First Edu loan is a creation of First Bank of Nigeria Limited, the pioneering and leading financial service provider in Nigeria. This package is essentially an educational solution targeted at improving Educational amenities in the country. This move is to advance the quality of Education in Nigeria.
Nyscinfo gathered that this loan service was created to help Private Nursery and Secondary schools in the following areas: payment of staff salaries, purchase of school buses, replacement or repair of furniture, etc. beyond these, the loan also help them achieve their medium and long-term goals.
More than the provision of monetary assistance to the private nursery and secondary school proprietors, the FirstEdu Portal is principally a medium for handling academic, administrative, professional, and logistic payment challenges. In addition to this, it also features an e-learning platform, virtual library, academic calendar management, etc.
Now, let us discuss all that you need to know about First Edu loan. This includes the eligibility requirements and how to apply. Read also how to apply for Personal Loan from FirstBank of Nigeria
About First Bank of Nigeria Limited
The First Bank of Nigeria is the top Bank in West Africa with its impact intertwined into the fabric of society. Over the years, 126 years, to be precise, they have been sustaining their development-oriented service as Nigeria’s foremost inclusion service provider.
Moreover, First Bank of Nigeria offers a comprehensive range of retail and corporate financial services to over 17 million customers. They essentially achieve this through their 57,000 business outlets across the nation.
As a national image in the Nigerian Banking industry, First Bank of Nigeria is basically one of the most enduring financial services brands in Africa, with international footprint in London, Paris, Congo, Ghana, The Gambia, Guinea, Sierra-Leone, and Senegal.
As the top bank in Nigeria, First Bank has been agile at promoting a digital economy in Africa. The bank have been able to issue over 10 million cards, and they are the only bank in Nigeria to ever achieve this feat. Asides this, first bank’s financial drive for cashless transactions have resulted in over 28 million users on their USSD banking services.
Features of First Edu Loan
- It is accessible to all Private schools in Nigeria that are duly registered under Cooperate Affairs Commission (CAC).
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The maximum loan amount is N20M
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The Loan tenor is 90 days to 12 months.
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Schools with CAC registration but without the Ministry approval will access up to N2million for 90 days
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Finance of operational vehicles for schools
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Collateral is undertaking to domicile school fees with First Bank
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Your school must have been in an account relationship with any bank for a minimum of 12 months
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Your school must have a minimum student population of 100 students.
What are the required documents for accessing First Edu Loan?
To obtain the FirstEdu loan, your school must have the following documents. These are:
- Evidence of Government Approval of school
- Document showing the number of students in your school
- School Memorandum of Articles of Association (MEMART), where applicable
- Document showing how long your school has been in business
- Any other document as required by the First Bank of Nigeria.
Who can apply for the First Edu Loan?
You can apply for the FirstEdu loan if your school satisfies the following:
- CAC registration, with or without the Ministry of Education Approval
- Private, pre-primary, primary, secondary schools A’ level Tuition provides registered with both the state Ministry of Education and CAC.
How do I apply for FirstEdu Loan?
The request processes for FirstEdu loans are flexible and seamless. To apply kindly follow the procedures below:
- Download the FirstEdu Loan application form. Click Here to download it.
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Read through the form to understand the requirements.
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Fill/complete the form appropriately.
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Submit the form to the nearest First Bank Branch.
What amount can a school get from FirstEdu Loan?
As you have read earlier, the maximum loan amount your school can obtain is N20 million. Also, it is imperative to note that the amount you can access depends on some factors as deemed fit by GTB. Nonetheless, if you meet all the requirements, essentially you should be able to access the maximum loan amount.
Conclusion
First Bank of Nigeria planned the FirstEdu loan to largely cater to the needs of school owners who require extra funds for the smooth running of their school operation. Are you are school owner? Do you meet all the requirements? If yes, seize this opportunity. Do not let this opportunity pass you by. Visit First bank’s official website at www.firstbanknigeria.com for more information.