How To Apply For FirstEdu Loan (See Requirements)
First Edu Loans is a project of the First Bank of Nigeria Limited, Nigeria’s primary and leading financial services provider. This service is essentially an educational solution aimed at improving educational facilities in the country. The goal of this initiative is to improve the quality of education in Nigeria.
Furthermore, this financing program fulfills the needs of Nigerian private nursery and secondary schools. This includes paying employee salaries, purchasing transportation, replacing or repairing furniture, and so on. Apart from that, and to assist them in achieving their medium and long-term objectives.
Apart from providing financial assistance to private nursery and secondary school owners, the FirstEdu Portal serves as a platform for addressing academic, administrative, professional, and logistic payment difficulties. It also includes an e-learning platform, a virtual library, academic calendar management, and other features.
In this article, we’ll go over all you need to know about FirstEdu loans. This contains eligibility conditions, how to apply, and so on. In a nutshell, the loan processes.
About First Bank of Nigeria Limited
The First Bank of Nigeria is West Africa’s apex bank, with its influence woven into the fabric of society. In fact, over the past 126 years, they have maintained their development-oriented service as Nigeria’s leading inclusion service provider.
Furthermore, First Bank of Nigeria serves approximately 17 million customers with a complete variety of retail and corporate financial services. They accomplish this primarily through their 57,000 business outlets spread across the country.
First Bank of Nigeria, as a national icon in the Nigerian banking industry, is essentially one of Africa’s most enduring financial services companies. They have offices in London, Paris, Congo, Ghana, The Gambia, Guinea, Sierra Leone, and Senegal.
First Bank, as Nigeria’s apex bank, has been quick to promote Africa’s digital economy. In fact, they have issued over 10 million cards, making them the only bank in Nigeria to accomplish this milestone. Aside from this first bank’s financial push for cashless transactions, its USSD banking services have over 28 million users.
FirstEdu Loans Features
- FirstEdu Loans are available to all Nigerian private schools that are officially registered with CAC (whether government approved or not).
- The highest loan amount is N20 million.
- The loan term ranges from 90 days to 12 months.
- Schools having CAC registration, but no Ministry approval will be able to access up to N2 million for 90 days.
- School operational vehicle financing
- Collateral has agreed to deposit school fees with First Bank.
- To be eligible, your school must have had an account with any bank for at least 12 months.
- Your school must have a minimum enrollment of 100 pupils.
What documents are required to apply for FirstEdu Loans?
To be eligible for the FirstEdu loan, your school must have the following documentation. They are as follows:
- Evidence of School Government Approval
- Document demonstrating the number of students enrolled in your school School Memorandum of Articles of Association (MEMART), if relevant
- Document demonstrating how long your school has been in operation.
- Any other documents that the First Bank of Nigeria may demand.
- It should be noted that you may be needed to provide government-issued identification documents to validate your identity.
Who is eligible to apply for a FirstEdu Loan?
You can apply for a FirstEdu loan if your school meets the following criteria:
CAC registration, with or without approval from the Ministry of Education
A’ level Tuition providers in private, pre-primary, primary, and secondary schools are registered with both the state Ministry of Education and CAC.
How do I get a FirstEdu Loan?
The application processes for FirstEdu loans are simple and straightforward. To apply, please follow the steps below:
- Fill out the FirstEdu Loan application. You can click here to apply.
- Examine the form to learn about the prerequisites.
- Fill out the Form
- Submit the form to your nearest First Bank branch.
How much money can a school get from FirstEdu Loan?
As previously stated, the maximum loan amount available to your institution is N20 million. It is also crucial to know that the amount you can access is determined by GTB based on a number of variables. However, if you match all the criteria, you should be able to obtain the maximum loan amount.
The FirstEdu loan was created by First Bank of Nigeria to meet the needs of school owners who require additional funding to ensure the successful functioning of their school. Are you the owner of a school? Do you meet all the prerequisites? If so, take advantage of this opportunity. Don’t let this chance pass you by. Other Educational Loans can be found by clicking here.