The national service scheme (NSS) plays an important role by bridging new graduates from their various tertiary and vocational institutions and the professional world thus, job market. They do this by embarking on an initiative that helps their fresh graduates gain a year work experience in fields they are to pursue a career from with regard to their program study in school.
In this guide we will provide a comprehensive overview of loan opportunities for NSS personnel’s and also do well to throw some light on aspects like this loan eligibility, general terms, loan application process, pros, cons and then, conclude with some important information like loans scams and other fraudulent schemes you should take note when willing or interested in these available loans on the NSS portal.
Eligibility Criteria Of NSS Loans
Basically, the most vital requirement to qualify for any loan on the NSS portal is, you must be a national service personnel in that current year. Once you meet this eligibility, you’ll find these loan opportunities on your NSS dashboard thus, marketplace category.
General Loan Terms & Conditions
Apparently, most loan offers for personnel on the NSS portal have some general terms. Thus, take these loans, and then make payments in installments. And these payments will be deducted directly from your ezwich card as soon as you get your NSS allowance. So it’s actually not a big deal for them.
The same applies to other items you purchase on the NSS marketplace like mobile phones, laptops, telephone, foodstuff etc. Mostly, the price of the items or loan determines the percentage of your allowance to be deducted. Sometimes, you get 50% or your salary, sometimes 20% if your loan is a bit high.
NSS Loan Application Process
Once you are eligible and meet the set forth criteria to take these loans, follow the below procedure to get this done.
1. Visit the official NSS website (https://portal.nss.gov.gh/) and log in using your email address and password.
2. On your home portal, click on the menu button mostly on the left corner of your screen.
3. Select the Market option
4. Now select from any of the store options provided. Bear in mind that, the store name determines the offer they produce. Stores like Ash foam, provides mattresses only and stores that have electric gadgets as their branding definitely will sell electrical gadgets like phones, laptops, fans etc only.
5. Now glance through the offers, to select your preferred loan offer.
6. Do well to read the loan terms and conditions, if interested, add to cart and follow necessary prompts to get this done.
NSS Loan Disbursement and Repayment:
Most NSS loans are disbursed into your provided mobile money account or sometimes on your ezwich card. Thus, the ezwich added to your account by yourself to receive your allowance.
Repayment: NSS loans are repayable within your period of service, including the interest it comes along with. You will be put on an installment payment scheme, and you will pay part of these loans anytime you receive your NSS allowance. Loan percentage can be 50%, 30%, 10% of your allowance anytime you get paid.
Bear in mind that these deductions are made automatically once you’re paid, you’ll not have to initiate any process.
Pros Of NSS Loans
Just like every other thing, there should be a pro and con. Below are some of the pros opting for NSS loans.
1. Loan process is easy and fast:
NSS loan process is basically fast and easy compared to other loan options. Here, once you are a service personnel in the current year, you are qualified. And the main reason why the NSS loan process is very fast and easy is, you’ll definitely get paid, so repaying is not a big deal.
Also, bear in mind that, they deduct some percentage which they provide in their terms and conditions automatically from your ezwich once you get paid. This is to repay your loan in instalment.
2. It’s efficient sometimes, because NSS allowance normally delay:
The main reason why most NSS personnel’s do take loan is delay of allowance. Sincerely, NSS allowance can be delayed for a month or two and sometimes worse. In this case, if you have a high lorry or cab fare, your only option is to opt for a loan to keep up.
In this case, the NSS loan is the best option for individuals in such a situation. After all, this mysterious money that never drops early will be used to pay anytime it drops.
Cons Of NSS Loans
1. NSS Loan scams:
This is the main con of the NSS loan thing. Some people try to rip off vulnerable and desperate ones using scam loan schemes. These loans can be so true that you may receive an SMS providing procedures you should follow to get loans in minutes.
We advise personnel’s, to ignore such messages and, if possible contact the national service scheme support team to confirm whether it’s a valid communiqué before you participate in any loan thing.
2. High Loan Interests:
Mostly, the interest on loan offers in the NSS marketplace is very high most of the time. It’s up to you to decide whether you’d go for something like that.
The national service scheme is doing a lot of good to inexperience fresh and young graduates in the country. Not just by bridging them to the professional world to gain practical experience, they also help young graduates get exposed to numerous opportunities and connections. That some lead to employment, certifications, trainings and many others.
These loan services on the NSS portal is directly not provided by the national service scheme. They are all outsourced companies given the mandate to operate via the NSS marketplace to provide services to graduates.
It’s advisable to contact the NSS support team if you need more information about any loan or offer available on the marketplace before to proceed to indulge yourself or go into business with any companies on there.
Contact NSS support team for assistance through:
46 Patrice Lumumba Road, Airport Residential Area Accra