A student loan is a type of loan given to help students pay for education such as tuition, accommodation, books, food, and so on. Due to the high cost of education in the country, the need for student loan becomes a necessity as there are now banks where you can easily get student loan in Nigeria to finance your education. In this post, we shall be listing banks in Nigeria that grant student loan, and give guide on how you can access the loan.
Note: Student loan is different from other type of loans. It has a very low interest rate, and more flexible repayment schedule.
List of banks that offer student loan and how to access it
Below is the list of banks offering student loan in Nigeria;
1. Access Bank
Access Bank Plc students loan is designed to provide students with short-term financing to enable them pay their schools fees and other related fees. Students can access up to ₦5 million with no option to refinance.
Access bank requirements
- Student’ admission letter
- Tuition advice
- Letter of domiciliation of students parent’s/sponsor’s salary account
- A copy of employment ID or valid means of identification belonging to the student’s Parent/sponsor
- Bank Verification Number (BVN)
2. GT Bank
GTBank also provides loan to enable parents finance their child’s/ward’s education. This is only for schools in Nigeria. Up to ₦5 million loans can be accessed with a maximum tenure of 4 months.
GTBank student loan requirements
Parents employer’s undertaking letter
3. First Bank
Through FirstEdu Loan, first bank also grant loan to parents to pay their children’s school fees. It also offers flexible funding for upgrading school facilities.
4. Education bank loan
The Federal government approved the establishment of education bank and student loan boards by states at concessionary interest rates to allow students access funds.