Nairametrics| The Bank of Industry (BoI) has announced a reduction in the interest rates paid by National Youth Service Corp members from 9% to 0%. This is under the aegis of its Graduate Entrepreneurship Fund (GEF) programme.
- Zero interest rates on loans commences May 1, 2017
- Successful beneficiaries of the loan will only pay the principal amount.
- The scheme is currently in its second edition.
- It is currently on the second edition having made over N262.9 million disbursements to 177 successful candidates.
- The 177 candidates who already received loans, will only have to pay interest accrued up to April 30, 2017.
- They will thus not need to pay any interest on loans from May 1, 2017.