only tin is that money must be used for agricultural purposes and Ur certificate will be held as collateral tho dem never pay us since last year sha |
Re: Using My NYSC Certificate As Collateral To Get Loan - Good Or Bad Idea by bemagnify: 6:56am On Mar 27, 2016 |
bobo65:hw will da knw if u divert d money to sum oda business after all u ar going to pay bak |
Re: Using My NYSC Certificate As Collateral To Get Loan - Good Or Bad Idea by bobo65(m): 12:18pm On Mar 27, 2016 |
bemagnify: they will periodically come n check Ur establishment |
Re: Using My NYSC Certificate As Collateral To Get Loan - Good Or Bad Idea by henrixx(m): 11:25pm On Mar 27, 2016 |
bobo65:are you saying the money can't be used for anything other than agriculture? |
Re: Using My NYSC Certificate As Collateral To Get Loan - Good Or Bad Idea by bobo65(m): 4:21am On Mar 28, 2016 |
henrixx: yeah we were trained on different aspects of agriculture for a week we were also given transportation n feeding allowance of up to 35k per head (depending on d distance of Ur serving state to Abuja) it was stated clearly that the money were to be used on agricultural stuffs DAT were taught in d training tho my intentions was to spend part of d money on fishery n d major part on my mini phone importation biz |
Re: Using My NYSC Certificate As Collateral To Get Loan - Good Or Bad Idea by henrixx(m): 9:02am On Mar 28, 2016 |
bobo65:ouch! Problem is that I do not have any plans on agriculture currently. Seriously looking for a loan scheme Dat I can benefit from to start up |
Re: Using My NYSC Certificate As Collateral To Get Loan - Good Or Bad Idea by bobo65(m): 9:39am On Mar 28, 2016 |
henrixx: Let Ur ears be on the ground, now that the budget has been approved, lots of opportunities will roll out, u just have to be up to date Let ppl know that u need a loan so they could alert u if they find any Join lots of Nysc Whatsapp groups cos that's where I got to know bout most of d Nysc updates cos I'm hardly at dis section of Nairaland |
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