Education has evolved into something more than a requirement. It has become ingrained in the culture of the average Nigerian family, regardless of their socioeconomic background. In Nigeria, There are several 0ptions for obtaining student loan.
Education, like everything else that generates a lot of attention, isn’t cheap. As a result, there are now venues where you can apply for a student loan in Nigeria to help you pay for your education.
We’ve covered what a student loan is and how to secure a quick loan to cover your school expenses in this post.
What is the definition of a student loan?
A student loan is intended to assist students in paying for their education and associated costs. This loan is distinct from other types of loans in that the interest rate is lower and the repayment schedule is far more flexible.
Banks Giving Student Loan in Nigeria
You can apply for a Student Loan from any an of these 4 Bank:
1. Access Bank Student Loan
The Access Bank student loan is a tuition advance designed to give students with short-term finance to cover tuition costs.
- Make sure that nothing gets in the way of the learning process.
- You can get up to N5 million loan.
- It is possible to refinance the debt.
- Finally, there are remittance services available.
- A filled-out application form
- Your admission letter
- Advice on tutoring
- Also, a letter of domiciliation of your or your parent’s/salary sponsor’s account,
- A copy of your parent’s employment
- Sponsor’s ID, or a legitimate means of identification
- Sponsor’s BVN
- Credit Checks
2. GT Bank Student Loan
The GT Bank school fees advance is a loan designed to help you pay for your child’s or ward’s school fees in Nigerian schools only.
- Per request, you can acquire up to N5 million in student loans with a maximum term of four months.
- Interest rates are competitive
- Immediate Access to the financing
- Employer undertaking form and completed application form
- School fees bill and credit insurance
- Finally, make sure that the terminal benefit of your employees is held in GTBank or secure a Corporate Guarantee.
3. First Bank FirstEdu Loan
The FirstEdu loan from First Bank is aimed towards small business owners. It provides flexible funds for improving school infrastructure and filling funding gaps until school fees are received.
- It includes a 90-day flexible repayment plan with a maximum loan amount of N10 million.
- The only need for collateral is the domiciliation of school payments with First Bank.
- The School must have had an account with FirstBank for at least six months, or twelve months with other banks.
- The target markets are private schools that are regulated by the CAC and their respective state governments.
- Finally, the school must have a minimum of 100 students.
4. Federal Government Education Loan
To provide students with easy access to finances, the Nigerian government sanctioned the formation of education banks and student loan boards by states at low interest rates.
All states of the federation were also given permission to establish education funds by the government. The support of teacher development and secondary education, as well as the establishment of a special intervention fund for people with special needs, are all priorities.