Education is important in our society, as they say, is the biggest and best investment. But the desire to get education in many is being cut short because of finance. However, a lot of people take loan to meet their dreams of going to school. If you are one of those that want to get education but hindered due to lack of money, there is good news for you. In this article, we will show you where to get school fees loan in Nigeria. Also check out list of banks offering student loan in Nigeria.
What is school fees loan?
A school fees loan is a short-term credit facility designed for parents and guardians to help the fund the education for their children or wards. This includes school uniforms, books, food, tuition fees etc.
How to get school loans in Nigeria
In Nigeria, there are a good number of financial institutions that provide school loans to willing parents and guardians. This, they do, to help parents meet up with the educational needs of their children and wards. Some of these financial institutions include:
Lapo Microfinance Bank
This school loan ranges from N20,000 – N200,000, and it is designed to cater to payment of school fees as well as other school needs. This loan comes with an interest rate of 48% per year.
To obtain this loan, the following documents must be provided:
- Loan application letter
- A completed application form
- 4 recent passport photographs
- 2 guarantors
- A valid means of identification
- Recent utility bill
For more information on this loan scheme, visit www.lapo-nigeria.org/loans/educationloan
Guarantee Trust Bank (School Fees advance)
As one of the biggest financial institutions in Nigeria, having won the hearts of many of its customers with the flexibility in his service delivery, Gtbank, as it is popularly known, has a loan scheme that cater to the payment of school fees and other educational needs of children whose parents have an account domiciled in the bank. This loan option gives you up to N5 million advance loan, with a minimum of 4months tenure per request.
The following are the document you must provide to obtain this loan:
- A completed copy of an Application form and an Employer Undertaking form
- The school fees bill of your child/ward and Credit Insurance
- Ensure that your salary is domiciled with the Bank
Page Financial School Fees Loan:
We are sure that you must come across the media advert of page financials. If you have, you must have heard the say it believes all parents pray to give their children quality education.
In their quest to make this prayer a reality, page financial designed a loan option to cater to the educational needs of children in Nigeria. To learn more on how this loan option works, visit their official website pagefinancials.com.
Access Bank (Advance For School Fees)
As the bank’s implies, Access bank have a loan option that give parents and guardians access to funds that will enable them settle school fees and meet other school needs of their children.
This loan offer allows you to spread your repayment over 4 to 6 months, an Easy Application process, and a flexible repayment option. This loan is basically designed for parents who are salary earners.
- A completed/Application form
- Duly Accepted offer letter
- The school fee bill of your child/ward
- A valid identity card and a utility bill which is at least 3 months old.
- Non-salary Earners
- 1 year Bank Statement
- CAC documents
- A duly accepted offer letter
- Receipt of acceptable guarantee
- Statement of the Net worth of guarantor
Please, visit any Access Bank Branch Near you to access the loan. Alternatively, visit www.accessbankplc.com/personal-banking/loans/advance-for-school-fees.aspx
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