Last Updated on August 18, 2021
Student Loans in Nigeria: A lot of students are really wondering where they can get money to go back to school due to how things are in the country today. Numerous questions are running through their minds and it seems they can’t find a lasting solution to it.
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Student Loans in Nigeria
Well, in every situation there is always a way out. So, in this article, you will be given detailed information on Student Loans in Nigeria.
What Is A Student Loan?
A student loan is designed to help students pay for education and its associated fees. This loan differs from other kinds of loans in the sense that the interest rate is relatively lower, and the repayment schedule is much more flexible.
How to Get Student Loans in Nigeria
Financial institutions like banks offer study loans. However, before settling on one, you should be conversant about the terms that the financial institution is offering. It would also be prudent to go with the one with favorable interest rates. Being knowledgeable on the repayment plan is also essential.
Top Banks That Offer Student Loans in Nigeria
1. First Bank FirstEdu Loan
First Bank’s FirstEdu loan is targets proprietors. It offers flexible funding for upgrading school facilities and meeting of funding gaps pending the receipt of school fees.
Features/Requirements
- It has a flexible repayment plan spread for 90 days
- Access to a maximum amount of ₦10 million
- The only collateral requirement is domiciliation of school fees with First Bank
- The School must have been in account relationship with FirstBank for a minimum period of 6 months or 12 months with other banks
- Target markets are private schools duly under CAC and their State Government
- The school population must be a minimum of 100 students
2. Access Bank Student Loan
The Access Bank student loan is an advance for school fees which is designed to provide students with short-term financing to cover tuition fees.
Features
- Ensure that nothing interrupts the education process.
- You can get up to ₦5 million
- There is an option to refinance the loan
- Remittance services are available
Requirements
- A completed application form
- Your admission letter
- Tuition advice
- Letter of domiciliation of your salary account or your parent’s/sponsor’s salary account
- Copy of employment ID or valid means of identification belonging to you or your parent/sponsor
- BVN
- Credit checks
3. GT Bank Student Loan
GT Bank’s school fees advance is a loan facility designed to finance the payment of your child’s/ward’s school fees for schools in Nigeria only.
Features
- You can get up to ₦5 million in student loans with a maximum tenure of 4 months per request
- Competitive interest rate
- Immediate access to the loan
Requirements
- Completed application form and employer undertaking form
- School fees bill and credit insurance
- Ensure that staff terminal benefit is domiciled in GTBank or obtain Corporate Guarantee.
4. Federal Government Education Loan
The Nigerian government approved the establishment of education bank and student loan boards by states at concessionary interest rates to allow students easy access to funds.
There you go details of student loans in Nigeria. We hope you found this information helpful? Please feel free to share this with your friends and colleagues.
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