This article gives the full details on how to apply for National Service, NSS Loan in Ghana using the short code *396*1#.
The primary issue here is that you are not guaranteed payment at the end of the first month as a National Service Personnel. If this occurs, a loan will be required in most cases. Obtaining a loan as an NSS personnel was difficult few years ago due to the possibility that you did not match the conditions for a loan from any bank.
It is not shameful to apply for a loan as a National Service member; this is because, after completing tertiary education, the majority of guardians believe their role is complete, leaving you to fend for yourself. The situation deteriorates further if you are not assigned to a location that provides free housing; in this instance, you must pay for housing and purchase items such as a mattress and other basic necessities.
You can apply for a loan ranging from GHS100 to GHS2,200 through Direct Service Loan by NSS. This part of the loan application process is simple and can be completed using your mobile phone. When you apply for a loan through Direct Amount Service, the loan will be disbursed to your E-zwitch card and deducted monthly by NSS. It’s worth noting that Direct Service Loans do not charge processing or collateral fees.
*396*1#: Direct Service NSS Loan Requirements
To get qualified for a loan as a National Service Personnel, you need to meet the following requirements;
- You need to be newly posted as a National Service Personnel.
- You have to be a registered and validated National Sevice personnel.
- You have to be someone who gets paid by NSS. That is you have to be under the Subvented category.
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Interest Rate of Direct Service *396*1# Loan for NSS
The monthly interest rate on the NSS loan of Direct Service is 6.5%. This rate is obviously not as large as what other banks or lending institutions charge.
How to Apply for NSS Loan in Ghana
- Dial *396*1# on your phone.
- You will be provided with two options; NSS and YEA. Choose 1 for NSS.
- Enter your NSS number which will be in the form NSSGCC1234567. After entering your NSS number your personal details will be displayed on your screen, which includes; your name, date of birth NSS and E-zwitch number.
- Confirm by choosing 1.
- You will receive an SMS which comes with a verification code. Take note of the code and Dial the code *396*1# again.
- Enter the pin and set up your own four digits pin.
- Dial the code *396*1# again.
- Choose request loan.
- State the reason why you are requesting the loan. You can choose for medication, personal, accommodation etc.
- Enter the loan amount.
- Confirm your request and repayment plan.
How is the NSS Loan paid?
Loans are disbursed to National Service Personnel’s E-zwich Card following a successful application. All you need to do is to visit any nearest bank and withdraw your funds.
How is the NSS Loan deducted or repaid?
The NSS loan deduction is made automatically the moment you get paid by NSS according to the deduction or repayment plan you selected and agreed with the *396*1# Direct Service.
Direct NSS Loan FAQs
Here are some Frequently asked Questions by about the Direct NSS loan service;
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Q: When do I receive the money after successfully applying for the Direct NSS Loan?
A: The Direct NSS Loan money is disbursed in 24hrs.
Q: Can a Service Personnel apply for a loan after Service?
A: No, the direct service loan lasts for the National Service period.
Q: After Deduction, will service Personnels receive a text message on a successful deduction?
A: No, Service Personnels will have to check their loan balance via the *396*1# Short code.
NSS Direct Loan WhatsApp Number.
About Direct Savings and Loans
Direct Savings and Loans Ltd is an indigenous second tier banking institution, licensed by the Bank of Ghana. Until 6th June, 2017, the company operated as Express Capital Microfinance Ltd which was incorporated on 19th June 2012, and in operation since July 2012. The Company’s business is to provide banking services to micro, small and medium enterprises (MSMEs), traders and market women, salaried workers and the self-employed.